Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-09-09

harked ia the North Carolina connec-
ton, and executed its promisory notes,
with Interest for the same and the
North Carolina Railroad Company
further agreed To complete the conuec
ton to the State Line at Paint kuck
aud your company agreed to build the
five or six miles from the end of the
MOrriStOwn ROAD 10 the connection al
Paint Rock, aud the two COMPANIES
bound each to the other, for AZ pluila-
hle Interchange in business traffic.
For better understanding of the ma
ture of this contract, reference is made
To a copy Of the same, herewith sub
mitted: The North Carolina Railroad
Company, although financially very
strong, and able to carry out its con-
tract, has thus far been prevented from
doing 50 by injunctions and litigations,
Notwithstanding the fact that the
amendment to its charter, 10y which it
is authorized i'm eXpre,s terms to buy
and build the road, and the
Outrsct with your company have
both been ratified aud adopted in
convention of the stockholders 10y
three-fOuTths of thee ntire stock of
that company.
Whether the opposing minority and
the contestiug holders ofwhat is called
the construction bonds, issued by the
State of North Carolina to the North
Carolina Railroad Company, aud to
secure the payment of which, the stock
subscribed for by the State in the
North Carolina railroad was pledged.
eau prevent the North Carolina Rail
road Company from carrying out IFS
contract with your company, remains
to be seen. 1t is hard TO over estimate
the advantages which the construc-
ton of that road would be To the bust
ness of your line, and no effort to Sc
cure this, should, in the future, be
wanting.
It's hoped that Notwithstanding the
difficulties that have been thrown in
the way of this enterprise that its inn
pOrtance is such as to overcome all at
no distant day.
\ sale has been made of the Rogers
vile and Jefferson railroad, during the
year for twenty-five thousand dollars,
to Maj w. p. Elliott, and lien re
tanned on the road to secure the pays
ment of the purchase money.
Notwithstanding the diminished
earnings for the past year, and proba
bly, for the year on which we have en-
tered, there is nothing that we can see
in the future to cause encouragement
as to the value of your property, so FAR
as the promise of its future business
is concerned, but on the contrary we
believe with the return of prosperity.
and with the growth of the country,
there will be healthy increase in the
traffic of the road, sufficient to enable
1t to make the necessary renewals, and
inpFaaGa he Hi.yiHAnI D,,t
can speak thus, hopefully respecting
the legitimate business prospects Of
your road, we regret to be com PEELED to
say that the disordered state Of the
public mind, throughout the coun-
try towards railroads, and the
tendency Of all classes and professions
to disregard the plainest and most
common principles of justice when APP.
piled to railroads, are causes of most
serious concern 10 the owners of this
class of property.
Reference is made to the remarks of
your able and efficient Vice President
on this subject.
1t seems now, that instead of regard
ing railroads in the light of public
beneticiaries, and treating them as
such, that at least "a large part of the
community are greatly preiudiced
against them, aud are constantly doing
something or other To impede their
progress.
1t has been the constant endeavor Of
the officers of your company to Oper-
ate the road in a spirit Of the utmost
liberality and usefulness towards the
public, and we trust that this fact,
when better understood, will tend to
abate such injurious and unjust litiga-
ton a. has disturbed and impeded your
legitimate and laudable business pur
suits for the past year or two.
By reference to the report of the
/ Vice President, it will be seen that the
/ public along the line of your road is
accommodated with equally as cheap
| If not cheaper local transportation
than that afforded to any other section
of the country, and both passenger and
/ freight trains have been run,with regu-
larity and with remarkable freedom
| from accident.
Trusting for an improved state of
/ public sentiment and for a prosperous
| future, both for your Company, and
for the country, which your road ira
verses, and returning to your able and
efficient Vice President and Superin-
tendeut, and to the other officers and
employees Of the Company the thanks
of the Board for the faithful and etiici-
ent manner in which the road has
been operated during the past year, we
respectfully submit this report of the
same. r. T. WILSON, President.
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