Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-11-10
tx. q o. RAILROAD.
Annual Meeting Of the stock
holders In KnOxvil1es--[

|
Adjourned to December Sfh 10
Consider the Extension 10
the Kentucky Line.
The stockholders Of the Knoxville
and Ohio railroad company met In
annual convention az the company's
depot, in this city, vest rday.
Mr.. E. J, Sanford was elected chair.
man Of the meeting and Judge Jno. L.
Moses, SECRETARY.
The report of Col. c. NJ. McGhee,
president of the road, was read and
adopted, and is as follows:
PRESIDENTS REPORT:
KNOXVILLE, Nov. 8.
To the Stockholders Of the KaorUAle
and Ohio Railroad:
The operations of the past year you
will find given In detail in the report
of inc. T.. Moses, superintendent and
treasurer.
A summary review ia merely pre-
sented in this report, from which you
will see that the gross earnings amount
.....SLI7 lS3 "
: The expenses to...............". 72,80S.l4
. The net earnings to. .,...."... 81. SSO.78
And the interest on the
bonded debt to.."............. 81, $4,000
t Leaving as the result of the
work OF t1e year...."..... 30. 930.7 o
: From which it will be seen that the
3 past year has been one Of unequalled
Q prosperity in the affairs of the conn.,
3 pany. -.-..--
. We are expanding the surplus net
\ earnings, after paying tae interest, in
the improvement of the road, and this
n must necessarily be continued Until
the entire road Ia relaid with stee1
!. rails, as the iron rails are wearing Ou
Q very rapidly.
y IL has been found necessary to con,
: tract for 500 IONS of steel rails for tht
p next year, and it is ID be hoped tina
r the balance now on hand, Together
with the surplus that may occur from
>, the business of the current Year, vii
enable US to pay for that amount Q
- rails.
:, An opportunity seems now offering
- - for securing through line from Knox
70 Vile to Louisville over your road.
- The CUES ton presented to the stock
- holders of the Knoxville and OAI'
50 railroad is as to what plan shall b
= adopted to enable US to complete tt
- missing link between Careyviiie an
- the Kentucky state line.
Negotiations have been opened 70
some time with the Louisville an
Nashville Railroad company to Undue
them to extsnd their Knoxville brancI
r to the Tennessee state line, and within
the past few days an understanding
seems to have been reached wit
them t4st indicates a willingne.
upon their part to SO extend 1T, upOl
pro ,,er assurances from US that we vii
=, meet them at the point Of junction
VI mis- understanding has been reache
too lsts to give Lue directors of you
road time enough to definitely m4tur
q plan for raising the means necessar
to secure the construction OF your liz
! from Careyville to the stst3 line O
u, Kentucky. I therefore recommen
at t0at this meeting adjourn until the st
e. day of December, in order t. enaOl
the directors to mature plans to b
submit ed to the stockholders. I es
,ol pecially recommend this in view of th
no fact that great changes are likely (
q occur in the ownership of tle stock 0
'U your company, and the new OWnersf
the stock have requested that no def
mite action shall be taken until tn
~ plans can be mstured.
1t is scarcely necessary for me
call your att9ntlon to the fat t that yOU
company, unaided,h has not the necessar
re financial strength to enable it to bull
ill the road to the state line, and the prOl
at able change in ownership of the stOc
has been brought about with q view
/ placing it in the hands of party WI
could give the financial aid that is r.
'ei quired in order to secure the cOnstru
/ ton of the road to the state line
Kentucky.
nd G. NJ. MoGHEE, Pfes't.
ate The following resolutions we
or offered and unanimously adopted
. the meeting, aftsr which an adj
ment was had till the day NAM
therein. The resolutions are as fl
10 lows:
lor Resolved. That upon the udiourI
ina ment Of THE, the annual me. ting
the stockholders of the Knoxville al
Ohio railroad company it shall star
90 adjourned to Wednesday, the 8ta d.
eS' OF December, 1880.
ATM Resolved, That the board OF direct,
9ts, be and they are hereby directed t. pl
dc. pare scheme for procuring the nec'
sary means to secure the constrr 3ti'
Of the road to a connection with t
Louisville and Nashville railroad
the Kentucky state line, and to subn
er the same for action at the adjourn
meeting of the stockholders to be he
on the 6th day of December, 1850.
'' OGDEN BROS. have five times 4
variety of Bank Books OF any hou
I'm East Tenn, and sell both whOlesE