Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-10-13

! sought to be elected and became PTesi-
| dent of the corporation under a law
| which is now being used To impair
and leopard the rights of its stock hOl-
| defs; f; that he is about under the pre-
! teDce of authority, to build a new line
of railroad beyond the southwestern
| terminus of the railroad of this corpo-
! ration, to isSe a large amount of bonds
| to be used in paying the State of Viz
| glnIa for her interest in and claims
| upon the railroads constituting the
| line, further that it is proposed to Sc
| cure said bonds by pledge or lein
upon the roads constituting the line
and upon the.pr0peTty and earnings of
| the same, including the Virginia and
| Tennessee railroad company; that he
has used the earnings Of the Virginia
and Tennessee railroad for the support
| of these roads, though prohibited from
| doing so by its charter, and that he
| has Kept no separate accounts of the
| other roads that lie has made no COM
| pensatiOn for the use of its property.
| either before or since the pas sage of
! the bill, and that he has mixed up Il e
earnings of that road with the general
| accounts of the line; that he has refused
! to pay pressing liabilities of over due
! bonds, and coupons and debts COntrac-
| ted for maintaining and working the
| Virginia and Tennessee road, though
using its earrings and credit. The com
/ plainant charges that the act of con-
| soiidatiOn is void and of no legal effect,
| as its provisions are in conflict with
| the constitution OF the State of Nir-
ginia and of the United States, and
| even if il was not void and uncOnsti-
tutiOnai that il was not competent for
| the Legislature of Virginia 10 author
| iZe and empower said corporation. Ma
| hone or its officers. to deal with the
said corporation. its property or credit
! as is proposed, without the consent Of
its stockholders; that the officers, in
Guiding General Malone, have been
acting in a double capacity and using
the credit of the company to promote
purposes destructive 10 the corporation
itself, and in order to perpeJuGte the
power of General NJ hone and said of
fice~s OF the corporation, they prOcur-
ed the passage OF an amendment to
the act IF consolidation under which
they had been elected, or were en-
deavOring to be elected Presi ent and
Directors of the n. NJ. & .. Co., for
five years and that the said Malone and
officers of the Virginia and Tennessee
Railroad Company, who with him be-
came officers OF the \. NJ. & O. Co.,
are now engaged in negotiating or at
tempting to negotiate large part If
the loan on bonds authorized by the
provision of said void act of cOnsoli-
dation, and have offered to issue eight
million dollars of said bonds at the
rate of seventy-iive cents in the dollar.
and proposing to secure the loan by
lien upon the roads, including the
earrings of the Va & Tenn. II. Il. Co.
The complainant AYERS that this Is a
breach Of trust, unlawful and tends to
cloud the the tide OF this corporation.
and that such Il use of the earrings OF
this road is fraud upon his rights
IN conclusion, the complainant
prays a writ of injunction against the
Va. * T. r. r. Co, its president, di-
rectors, officers agents and servants
and abettOrs, enjoiTing and restraining
in the manner and form as asked.