The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-09-10

AS a practical illustration of my
position, it 4nay not be amiss to men
tion that during the past year your
Company has paid out on the line of
road about $842, ,436, while the re-
ceipts from local passengers and for
this road s proportion of freights de-
livered on line amount to about
| $345, ,967, showing the amount thus
paid out to be nearly one-half mil
lion dollars more than the amount
collected from the sources above
mentioned
These figures demonstrate with
greater force than any words or ar
guments that | can offer, the real
and substantial benefits that the cit
liens of this section derive from the
through business of the road. If
this through work can be increased
a proportional increase must be
made in the amount paid out to the
various industrial interests in Ten
| nessee, On the other hand should
| adverse influences be brought to
bear so as to cripple and destroy
your through business, very great in
jury to every enterprise of this sec
tion will he the ineyitable result.
Let us hope therefore that better
judgment will prevail and that your
Road, with every other enterprise in
which East Tennessee is interested,
will continue o.increase i'll prospect
ty. In this connection allow me
through you to say to the stockhold-
ers, that l will have confidence in the
final and complete success of your
Road. provided nothing occurs to
disturb the natural and Legitimate
course Of business, and provided the
affairs of your Company are at all
times, honestly and othnrwise prop
erly managed.
The extensive improvements and
large additions which have within
the past few years been made to
your roadway and equipments, when
considered in connection with the
improved financial condition of your
Company, can not be otherwise than
very gratifying to all who have la
bored for the accomplishment of
such results.
To all interested in the success of
public improvements, it is q matter
of congratulation that your company
is now in a condition to Justify you
in paying a dividend to the stock
holders.
In conclusion l must he permitted
to say that all the officers and men
under my control, have, with q very
few exceptions, cheerfulIy co-operat-
ed with me in carrying out such
measures as the interest of the Com
pany seemed to require and / be-
ieve that the facts will fully justify
me in saying that no Railroad Com
pany was ever served by officers who
worked more earnestly than those
who have assisted me in the opera
ton of your Road during the past
year.
To these officers, and to faithful
employees, in more subordinate
positions, is the credit largely due
for any success that has been attain
ed, and to them my heart felt thanks
are rendered.
Respectfully submitted,
JOSEPH JAQUES,
Vice President and Superintendent.
The exhibits referred to in the re-
port of the President, were then, at
his request, read by Mr.. Maynard.
The President also read contract
that had been made with the South
ern Railway Security Company,
which turns over the Cincinnati,
Cumberland Gap and Charleston
Railroad to that Company. The
Southern Security Company being
substituted in the place of r. 7.
Wilson, and c. NJ McGhee. trustees
of the interest the East Tennessee,
Virginia and Georgia Railroad has in
said Cincinnati, Cumberland Gap
Railroad. The said Southern Sc
curity Company agreeing to refund
all monies paid out by the East Ten
nessee, Virginia and Georgia Rail
road, for said road, and assuming all
liabilities.
On motion, the Report of the Pres
ident was received by the stoclzhold-
ers.
On motion, the Report of the Vice
President and Superintendent, with
tabular statements, were received
and adopted.
On motion, the President S report
was adopted.
Judge Barton read the following
resolution in regard to the above
mentioned contract;
ReSoEUed, That the contract which
is referred to in the report of the
President. and which has been read
to the Convention. in which the
Southern Railroad Security Compa-
ny is substituted in the place of r.
Il. Wilson and G. M. McGhee, In a
contract previously made between
the said r. i. Wilson, G. M. Me
Ghee and r. Y. McAden, of Char
lotte, N. c., and this Company, and
also substituting the Southern Rail-
way Security Company in the place
Of r. L. Wilson in the contract pre-
viously made with Hiram Sibley, of
New York, r, 7. Wilson, of New
York. and this Company be and the
same is hereby approved and con-
firmed.
1t was moved and seconded that
the resolution be adopted.
There being no objections to the
vote being taken 0iva Uoce, the ques-