Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1869-03-26

tain the amount OF stock represented at
the meeting The committee reported
SOC shares Of private stock
The following letter Of resignation
from Col. Hughes, President Of the
road, was then read by the Assistant
Secretary;
ABrSoDoS, VA, March, 24th 1869.
40 the Stockholders Of the TIrOin-
is 10 Kentucky Railroad Conf
pdRD.
C,atlemen AT your meeting In Septem-
Der, 1866, you did me the honor TO elect me
president OF your company. 1 YVES not long
| In discovering that the country Immediate.
| ly on the line Of the road was not, possessed |
| either of wealth or credit enough Of itself |
| 10 construct the work from iis own resonr.
ces and that the whole value Of the road |
| IN the eys OF capitalists, depended up0n its |
CONNECTIONS east ~ the ssaholrd, and vest |
10 the centres of western trade and popHla- |
ton. You route lies across i've considera- |
ble mountaia ranges; and US local enter |
prise. independently Ut thu railroad lines
east and west Of IL, wonl6 l,e inan-
/ cially reproductive. The questions, whether
| IL could be constructed at all, and whether,
IL constructed, 1t would be profitable, !
| depended absolutely upon its being made
part OF great line resting at one termi-
nus on the seabosrd, and at the other, on
Que or more of the principal navig tple
streams Of the West.
These considerations, rendered 1t my du-
ty to seek TO identify, as far as my official
action could do so, tho fortunes of your
road with those Of some other road, or chain
, of roads of which il could be- mado a valua-
bic and essential part.
In deciding to pursue this policy, there
q was but Que alliance which seemed to me
at all feasible or proper. There was . chain
. of roads, already completed and in opera
4 ton, from Norfolk, fine seaport Of our own
State,) through Petersburg aud lynchburg,
c (leadtng cities aud markets az Yirgibia,) TO
Goodson (ar Bristol There was also III
progress a line OF roam from Louisville, KY,
a towards Cumberland Gap, the western ter
minus OF our road. This Kentucky road
: was already running TO Crab Orchard in
/, that State, and was under contract 10 Lon
/. dou within fifty miles OF Cumberland Gap.
" There remained to he completed only the
fifty miles in Kentucky, aud our own road,
Ia order 10 form continuous line of railroad
s from Norfolk direct 20 Louisville at the head
, at frst-class steamboat navigation on the
Ohio river. Lately the wealthy company
Il owning the Kentucky road from Louisville
:, to l. pndon, las decided to push forward
} their road TO the Cumberland Gap. These
It facts made it my imperative duty o endeav-
:, or TO link the fortunes of the Virginia and
I" Kentucky railroad With the line of road
g completed and In operation irom Bristol 10
Norfolk. Accordingly, in the winter of
= 1866 Z, I repaired TO Richmond, and zeal
r ously united wb tboss ~h) were soliciting,
from uhe Legislature then in session, the
passage Of a law authorizing the consolida.
q. ton into one company aud one road, OF all
| a ..l A.txu. Arfnll
at and Cumberland Gap.
q. The Legislature, by large m'jorities II
each house, passed All act having That Objec
IN in view. This act contained provisions
however, which, in the sequel, it was found
I'S could not be complied with and the act ex
IN pred by its own limitation ON the lst 0
May, 1868. Public sentiment, however
er has pronounced Enthusiastically in favor o
nd the policy of consolidation. The stockbold
ers of each of the companies of the line have
1t adopted re, clutions in favor Of it and Their
IA is no longer shadow of doubt, that as sool
as a legislature shall be held, an act will b.
1t pissed combining into one ali the companie
H. aud roads of The line from Norfolk TO Cum
berlAnd Gap.
In view of this oonsnmation, so devoutl
to be wished iur yeys directors held meet
en- ing ON the 10th Of last month, and determin
on ed TO cal you together to-day. though
h. hat it would be proper that all the comps
Az MES Of the line should previously TO the ser
sinn of the Legislature, have miniieste
their desire for consolidation by the pract
cal step Of themselves choosing cvmmu
The president. Aud inssnuch these grei
companies OF the line between Norfolk an
'au Bristol, had chosen a common president
,ks the person Of Gen Malone, thought it PR
dent aud proper that this company shOul
'nu do the same.
was have, therefore, rendered my resign
ton TO your Board Of Direction, which h
OF been accepted and the Board have nnan
ut mously appointed Gen. Malone as the Pre-
e ident OF their company, until your next a
OF nu4l meeting.
the The object of calling you together
extra meeting, wa~, to afford you the oppo
'm- tunity of virtually making Gen. Mahol
his your permanent president, by ratifS ing u
I, Temporary choice made by your Board
the Directors. THIS action | do earnestly 7
oh commend.
In now closing my official connects
pie. with your company, beg TO assure y
inn that my lliciiu de for the early constructs
Of your road will not be AZ all abated a
ces- that whatever influence may possess W
this continue 10 he executed zealousy in
half of your enterprise, and in the supp'
the of the able enel gelc and Distinguish
,oot President who now assumes control vi W
affairs.
I'M have the hon u to be, very Respectful
ho Your obt Serv'i,
} ne Ro. W. HUGHES.
SUP On motion of Henry S. Kane, t
lself following resolution was adopted
Vli- ResolDed. That we highly appreciate
,ncb able and efficient services rendered by
w. Hughes, Esq late President of the '
e Jet g. Ky. X. r. cnmpans. ia bring ng succe
, re. fully before the pubic ths merits OF s.
Improvement, aud we Il nder to him I
Let grateful acknow Judgements, for the imp
@ In tant aid that he has brought 90 bear up
the public mind In favor vi said impro
aud ment, and will regret, at his reqnvs /,
nas- part with him in lilo capacity of 4'resid
OF saiJ company, pursuant to his resig
ltcf> to-. =
the Col Joseph T. Campbell then 70
roaa and in short speech highly culogi'
~ Gen. Malone, stating that by bis (
II In ergy, close attention to Blu iness,
aud trepcbment, economy and ability,
,ould had convinced the most stubborn op
.,;on nents If consolidation Of its adv
~ tuges, and moved shat Q committee
10 two be appointed to inform Gene
lands M.ho,o 80 b;a alaation and rannact