Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-01-20

y ~ u
nothing def Mite could be ascertained
as To whether the CONTRACT Ih he
Georgia Central would likely pssa I'M
der the control Of The Lrui-ville and
| Nashville ..managemept, uldsr me
change of stock In the Nashville,
Chattanooga and st. Louis Railway.
the agreement having been madewith
| the latter, and not with the former.
The contract was not approved by the
| Directory of the Nashville, Chatta-
nooga and.S, Louis Rail way before II
charged hands 4 (
The CAPITAL stock of the Nash
vile, Chattanooga and st.
Louis Railway is..............S6, SAY, Ss9 70
| Less amount held by the Co., Ho,oo4 81
&L&t S6,575, 294 90
Total liabilities, $l5 O63 1852. so, fully
covered by assets; number of milt OF
road, 1881 s8EfB4 .t8H.. EEs II
Whetherthe new regime will extend
| the branches contemplated by Presi-
dent Cole, and build the Greensboro
aud Nashville road, is nova ques ion
for future development.
When President Cole took control OF
the Nash Vile, Chattanooga and St,
Louis Railway, eleven years ago, lis
stock was selling at 10 and 20 cents.
He subsequently capitalized and gave
the stock holders three SHARES for one.
The stock has been selling lately at So
cents, which is a realization OF nearly
1000 per cent. within that period.
Among the rumors circulated last
night was one that Jay Gould aud
Vanderbilt have purchased a majority
of the stock in the Louisville and
Nashville aud Great southern Rail.
road.
Louisville and Nashville stock adj
vanced In New York, yesterday, from
SO to LOG, reacting at the close TO
lost. LII az & Il a
sTANDIFoRD's PURPOSES.
Special to the American.
l. .UIsvILLE, Jan, l7.-President
Stamford and Vlce-President New
comb telegraphed TO the Courier
Journal Tonight: The Louisville
AMI Nashville has secured control Of
the Nashville and Chattanooga, and
all lines owned, leased or operated by
that Company blythe purchase Of q
majority of the stock. The conserva-
tive policy heretofore observed in con-
neciion with all other roads, and the
maintenance OF fair and equitable tar
ifs will be continued. All sections
reached by cur system may rely upon
equal and exact justice aud the ohser"
vance of the laws of trade and advan-
tage which every locality is entitled to
receive by the rights of lis geogrsphi.
cal location
MORE ON THE SUBJECT.
Special Dispatch to the Atlanta C;nsti-
tuition.
NASHVILLE, Jan. 17.-There is no
doubt but that the Louisville and
Nashville road has purchased cons
trolling interest in The Nashville and
Chattanooga company, by which that
road and its branches passes TO them,
[ have this from Colouel Cole him
self The price was Dinety>fiye eents,
and three million eight hundred thou
sand dollars worth were bought. Ste
venson, Colunel Coles friend, COM
menced to unload, and the sale soon
went TO panic. The result of this,
it is thought, will be to stop the
present work on the Owensboro' ex-
| tension, destroy the present chance Of
building the Georgia Western, and q
refusal 10 rstify the lease of the Gem
! trial road. Col. Coles directors were to
have ratified that lease to- day, but did
not meet, the New York directors not
! canning. rtr-
The control of Coles road was
| bought for less than il would have
cost to build the Georgia Western,
aud leaves no reason. for building that
line. The lease of the Central IL the
| reported cause of Coles friends aban-
doning him, though 1t Ia rumored that
the purchase was made by the
friends OF Northern trunk lines, who
were alarmed at Coles rapid strides
toward competition. The Louisville
and Nashville people did the buying
and the stock of the company Ia ovei
par. Nashville Is terribly excited aut
Indignant. .
FROM CHICAGO TO NEW ORLEANS.
At the meeting OF the stock holders
of the Louisville, New Albany and
Chicago Railroad Company, held 10
New York, yesterday, the following
Robert Lenox Kennedy, Henry +
New York; w. G. DePauw, of New
| l.
ford, Il. 8. Veech, Issac Caldwell, a.
w. Newcomb, F. DeFuniack and Wm
Whitright, of Louisville. Ii is under.
stood that Mr.. Il. g. Veech will be-
President of the company. This
election is significant, as 1t marks The
} introduction of q new man agement o
the road. In the last six months large
holders of the stock of the Louisville
| ell
chased about 81 900 900 OF the So 00O,'
900 capital stock Of the Louisville
e New Albany and Chicago Company
go that, though tue former company
! does not, as a corporation, control the
latter 1t will by the purchase mentioned
above, be indirectly In connection and
in the interests Of the Louisville aud
Nashville. Nearly all Of the new d.
rec,ors chosen to-day are directors oil
largely interested in the Louisville
and Nashville. By this virtual acqui
sition, that company secures line o
road from Louisville to Michigan
City, about sixty.ive miles southeast
OF Chicago, There II con meets with
the Michigan Cen trail but the prospect
Of continuing the line to Chicago Ii
under discussion. This gives the Lou
isVilie and Nashville a continuous line
from Cbicago TO New Orleans.
THE CHALLENGE THAT CAUSED ALL
THE TROUBLE. M. -..-.,
Special TO the Cincinnati Commercial:
NASHVILLE, January 15.-Colonel
Cole, OF the Nashville and Chatta'
nooga road, arrived to-day from at
tending the sale at Macon. II Is stated
that day or two ago Colonel Cole ad.
dressed note to President Standiford,
saying In substance that the mo-