Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1872-11-20


In conformity to notice given the adjourned
meeting of the Stockholders of the East Ten
nessec, Virginia and Georgia Railroad, took
place at their Office in this city, on yesterday.
The meeting was called to order by Jos r.
Anderson, Esq, of Bristol.
Capt. Jaques nominated the following gentle
men as judges, of election for officers: X. NJ
Barton, w. j. Lillard and SamuelJ. Newman
and also to inspect proxies.
Col. Yoke offered as An amendment the fol-
lowing, substituting VIM. D. Blevns, of Sulli-
van, !, T. Lenoir, of Monroe, and 7. S. Webb
of Knox.
1t was an exciting meeting, as was antcipa-
ted. Anonymous circulars and pamphlets had
been issued assailng the present management
and the Southern Railway Security Company,
Some fourteen lawyers from upper East Ten
nessee were in attendance, most of them oppos-
ed to the present Board of Directors, and some
of them, at least by confession, under pay of
Gen. Malone of the Bristol and Norfolk line.
These gentlemen gave promise of lively meet
ing of the stockholders and put the present
Board on the alert.
A motion was made to lay the amendment on
the table, which created great deal of objec-
ton and some confusion, when motion was
made to hear the report of the President.
Upon the motion to lay on the table, Jos B.
Heiskell, Esq, Attorney General of Tennessee,
said that he had seen newspaper reports to the
effect that this railroad was under the control
of the Southern Railway Security Company. He
desired to ask the President of the road if that
was true. The President said they had nothing
to do with its management, and the stock books
showed who owned the stock. Mr.. Heiskell
.ko, rpn1 To fhn sa,bi md m
know if the stock had not been sold to Thomas
Scott and associates. He said he understood
that General Malone had offered to buy the
stock of the road at par and requested Mr.. Will
son to convene the stockholders. This Mr..
Wilson denied. Mr.. Heiskell said he had Gen.
Mahones word and cited gentlemen's statements
of the same tenor
BANTER DEFENDS WILSON'S ROAD.
Colonel Baxter then said that he was stock
holder of the road and as such felt content with
its management. General Malone might have
made such proposition as was referred to, but
making it was one thing and paying for the
stock was another. He thought General Ma
hone had enough to do to manage what roads
he had He said he was authorized by Mr..
Barrett to say that some time ago the stock OF
Mahones road worth thirty-tve cents on
the dollar, but now it was only seventeen. he
then asked Mr.. Heisliell if he not
paid as counsel by General Malone
TO appear in this meeting and do what he was
doing, Mr.. Heskell said he appeared as a
proxy for stockholders and As Mahone's lawyer,
Mr. Baxter then referred to the prosperous
condition of the road under Capt Jaques and
his associates. He said five years ago the stock
was worth 20 cents now it is worth 60 cents.
In the meantime, the State debt had been paid
at a saving of one million four hundred thou.
sand dollars to the road it had settled its claim
with the Government and saved the company
about four hundred thousand dollars it has
better rolling stock and better road bed than
ever before; and while il has done all this, it ha:
ed
ger rates from to cents per mile de thought
it the best managed road III the South, and die
not think stockholders wanted Malone, who Wa,
operating n rival road, TO come, by his paiC
counsel and dictate who should be their officers
The real cause of the solicitude of Genera
Malone for the interests of the holders of thu
minority of stock is that he is afraid his line vii
be injured by the competition Of the w esterI
North Carolina road purchased by the Eas
Tennessee, Virginia and Georgia Road, which
is TO be pressed through TO the Atlantic coast
making il rival 10 the Norfolk and Bristo
line. This, it is alleged, is the secret OF Ma
homes efforts to overthrow Messrs. Wilson
Jacques and McGhee and this is charged to b
the cause of yesterdays move. .
We submit the following extracts from the
SUPPLEMENTAL REPORT
of the President for the year ending in SEP
TENDER.
The litigation with the Government has bee
concluded satisfactorily and the second NOR
gage DOnds OF lhe company LOT SlJOiVOO' pay
able in ten and fifteen years, bearing four pc
cent given to satisfy such liabilities.
Compensation for mail service had been II
creased from S39, 600 to SIS, coo per annum.
During the year the Rogersville and Jetie
son Railroad and the Cincinnati Cumberlan
Gap and Charleston Railroad have been for
closed and sold under the lien held by the Stat
The former road. about sixteen miles in length
bought by the East Tennessee Virginia an
Georgia Railroad Company for Sl5 54S o., m
the latter, 80 miles of which are completed W
purchased at the instance of your Board of u
recturs by G. NJ. McGhee and X. T. Wilson f
S2l4,l75.jS. This road is to be held by the pu
,hssers till such time as amy
found practicable to unite il wi
the road leading from Salisbury, n. G., Y
Ashevile to its terminus, through which NEAR
together with other steps that have been take
which are stated herein it j. hoped a come
ton with the n. and 5. Carolina system
railroads may be secured 10 this company.
Your Board, through its President has !
come a party TO two contracts, the first und
date of May 10Th, between r. T. Wilson and
NJ. McGhee as one party, your company as q
other party and one Rufus b. McAdden as
other party. The other contract bears date
Nov. eth, 1872 and is made with Hiram Sebl
by r. T. Wilson. In these contracts your co
yany has advanced $4,000, which was used
purchase from the aforesaid McAdden his Ii
10 the Western North Carolina Railroad.
During the past year there have been retl
on account of sinking fund TO the State of II
nessee, $24, 800 of the Company's bonds, a
1888 600 per cent. second mortgage boz
sold The settlement with the Government
not perfected at the date the exhibit of
Treasurer was prepared, and was not embraC
IN H. II will increase the bonded debt of