Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-02
RAiLRoAD DrREoroRs.

II 1Ata4hOAD DIRECTORS.
Continued Meeting of the Edgefieid
and Kentucky Railroad Directors
/ Action as 20 Reorganization De-
ferred-Report of the Committee
ON the Receivershfp of e. ID. Cheat
ham, Esq. Identification of His
official Actten-Corrcction of En-
rors. etc.
| Pursuant to adjournment, the Directors
of the EdQefeld aud Kentucky Railroad
| Company met in their Office on North Col
| leQe street az 10 o'clock yesterday morning,
President Geo A. Washington in the chair.
| The President stated that he had not yet
| h id ouportuuity to take sufficient legal adj
| vice in regard to the conflicting differences
| existipe between certain stockholders, and
especially in regard TO the proposed IN
crease Of stock. 1t was important, said
| President Washington, that the action Of
| the Board should be such as to harmonic
as far as possible all conflicting elements,
and result TO the best interests of all pr
| ties concerned.
| DR.. Thomas Menees suggested that un-
| der existing circumstances, it was no doubt
better that no further action be taken IN
| the matter about which differences of opin-
| ion existed, and moved that action in ref
erence to the matter about which variancies
| existed, be deferred until the next meeting
| of the Board, TO be called by the President
! at such time as he deemed expedient.
In secoDdipg the above motion, Col. E.
! S. Oheatham said, that, since the organi-
| cation of this Board of Directors, the GEN.
timent and motive which had controlled
| their action had been harmonious, and that
| all had been actuated by desire to do
everything possible for the success of this
| great public enterprise, and to act with a
spirit of liberality toward ell the stock
holders.
The motion Of Dr. Menees was adopted,
and action on the matter to which it refers
was consequently deferred until the next
meeting of the Board.
Mr.. Moore, Chairman of the Committee,
appointed to examine the report of the
JOINT Select Committee of the Tennessee
Legislature in regard to the financial con-
dition and management of the road while
under the receivership of q. B. Oheathsm,
being absent, on motion Atha Thomas,
Esq, was called upon to read the report
of the committee. Before reading the re-
port of the committee. Mr.. Thomas stated
that he was a member of the Joint Com
mittee of the Legislature, aud that as such
he had ample opportunity to learn facts
that would not otherwise have come to his
knowledge. Subsequent investigation,
said Mr. Thomas, established the fact that
some glaring inaccuracies, manifestly IN
Just to Mr.. Cheathsm, occurred in the re-
port of the Joint Committee. After fully
explaining all the circumstsces connected
with the receivership of r. B. Cheatham,
ESQ.,. Mr.. Thomas proceeded to read the
report, which, on motion of Hon. W. r.
Saddler, was received and concurred in.
The report is as follows:
To the President and Board of Directors of the
Edgeheld and Kentucky Railroad:
Your committee, who were appointed to
investigate the sccount Of r, B. Oheatham,
former Receiver of the Edgefield and Ken
lucky Railroad, would respectfully submit
tie following as the result of their investi-
cation;
For information upon which to base this
report, they have chiefly consulted the re-
port of the Joint Select Committee Of the
Legislature, submitted to the Thirty-sixth
General Assembly, June, 1870.
They have selected this source of
! information, first because this investi-
! OF the interest Of The State; secondly, it
was conducted by a select committee of
| the Legislature, and hence &c pHrte and
necessarily as favorable to the interest of
| the State and as disadvantsgeous TO the
| officers Of the road as such an investiga-
ton could have been; thirdly, this inves-
| tipation. from the report made therein,
seems to have been thorough, and correct
! ly elected all the facts connected with the
receipts and disbursements and general
management for said road during the Re-
! ceivership of R. B. Oheatham.
Your committee have also carefully and
! with scrutiny examined the various voucb-
! ers and papers of said Receiver for the use
! or disposition of the bonds of the State,
! or for the proceeds thereof. and they here
| with present schedules Nos. /, 2 and 3,
! which show how the receipts and disburse-
! rnents of the road have been sccounted
! for, the use and Opposition made of the
bonds of the State, and finally, the pres
ent state of the account of said Receiver
with the Company of said road.
! In schedule No. said Receiver is first
| charged with the sum of S137, 357 81, be-
! ing the gross receipts from freight, passen-
| gers etc, Of said road from Sept. Is,
| 1865. to Nov Is, 1857. For the correct
! ness OF this amount see report pages 104
! aud Jos, showing the aggregate smou { Of
the gross receipts of said road from the
monthly statements made to the Comp
! troller of the State; see also same report
page sc, the deposition OF William
( Tinker. Your committee have not
/ charged said Receiver with the gross
receipts of this road from Nov.
! Is. 1867, to October 1, 1868. The amount
as reported to the Comptroller Of the State
! in the monthly statement being $75,972.-
IL. TSee report, page LOG Your COM
| ni:tee have done this because it was at
this time, November 10, 1867. that the
| Edgefeld end Kentucky Railroad was leas-
ed to the Evansville and Henderson Rail
! road, and the entire management and con-
| troll thereof placed in the hands of the Su-
| perintendent of the Evansville aud Hen
derson Railroad, see report, AS 60 and
whatever profits were realized from the re-
oeipts of the Edgefield and Kentucky Rail
road from this time to the close of the Re
oeivership of Il B. Oheathsm, October 1,
1868, were paid over to the successor of K.
B Oheaiham in the Receivership of said
road through the Superintendent, see re-
port, page 81, deposition of Wan. LiDkeri
report, page 1874, deposition of 81. l.. Shep-
pard; report, page IZo, uepoeltiOu VI W.
H Hart. and report, page 16, deposition
of J. d Lockhart. Your committee would
suggest that it is chiefly in this item
or particular in which the Legislative
Committee in saying that the debts
of r. B. Cheatham, Receiver,
exceeded his credits some $7S, 900. 90.
TSee report, page 10 1t would be most
rnanifes'ly unjust and erroneous to charge
said Receiver with the gross receipts Of
said road from November 10, 1867, to Oc-
tober /, 1868, being $75,972.11, without
st the same time giving him credit for the
disbursements during the same time; and
further, when the testimony of all the off,
GERS connected with this road during the
time is. that the net receipts were very