Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1872-11-15

to lnSldlOuS attacks from Malone or his
agents, and in defence of his administra-
ton showed the advance in value of stock
on this road, while on the other hand Gen.
M. s line had deprecated. faiasd
Mr.. Ingersoll understood the cause of the
imitation of our stock. 1t was the demand
for it by the directors who wished to make
good their contract with the Security Com
pany for controlling interest in this road,
securing which Tom Scott's point was
gained and smaller stockholders would not
be benefited. ..-....- .-a. teH fsa
Mr.. Heiskell wished the questions an
swered that he had propounded yesterday
for the qualification of the smaller stock
holders, whose interests had been over
looked and disregarded. AS for himself he
knew what the answers would be if truth
full, and was not forced to resort to such
means to obtain information on which to
base a suit in the courts; and as. far as
Gen. Malone was concerned he knew as
much about the matter as Mr.. Wilson, as
did also Major Wicks. -.G .,ar#
Col. Yorke said that instead of answer
ing questions the officers of this road had
been holding Gen. Malone up as buga-
boo, His road from Bristol to Norfolk was
as good as any in the South, and better
than ours. He didn't appear as an advo-
cate of Malone, but his prices for freight
had been reduced and the people benefited
along the line of his road. Whether he
was the counsel of Malone or not, was not
the point. Malone was running his line
in the interest of the Southern people, and
not of New York companies. In July,
1870, Wilson thought differently of the
financial ability of Gen. NJ, and offered
to sell him 1,000sharesat pap. and actually
Grewrup a contract for S6500O0 worth of
stock Malone could not raise the money
4 Al. = ~ L. ~ Co.
$40 at 500 per share. He asserted
this and asked if it was not true.
Col. Baxter was amazed at the persist
ence Of MahOne'S counsel in charging reti-
cence on the part of the management. He
had stated several times already, but would
repeat for their edificatiOn that a contract
had been made with Tom Scott by several
of the stockholders to sell portion of the
stock of the road, to be transferred when
paid for, which had not yet been done, and
the stock was yet on the books and not
transferred. aaElE asE .ENV.
Col. Yorke said that if Wilson and Tom
Scott could get control of Mahone's road,
as they had of the E! T., V. & G.. railroad
there would be no talk of competing
line to Norfolk, but Malone couldn't be
bought. Mr.. Malone did not legally,own
the stock he now assumed to own, because
he failed, as the trustee of the company to
impart information to all the stockholders,
whereby they would have been enabled to
benefit themselves as largely as he will
SOM had been, by selling their stock at par
if they had chosen to do so. He showed a
map of the f. T., V. & G. railroad, which
was represented as part of a grand trunk
line from Chattanooga to Lynchburg, on
the strength of which English capitalists
were asked to subscribe for the second
mortgage bonds. Then it didn't look like
Malone was considered the enemy they
now endeavored to make him out.
+ Mr.. Wilson denied the genuiness of the
map in question. He had never usedit to
secure the sale of bonds, and emphat-
ically denied that he had ever neglected
the interest of the stockholders in any
way. p. f-.-. o.. -.
After some sparring between the rival
counsel-in which Col. Thornburgh offered
5000 shares for sale at par, which was de-
clined unless the amount was increased to
10000 shares-the vote on the reception of
the Presidents report was ordered to be
taken by stock as the first business of the
afternoon session.
The meeting then adjourned until half
past one o'clock.