Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1872-11-28
OUR LATE RAILROAD CONTEST.
A stakeholder Reviews MahOne's Policy
OF Interference.

EDITORS CHRONICLE: The stockhold-
ers in the East Tennessee, Virginia and
Georgia Railroad Company, do not, l fear,
appreciate the generous and disinterested
effort of General Malone, made through
counsel at their late annual meeting, to
take charge of and manage their road fol
them. The presence of so many attorneys,
paid by him to protect the right of the
small shareholders, in a corporation in
which he had no interest, was not only
unusual, but it evinced solicitude for the
welfare of others, which entitled the Gen
eral to the gratitude of those he offered to
serve. But instead of a ready and unre-
served concession of confidence which the
occasion demanded, in return for his dis
interested and unsolicited benevolence,
some were ungenerOus enough as to
question his motives and insinuate
| that he entertained some Interior,
hidden and sinister design. He
owned no stock, and had no connection,
official or unofficial, with the company's
business. What then, said those who did
not comprehend his generous movement,
can induce one to neglect three roads I'M
der his control and voluntarily, through
fourteen paid attorneys, assume general
guardianship of q fourth in which he owns
no stock and has no personal interest :?
Has he paid his counsel with his own
money or with the means of the cOmpa-
MES over which he presides? [ ask the
question for an obvious reason One has
| right to use his own funds as his own in
terest or inclination may dictate, but to as
sumo the responsibility of directing the
| funds of others intrusted to ones care for
hIre TO oh nto IF h
| nevolence, such as protecting other people
against real or fancied wrongs, requires
a higher degree of courage, and en-
hances the obligation and en-
| titles the party so receiving it
to higher degree of gratitude and respect.
Hence the ungenerous suspicion that Gen.
MahOne's presence, by counsel, in the late
| stOc kholder' meeting indicated some ul-
terror and sinister object, and the imputa-
| ton that his action was insolent and pre-
sumptuous, were ill-Datured and unjust and
ought, for the credit of our people, whom
! he sought to serve, to be retracted and ap-
pologized for, and we earnestly hope twill
But there is still more discreditable
fact appearing in the published proceed
ings of the meeting, to-wit: That the
| Generals efforts, so wisely planned and SO
earnestly and ably expended and prepared,
should have so signally failed. The Gen
erals skill in devising and tact in eXecut
! ing coup detdtS is well established in
Virginia, where he is best known. His
counsel were judieiously selected and well
charged. They appeared in force and
| seemed to have been we'll disciplined and
| thoroughly instructed for the occasion.
| The assaulting column was led by vet
eran-the victor of many a well-contest-
ed field-who was ably seconded by host
of juniors" energized by the expectation
of success and by the hope of pecuniary
reward. The plan of attack was wisely
| conceived and their onslaught fierce and APP
parently resistless. The scathing exposi-
tions of the wrongs of the ''small stock
| holders" coupled with the eulogies upon
| Gen. MahOne's character for integrity and
capacity in the management of the rail-
roads, entitled the assaulting party to sue
cess. They would certainly have succeed
| ed before an appriciative audience But
the stolid Indifference OF the "small stock
holders" was absolutely provoking. The
| touching eloquence and scathing denunci-
ations of counsel produced no effect what
| ever on their slow anduneducated intellects.
| Like the country lass who preferred zap
pie brandyn TO the most delicate "sherry,"
simply because she was more used to it,
the "small stoCkhOlder,n failing to appre-
ciate the faultless defamation of the rep
resentative of Virginia ideas and Virginia
policy, as embodied in General Malone,
| doggedly adhered to the old management.
| Their stupidity was made more manifest
as the discussion progressed The more
| clearly General MahOne'S counsel demon
! strated their wrong and declared the Gen.
erals willingness to relieve them by as
Stunning the management of their road, the
| more obstinate the 'small stockholders"
| became, as shown by the ballotting. In
the first trial of strength the Generals rep
resentatives were encouraged by S033 votes
out of an aggregate vote of 10 ,465}. But
under the influence of subsequent dis
cussions, as conducted by his able
council, his strength dwindled to
| the disgusting number of 123. Such re-
suit, after such an effort, is enough to re-
lieve the General of any obligation to
again tender his watchful guardianship
| for protection, and no reasonable man can
Justly complain if he does not do so.
In fact, the whole truth may as well be
told. General Mahone's system of man
aging railroads, though we'll understood
by himself and his able attorneys, is not
appreciated by our people. Sordld and
aVaricious minds prize most that manage
ment which secures to them the most ma
terial benefits, such as lettering the road
bed, making travel cheap and comfortable,
covering freights, opening up new connec-
lions, increasing business, strengthening
credit and raising the market value of
STOCK. All these supposed advantages have
been secured by the present Board. 1t
has retired the State debt, settled its en-
debtedness to the Federal government,
raised the company's credit, added to its
rolling stock, improved its road bed, in
HANGED the current market value of its
stock and lowered freight and passenger
rates, and is now in position to encourage
the construction of new and much needed
enterprises, which, in the estimation of
practical business men, will tend to eman-
cipate!East Tennessee from that depend
ence which she has heretofore felt in asingle
I line of road, controlled by personal ambi-
ton and run in the interest of single in
dividual
If left alone and untrammeled the pres
ent managers of the E. T., Va. & Ga. Rail
Road. bv the encouragement of other or