Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-09-08
r. II. WILSON,
President.
Meeting of the Stockholders Of the
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On motion General Austell, of At
lanta, was requested to take the chair,
and Jos. Il. Anderson, of Bristol, was
elected Secretary.
The report Ofthe President was read,
and, on motion, adopted.
On motion the convention went in
to an election of Board of Directors.
Mr.. j. Monroe Meek offered the fol-
lowing resolution
RcsOiUed, That the incoming Direc.
tors be requested to declare y dividend
to the stock holders at the earliest day
consistent with good faith and the IL
nancial ability OF the Company.
The resolution was carried.
On motion it was ordered that the
usual number of copies of the report
be printed
The Chairman introduced Mr.. d. r.
Duncan, President of the Spartanburg
and Asheville Railroad. He said the
road he represented needed no intro
duction, as it had its birth 80 years
ago. At that meeting the route by
which they intended to connect Knox
VILE and Charleston was the same
adopted at that meeting, and no good
reasOul had since TRANSFERRED why it
should not continue to be the route.
Since the war the building of the road
had been waived, and that by people
without dollar of money. A consid-
cradle private subscription was Sc
cured, and surveyors were put in the
field, and the road was located. BY n
report it is found that $40 900 will
complete the grading between Spar
tauburg and Asheville, and he consid-
ers 1t II very reasonable estimate. One
tunnel of l65 feet all that will he need
ed in the tunnel line. Only Sl0,0 to
complete this connecticut! Will the
people of South Carolina, North Caro-
lima aud Tennessee stand back and
not take hold of such an enterprise?
What would be the result. There is
not thing raised in this county that
is not needed and will find ready sale
in South Carolina. They had given
out portion of the work, and it has
been completed. The resolutions passed
10y the meeting of stockholders of the
East Tennessee, Virginia and Georgia
Railroad, discouraged them very much,
and the matter was referred to the peO-
pie on the subject of county aid. ana
several of the counties subscribed $780,
900, and one county Sl50,0OO. There
is peeded subscription of $3.50, 900 TO
reach the Henderson county line,
which they must reach before they can
make the Henderson county subscrip-
ton available.
He also gave some facts and figures
as 20 the present prospects of the en-
tar FTiGa KRyh iah Nrrn ~ hnIfnI 10,
! the report of the former President of
that road, Mr.. G. g. Memminger.
read at the stock holders meeting, Aug.
lGth, 1870. The facts are as follows
a more economical plan of construc-
| ton, too, has been devised, and the
! estimates herewith submitted show
| that the remainder Of the road, as far
as SwannaOa Junction, can be con-
structed at IA cost of seven hundred and
| ten thousand dollars $40, 600; thus
making reduction in the whole Of
about two hundred thousand dollars
! (S2OO,OOO on the figures of last years
estimate.
On the other hand, our means, in
stead Of being diminished by the rail-
road catastrOphes in other sections Of
/ the country ana by the amount already
| expended on the road, are materially
increased. The people in South Caro-
| lima having been fully awakened to
/ the necessity Of doing the work them
selves, have come up most nobly to our
aid. Union county has subscribed one
hundred and fifty thousand dollars
| (Sl50 600 and Spartanburg one hum
bred thousand (Sl00,0OO); and if to
these be added the subscription of
Henderson and BuncOmbe counties in
North Carolina OF one hundred thou
sand dollars (Sl00,0O0) each, and the
amount of good private subscriptions,