Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1872-11-26

| WE CNCl Dbv SittsiGS.
The ChaiT-Thc charter was amen
ded in this respect by the Legisla
ture.
Judge Parton added that the stock.
holders cf the 2. T. and va. road:
had consolidated with the T.. T. and
Ga. road, on the amended charter.
giving each share OF stock one vote
Mr. York said the amended char.
ter had not been obtained in the
manner required by the original
charter of tie East Tenn. & Va.
Company.
Judge Barton remarked that Opin-
ions differed ON that question. Ger
tainly this was not the place to de
eide on the conStitutionality OF the
charter.
Mr. York protested against the
vote being taken except upon the
scale as required by the charter.
The calling of the roll of stock
was ordered.
As this would take a long time,
there being near one thousand stock
holders, Mr. York Withdrew his ap-
peal from the decision Of the chair,
and the motion Of 1ar. Baxter, tolay
on the table the substitute Of Nj.
York to the resolution offered by
Capt. iGQueS, appointing Judges and
Inspectors, was in order.
The call Of the roll of stock was
proceeded with. When the name
of Capt. Jaques was called, A{r. York
said he would protest against his
right to vote. as also the right of
President Wilson and Col. C. n
N:Ghee. The Secretary was in
structed to take note of the protests.
The calling Of the roll was tedi-
Gus work and consumed about two
hours.
After q list of stockholders had
been called and voted, Judge Barton
announced that it had been agreed
by all parties that the vote just taken
would be accepted as decisive Of the
fate of the resolution offered by Capt.
Jaques, and that IN adjournment 10
ten O'Clock on Thursday morning
had been agreed TO without affecting
the interest Of any Of the parties.
The result Of the vote was not an
nounced last evening. Pending the
count by the Secretaries, the con-
ventiOn adjourned TO 10 O'Clock this
morning.
1t was subsequently ascertained
that the vote to lay on the table the
substitute offered by Nr. York res
ulted as follows:
Ayes, II 6G14 shares.
Noes, SU32 shares.
Upon an analysis OF this vote It
was asCeTtained that the I4,6614
shares were held and voted by eighty
nine persons of which amount the
fifteen OId Directors cast over HjT-
teen thousand, while the SG3 : shares
were held and voted by one hundred
and twenty-seveu persons.
SECOND DAYS PROCEEDINGS.
The stockholders convention Of
the Z. T., Va. & Ga. Railroad. reas-
sembled in the Company's Depot,
pursuant to adjournment from the
previous day, at 10 O'clock, a. m.,
JOS. l.. Anderson III the chair.
On motion Of Judge Barton, the
following clerks OF the election were
selected without dissent :: w. Gal
braith, II. r. Cornick, Jr., and John
n. Blair.
Some sparring between the c0un-
sci present enSUed, when, by viva
VOce vote, the convention agreed to
go into an election Of Directors.
Judge Barton proposed that the
Judges and Clerks retire to the Su-
perintendent's room, and each stock
holder could go there and vote,
meanwhile the convention could
take up further business. This was
agreed TO.
Col. Baxter moved to take from
the table the report of the President
and Directors and adopt the same.
Upon the request Of Col. T. S.
Webb, the motion was modified so
as to merely take the report from
the table, and agreed to.
Col. Webb, addressing the chair,
said that he was present IN his ca
pacity as trustee for shareholders.
He argued that the Directors had no
right to purchase the North Carolina
roads, and that the law can give no
title to this company. The North
Carolina route, even, il it could be
purchased, would be but q rival Of
the L. T., Va. ard Ga. Railroad. 1t
would rot pay expenses. The mat
ter of the bonds issued by the com
pany under the act Of Assembly was
reviewed and it was denied that
this company had any authority to
buy any road outside the State, with
the bonds. Even If you ratify you
can get no title. A bill has already
been fled in the North Carolina
courts to prevent you getting title.
The Railroads had been purchased
As he supposed by bonds issued to
retire the State debt. The act au-
thOriZing the issue Of bonds restrict
ed the issue to that amount necessa-
ry to liquidate the State debt and
the s., 10000 issued for that pur-
pose he regarded as legally issued,
but the remainder =: -, &c, iS3uCi
under the mortgage ne understood,
had been used TO buy the Roads men
toned in the Presidents Report and
were in fact an illegal Issue. He
claimed that the President and Di-
rectOrs had no right to make such
purchases and their ratification by
the stockholders would not be bind
ing. As Il stakeholder and as truS-
tee representing stock owned by al
estate he would vote against the rat
ifcation OF such purchases and that
every stakeholder ought to pursue
the same course. As regarded the
purchase of the railroads mentioned
in the Presidents report, the act was
illegal and d good title could not be
made to the road in North Carolina,
which tapped the continuation of
Tom ScOtt's line at Salisbury. Even
if this was not the case, the stock
holders were asked 10 ratify suici-
dal act in the purchase of that line,
which was in competition to their
own and cut Off travel and freight
from MorristoWn TO Bristol, render
ing 88 miles valuelesS, by diverting
traffic from It's natural channel. The
friends of the present Directors say
that the stock in this company has
advanced to 80 cents, q certain proof
of the good management Of the
Road. Let us take the Memphis s.
Charleston Road for illustration.-
The Southern Railway Security
Company under Tom Scott leased
the prcDartV of that COMPANY and