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

The adjourned annual meeting Of
the stockholders Of the East Ten
nessee, Virginia g. Georgia Railroad
Company was held at the Company's
Depot, in Knoxville, on Wednesday
the 18th inst.
The Convention was called to or
der at l O'Clock, Col. Joseph r. An
dersOn of Sullivan county In the
chair.
Capt. Jacques, ce-President and
Superintendent of the f. T., Va. &
Ga. Co. and General Manager of the
Memphis & Charleston Road on be-
half of the Southern Railway Sc
curity Company, offered the follow
ing resolution
Rssolred That r. NJ Barton. W j. LiIlara
and Samuel j. Newman be and they are hereby
appointed Judges Of the election and Inspectors
Mr.. y. L. York, Of Bristol, offer
ed the following resolution rs a sub
stitute for that offered by Capt.
JaqucS.
Pe.oIred. That Wla. D. Blevins. Of Sullivan
county. J. I. Lenoir, Of Monroe county. and L.
& Webb. Of Knox county. be appointed Inspec-
tors Of the election and Judges of the validity of
Mr.. York insisted that the motion
to appoint Judges, however, was
premature and that the Presidents
Report should be first read.
John Baxter, ESQ, moved that
the resolution and amendment be
laid on the table until the report Of
the President was read. Agreed to.
The Supplementary Report of
President Wilson and the Board of
Directors was then read by the Sec
ratary, Mr.. Jas. q. Mitchell. 1t is
IS follows:
SUPPLEMENTAL REPORT OF TIRE
PRESI DENT.
Since tho annual meeting. the litigation be-
wecn the United States and the Company has
been compromised. The settlement had been
reached b. payment Of $ .OIJ ID cash and By eX-
rgutinS second mortgage bonds OF the Company,
soaring per cont interest per aEnum, two IN
number. for $4,000 each, being total Of Slg9,-
OOn One Of these was payable IN ten years and
the other in 6itccn years, with annual coupons
attached. payable On JaHucry lst each year.
The legal expenses attending the suit with the
Government amount 10 about $4,000. COmpcn-
sstion allowed by the Government for carrying
the mails have been increased from SjJ.OcJ to
As 900 per annuin. The arrangement went into
eject February l, 1872, TO last four years. This
Increase in "a mail pay, together with the re-
lease Of thu same following the settlement with
the Government, gives the item Of SIS 900. per
Rupum. not heretofore received by the Compa-
The increase the interest account
count Of the bonds ISSUED ol settlement with
the Goverumeut. viii amount to only $4,000,
showing AN annual gam Ofabout 5O,OGDas result
Of the compromise, to say nothing Of the saving
in the EXPENSE of litigation.
The report continues: During the year, the
Roeersviilc and Jefferson Railroad. ami the Gin
Vinnati Cumberland Gap and Charleston Rail
road, have been iOTeclo5ed and sold under the
lien hold by the State of Tennessee. The form
or Road about sixteen miles in length, has been
purcnased by this company. et a cost o.! Sl5,5tS.-
nd tho iattar kaaa- ahUut thirty miles
OF which is com. ..lCtcd, was purchased at the IN
stance of your board OF directors, by c. NJ. Me
ihas and X. T. " ilson. for the sum Of S2l4.-
1883 This road is to b" held by the purchas-
ars under direction Of your board directors til
such time rs il nay ge found practicabe TO unite
IL with the roads leading from Salisbury, North
Carolins, VIA ASheVIile. 80 ITS terminus. through
which means. together with other steps that
have been taken. wAien are stated herein, II Is
hoped conn sction with the North and South
Carolina system Of railroads, may be secured %
YOUR Company. lour board Of directors have
advanced the money to pay for The purchase of
the Cincinnati. Cumberland Gap and Charleston
road end, by resolution. have agreed and cove
uantcd with the said Mctihee and Wilson. to
hold them free from al losses OF every kind
whatever, which may IN any wise result TO them
by reason orc account of their having purchas-
od said road. and IN consideration Of this under
taking on tho part of your Board of Directors,
the pSid Mc,thce ami Wilson have agreed and
bound themselves to pay. turn over and relin-
Quish TO your Company all benefits, profits and
ndVsntaEcs derived or 20 be- derived from the
aforesaid Cincinnati, Cumberland Gap and
Charleston Railroad which agreement is 10 DO
consumnated whenever II may be found prl"ti-
cable to unite II with the roads Aforesaid III
the mean time the Road is neiug run and Oper-
At-d under the supervision Of your ComPany's
oiceTs.
A. another stop looking towards tn securing
the connection with the North and South Caro-
ains system Of roads your Board, through its
President, has become p5y % to s.9 s&9 eo1tTac5s, Goa
between V. T. Wilson and 6. VI. McGhce as one
party. ycuT Company rs another party and one
Rufus Y. MoAddcn aS another party. The other
contract bears date Of November Z, ls,2 and As
made with Hiram Silly Of New grK as ono
party and r. T. Wilson Of New York hs anOth-
er party. and your Company another party.
In these contracts your Company has advanced
SlO0000, which was Esed Ia the purchase from
the aforesaid McAdden of his title to the West
ora North Carolina Railroad and the Western
Division OF the " cs!Crn North Carolina Rail
road. and like sam, which was used IN the pur-
chase OF Sl,,2"g9': oi bonds OF the western
North Carolina Railroad COmpnDy-tor n better
understanding Of these transactions reference
Il hereby made 10 copies of the contracts hereto
attached. Under these contracts il is believed
pprf,St title is securcd-bo,h to the Western
North Carolina X. r. and the Western Division
Of the Western Y. c. x. Il. which il done ii is
hoped will lead % an carly completion of the
connection previously alluded 10. We feel that
the great advantages to result to your Company
through the completion ami opening cl the limo
from MOrristoRn to Salisbury, North Carolina.
will amply repay you for the obligations We have
assumed in The matter
bury 60 Old Fort. North Carolina, and work done
on sixteen miles connecting Old Fort ana Ashe-
vile. TO the amount Of about SS0.OO. The Com,
pany has a valuable machine Shop, ana sllaH
equipment, and As said nBw 10 be earning with
out any through connection, about S5O.U9O nett
per annum. The road mas been built in the very
best manner, at great cost. amounting II Is cSu-
mated to over Si.GgaVJ0. Under the arrange
ucnt entered into. it is believed the purchasers
viii obtain possession Of the road within thirty
days, and your advance and interest on the same
at per cent per amman, Is secured by a lem ON
the entire property, franchises and income, sub
gcct, however, 10 pTlor lem OF S-fc,HJ which
for two years and bears So perc-n, interest
per anuum, from the date at which the purchaS-
crs get possession Of the road.
You viii therefore perceive that your advance
and interest on the same are maze a a5Solutcly Sc
cure in the loiu provided for on the property In
addition 10 tac adyartages TO be deilVed by your
Company, We iecl that you may conErttnlate
yourselves upon being The instrument Of opening
up another avenue for the commerce OF the coun-
Try through which your road passes, thereby
confering great benefits TO the whole valley of
East Tennessee. NOu cannot be iuie spectators
in any enterprise wEch will add 10 the general
prosperity OF the section through which your
road passes. In this case you are happily eaa-
blsd 20 intervene 70 secure title 10 this proper
ty upon such terms as will secure its construction
without entallinE any loss upon yourselves.
For the financial condition Of the Company
reference is made 10 exhibit 10. offs G. VI Itch
oil. sec'y and Treasurer. The following changes
have been made IN your funded deot. as com
pared with the same date for last year: There
vas retired On account of sinking fund to the
nt4sc Of Tennessee. eleven Last tennessee anI
Virginia Railroad Company iudursed bonds Of
Si.GO each. and eleven East Tenn. and Va Rail
road Company past dgc bonds Of Sl.U30 each,
have been paid! also 3. so East Tenn. aHd Va.
Railroad inComo bonds, have been paid, ing
total Of S2l.Je9 Of the C0mp1ny's bonds that
hNye been retired during the year There hsss
been sold during the year, S55S.0J0 Of your Com
1nys irst Mortgage per cent. Bonds. The
settlement with The government was not pcrfec-
led a; the datc 0f this Exhibit and hence was
not embraced IN it. This settlement viii in-
crease the bondod debt Of the company Sl99o91.
bearing per cent. intercs per annum. The itcm
a. due from The Postofice Department will be
reduced $4,000. this amount being retained by
the government earned previous 20 the date
ot settlement. The claims shown 10 be in New
ork. for collection. are due the company from
the Alabama and Chattanooga Railroad. and the
Last tennessee Xius Company. and arc not re-
Saricd worth much. Also. in the item Of
Sshll5.22. as due frcm individuals IS embraced
The old claim Cf tie East Tennessee and Va. r.
X. Company Us. q. Powell. Greene X Co. for a
bout S6S.0Jo. which is considered OF little value.
Tins Nhi5ii faiis % show about e-t.0yJ interest
due July j. iSls. on the Gid bonds Of the East
Tenn. a Ga. Railroad. which paid.
The exhibit also fails to show the cost of the
Eogcrsyilie & Jefferson Railroad. and tho cost
~ the Cincinnati. Cumberland Gap K Charleston