Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1872-11-26
bRSl lO VIRGINIA TENNESSEE, TUESDAY, NOVEMBER 26 1872 Whole

! StstI'O II bttl6T JtiH1 ti1ttt. III was N
depreciation in the stock which 70
lowed the possession of the SCuther
Railway Security Company Whic
brcke Major Wick's bank that ha
been dealing largely in Memphis
Charleston stock. He would nc
say that the Southern Security Con
pany did control this Road, but suI
pose that they do 50 control it as til
papers report. We know that Capt
Jaques manages the Memphis
Charleston Road ICr this Southern
Security Company and it has beer
asserted that ne manages this lin
also for the same Southern Securlt,
Company. Is it not reasonably fai,
20 assume that when this fact is Ger
tainly known that the same depre
citation viii OyGrtake your STOCK
which befall chat 0f the Memphis &
Charleston Company. He dweIt al
length on the power conveyed tC
another line leasing this road and
showed how it could discriminate
against it in through freights.
Col. Thornburgh was of the opir-
ion that many Of the wrongs COM
planned of were imaginary. if there
had been any transfer of stock he
was not aware of il. lie differed
from Col. Webb as to the legal
points advanced regarding a valid
title to other lines. He did not I'M
derstand from the Presidents report
that the stockholders asked to ratify
the purchase of q single line Of road.
He made a defense Of the manage
nlent of President Wilson, and
charged that Gen. Malone was arhi-
tIary and wished to manage his road
to the disadvantage of his connec-
5iOns, which made it necessary for
this read to have competing lines to
Norfolk, and thus compel Malone to
come to terms. At this point Pres
ident Wilson suggested that by the
proposed connection, Knoxville
freights could reach the sea board at
Norfolk by easier grades and in about
the same number of miles. The re-
port did not claim a purchase Of the
North Carolina rOaGs. IL was sim
pie loan to secure connections so as
to be beyond the control Of General
Malone. The loan was amply Sc
cured and the proposed transaction
was an open, fair and advantageous
one.
Col. Ingersoll said that there was
q discrepancy between the views Of
the Directors counsel and the report
of the President, extracts from
which he read, and asked what the
report did mean ifit was not to be
literally construed?
President Wilson showed that the
North Carolina road had cost forty
times the amount paid for it, which
was bound in a pTior lien for only
$2!0,000. He said that he was viii
ling to impaTt fully any infOrma-
ton in his power to stockholders.
lie challenged any man to show
that, rs President OF this company,
he had to the extent of a single farth-
ing prejudiced the interests ola sim
gle stakeholder. lie invited inves-
tigatiOn into his Official acts. He
thought if men would come into
this meeting diveSted OF the preju-
dices and interests Of their position
as paid lawyers of AahOne, and as
intelligent stockholders invesfi-
gate this report, he could satisfy
them that the contracts made TO Sc
cure the cooperation OF the North
Carolina roads with this road We're
the most judiciOuS ever made fer the
company, ,seYC The late retiring Of the
State debt which saved the st02k-
holders a million and n half Of
dollars, and which, in his judg-
was a capital business trans
action. He was satisfied that the
business brought by the
North Carolina roads would amount
to $4,000 annually. In conclu-
sion he repeated his challenge 10 his
critics, to show that he had je0p-
ardized anybody's interests by his
administration, or had failed to
faithfully protect the interests of his
Mr. Ingersoll then asked by what
authority the North Carolina Road
had been aided by the payment of
the 100000 in question?
Mr.. Wilson replied that If Inger-
soil and others would dive5t them
selves of the character Of MahOne'S
attorneys and come to him as stock
holders he would impart any infOr-
nation cbeerfuily, but he would not
expose the business of the road to
insidiOuS attacks from MahOne or
his agents, and il defence Of his ad-
miniStfatiOn showed the advance in
value of stock on this road, while
on the other hand Gen. MS line had
deprecated.
Ar. IngersoIl replied that he was
not here as counsel for Gen. Malone
but as representing shareholders in
his county (Greene). That he had
perhaps seen Gen. Malone but did
not know him personally. He sta
ted that ne understood the cause of
the imitation OF the Stock in this
company. 1t was the demand for it
by the directors who wished to make
good their contract with the Security
Company for a controlling interest
in this road, securing which Tom
Scott's point was gained and smaller
stockholders would not be benefit
ted.
Mr. Heiske!l wished the questions
answered that he had propounded
yesterday for the qualification of the
smaller stockholders, whose inter
estS had been overlooked and disre-
garded. As for himself he knew
what the answers would be if truth
ful, and was not forced 10 resort to
such means to obtain information
on which to base q suit in the courts;
and rs far as Gen. Malone was con-
cerned he knew Is much about the
matter as Mr.. Wilson, as did also
Major Wicks.
Mr.. York said, there are some
things, Mr.. Chairman, connected
with the acts and doings of some
OF the officers Of this company
about which these stockholders
ought to be informed before this
meetings adjourns. there points Of
order were made npon Mr.. York,
and calls for the vote, by Mr.. Bax-
ter, on the adoption of the Presi-
dents report. Mr.. Anderson, the
chairman, permitted the speaker to
proceed and l intend, Mr. Chair
Il