Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-01-24

the territory through which it runs In
all directions
"rhe parties to the purchase and
sale OF the majority of the Nashville
and Chattanooga Company's capital
stock. whereby the Louisville aud
Nashville Company acquired the ex-
clusjye control of that important
Southern rvute and its dependencies,
met In the Continental Bank yester,
dsy afternoon, and had a settlement.
| The amount of cash paid was 335 per
| cent, or 81 100000. The balance, or
So SOC. 600, was discharged by q trans
fer of Louisville and Nashville deben-
ture bonds at par, payable In four
years. To secure these, an equal
amount OF the purchased stock was
deposited in trust in the Continental
Bank, to be there retained until the
bonds shall have been paid off Vice
President Newcomb says that it IL
nov proposed, instead of making a
new issue Of stock, to retain the press
ent outstanding certificates on both
roads, and to cease all efforts to appfe.
ciate the one st the expense OF The
other.
"a telegram was sent yesterday by
President stamford and Vice.Presi.
dent Newcomb, of the Louisville and
| Nashville Company, to President
Cole, of the Nashville and Chattanoo-
ga Company, requesting him to retain
the management OF that portion of the
new route under the amalgamation.
He subsequently, responded to the eff
feet that personal considerations alone
would not be sufficient to induce him
-, h,,t k, 81,
that IL would be for the interest Of all
concerned, and IL he would be allowed
to shape the future policy of the mans
| agement to that end, he would offer
| 10 objection. He also suggested the
propriety and usefulness of retaining
the Georgia Central lease, and asked
for conference to that end. Saturday
next, in this city, was appointed. and
Col. Cole telegraphed last evening that
he would be here. Mr.. NewcOmb said
yesterday in this connection that there
was no question of the right Of the
Louisville and Nashville Company to
acquire possession of the Georgia Cen.
| trail under the terms of its recent pur.
chase Respecting Col. Cole, he de-
| clsred that the relations of that gen.
tleman with the Louisville and Nash
willie managers are entirely friendly,
the Colonel being a relative OF
leading officer In the latter road,
and they proposed to protect his
interests fully. When be comes on
here he will be consulted as 10 which
OF the directors it will be most advisa-
BILE to retire in making up the new
| board In regard to the other inten-
lions of the company, Mr Newcomb
said it ia proposed to build an exten.
| sion TO Charleston, and that this will
probably be done in the early future.
The Louisville aud Nashville Com
psny will hereafter publish Its state
ments of earnings weekly instead OF
monthly, as heretofore. During the
first week of January they were
$l25 90 against $50 .9l2 during the cor.
responding period in 1879, showing an
! increase of ga 0SS. Mr.. Newcomb
denies positively all stories to the
| effect that the control of the Louis
vile and Nashville Company over the
Nashville and Chattanooga road and
its dependencies is not now COM
plete."
The following We clip from the
Charleston Meas and Courier Of
Wednesday:
ave do not see that the position OF
the Cincinnati Southern Railroad will
be permanently improved by tue
breaking up of the Cole scheme. Sc
long as the Western roads depend on
the Western and Atlantic Railroad
from Chattanooga to Atlanta for theii
connection with the West, they can be
throttled by hostile combinations. For
| the Western lines the only security Is
| in obtaining access TO the South At
lantic ports independently of the
| Western and Atlantic Railroad. This
access, rs we have shown before, can
be had, chesply and safely, by way OF
Knoxville, and by DO other route with
equal advantages, and having an
equally good terminal port. By the
completion of the old Blue Ridge
Railroad, or by the completion Of the
| Spartanburg and Asheville Railroad
| to Asheville, and the filling of the
gap between Ashevilie and Wolf
Creek, Knoxville is placed In direct
| connection with Charleston. There lie
a third route of which nothing has
heretofore been said.
Cheraw and Wadesb oro' Railrosd will
be completed. From Wadesboro', by
way of Charlotte, there is railroad con-
nection with Salisbury, which is on
the line of the Western Railroad Of
North Carolina, which ia built to the
vicinity of 'Asheville. THIS is not o
highly advantageous route, perhaps, as
II includes part of the Richmond and
Danville Railroad, which would not
be anxious to divert business from Its
| own route for the benefit of Charleston
and Knoxville. But the lines are
there. Charleston, Ia a month, will
have railroad communication with
Asheville, by way of Charlotte. But
| 1t 10 in contem pistion to build the
Yadkin Valley Railroad otherwise
Cheraw and Salisbury RailrOad) from
| Wadesboro' to Salisbury direct. The
distance is about sixty miles, the liz,
passing through the rich Yadkin Val.
ley and being Of easy construction
The building of the Yadkin Valley
Railroad will give q short and homo
geneous route from Charleston tc
Asheville, by the northeastern, Che
raw and Darlington, Cheraw and
Wadesboro' and Yadkin Valley Rail.
roads.
"Chsrleston has three fingers point
Ing TO Knoxville, the Key of the West.
A.. n