Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1872-11-14


An EXCITING DAr-TRIUMrn OF TIE PRES
ENT BOARD.
In conformity to notice given the adjourned
meeting of the Stockholders of the East Ten
nesSee, Virginia and Georgia Railroad, took
place at their Office in this city, on yesterday
The meeting was called to order by Jos. Il.
Anderson, Esq, of Bristol p
Capt. Jaques nominated the following gentle
men as judges, of election for officers: r. NJ.
Barton, w, J. Lilard and Samuel J. Newman,
and also to inspect proxies
Col. Yoke offered as an amendment the fol-
lowing, substituting VIM. d. Blevns, of Sull-
van, /, T. Lenor, OF Monroe, and T. S. Webb,
of Knox.
1t was an exciting meeting, as was anticipa-
ted. Anonymous circulars and pamp hlets had
been issued assailing 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-
tion and some confusion, when q 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
then returned to the subject and desired to
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.. Heiskel said he had Gen.
Mahone's word and cited gcntlemen's statements
of the same tenor Co.. ..
BAXTER 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 road:
| he had. He said he was authorized by. Mr.
! Barrett to say that some time ago the stock oi
Mahones road was worth thirty-fve cents on
| the dollar, but now it was only seventeen. He
paid as counsel by General, ::Mahone
| to appear in this meeting and do what he wa:
doing, Mr.. Heiskell said he appeared as 9
! proxy for stockholders and as Mahone's lawyer
Mr. Baxter then referred to the prosperou.
condition of the road under Capt. Jaques an6
his associates He said five years ago the stock
was worth 20 cents now it is worth 20 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 ha
better rolling stock and better road bed thar
ever before; and while it has done all this, it ha
reduced local .tireightS 25 per cent, and passen
ger rates from 5 to 4 cents per mile. He ethough
it the best managed road in the South, and die
not think stockholders wanted Malone, who wa
operating rival road, to come by his pait
counsel, and dictate who should be their officers
The real cause of the solicitude of Genera
Malone for the interests of the holders of tn
minority of stock is that he is afraid his line viii
be injured by the competition of the Western
North Carolina road, purchased by the Eas
Tennessee, Virginia and Georgia Road, whicl
is to be pressed through to the Atlantic coast