Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-12-10
TX. 90. RAILROAD.
Important Meeting OF the Stock
holders and Directors.

Action Taken 1nAur1nS the EXtem-
sion 10 the Kentucky Line.
The stockholders Of the Knoxville
and Ohio railroad met In adjourned
session at the compapy's depot, In this
city, yesterday. The meeting was
org gAnized by the election OF w. A.
kirkpatrick, Esq, as chairman, and
Judge Jno. L. Moses, secretary.
There was found to be represented in
the meeting 10, ,485 shares, out of II ,O97,
the whole number. This Is the largest
attendance ever known at a meeting,
exhibiting the deep interest taken by
the stock holders in the proposed ex-
tension Of the line.
Col. G. NJ McGhee, president of the
road, submitted his annual report to
the stockholders, which was read and
adopted. The report was unusually
interesting and important.
He states that representatives Of the
Knoxville and Ohio have met repre-
sentatives of the Louisville and Nash
Vile railroad company, aid verbal
agreement has been reached with
reference t. the construction CT each
of the branches to the Kentucky and
Tennessee state line, but the agreement
was not reduced TO writing. There
has been, he says, as yet, no confer
ence bs tween the engineers of the two
companies to fix upon time to begin
the work.
The management of the Louisville
and Nashville road seem determined
on constructing the Knoxville branch
to the state line, and he hopes, with the
approval of his efforts by the stock
holders, to be able to make, within a
few days, definite contract, fixing the
time at which the respective roads will
be extended to the point of junction.
He suggests the passage by the stock
holders of a resolution, authorizing
the directory to let the work for the
completion of the line. Also
suggests that it would be
well for the stockholders to authorize
the directory to mortgage the road fol
q sum sufficient to take up the present
bonded Indebtedness, and provide the
means for the proposed work.
He expresses the hope that il the
action suggested is taken active opera
tions, looking to the construct 4 Ol
the road may be commenced ~ hin
the next few months, and the 10 de.
sired connection b.tWeen the valley oil
East Tennessee and the Ohio river
completed within the next twelve or
fourteen months.
The report closes with the following
paragraph:
"Ur to the present time, your road,
being operated as an unfinished line,
and dependant wholly upon its local
business for support, has not been able
to promote the different interests OF
the valley of East Tennessee to the ex.
tent that was desirable. This will be
remedied whenever your road is- com>
pleted to a system of roads in Ken
lucky, as it may then claim q large
share of through traffic Sn1 will not
be dependent for its support. wholly
upon its local business and couse-
quently will be able to make such re-
duction in local rates on coal as will
greatly encourage and facilitate the
manufacturing interests Of Knoxville
and East Tennessee"
After the adoption of the report the
following resolution was presented and
unanimously adopted by the stock
holders:
Resolved, That the directory be. and
dney are hereby, author,zad IN LET the
contract for the complttIon of Ihe
Knoxville and Ohio raNrood :, the
point of junction as coon as an er,aal
meDt is entered into upon the ner, .,
the Louisville and Nashville raiI,oad
company, obligsting Themselves ~ :"
construct their Knoxville branch tc
the Tennessee state line.
A resolution was also adopted set
ting forth how the work shall be done
and authorizing the creation Of
mortgage on the road to the amour
ofS ,300,000 for the purpose of raisin.
funds to retire the present indebted
ness, and provide the means for tn,
new work.
Still another resolution was passed
ratifying and approving the contract
Ior extending aid to the Coal Greek
ana New River company.
An election was held and the follow
ing were unanimously chosen as the
board of directors for the ensuing vesr.
Y. M. McGhee, E. J. Sanford. Marlin
Shea, John L. Moses, of K, oxyille. r
1. Wilson and A. Iselin, of New York.
Snd w. L. Walters, of Baltimore. The
meeting then adjourned.
bnH19nsequentIy - the board of directors
aia"a u meeting and unanimously re.
and i'eE Tn Go'' c. M. McGhee, president,
and and t.u "a ge Jno. L. Moses secretary