Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-11-19


$500, o00toward building the Charles
ton Railroad). and in 1860 1t was
10000, The recuperative powers OF
Memphis are really wonderful, ard
find no parallel III America.
MEMPHIS AND CHARLESTON RAIL
ROAD.
Considerable Excitement Compromise
Probable.
Nashville American.
As the stock of the Memphis ard
Charleston Railroad is largely owned
in this city, there is necessarily
great deal OF inter- st manifested in
whatever occurs with reference to it.
An American reporter called on
President James y. Porter, of the
Nashville, Chattanooga and st. Louis
Railway, who was elected director
in the Memphis and Charleston Raj
road, Tuesday, at Huntsville, and
asked him about the lease for
seventeen years which the repre-
sentatives of the East Tennes-
see, Virginia and Georgia Rail
road claimed to have on the
Memphis and Charleston Railroad.
President Porter said that some of
the best lawyers in the State were of
the opinion that there would be no
trouble about it. These lawyers had
given the strongest assurance that
the lease would not stand the test of
law. Besides, the lessees had not
complied with the terms of the lease.
By it the serplus earnings were to
have been turned over to the stock
holders, which was not done. In
stead Of this, the road has been III
debt. The stockholders OF tie
Memphis and Charleston had no an
mostly to the lessess, for if they had
set aside the surplus earnings fer
the benefit of them, they would
probably not have sought to gain
control of their property. Neither
had they formed any combination
with any other line of road. The
stock, at first, had been purchased as
a speculation, but those who held it
were decided to come together in a
pool and seek control of the road
The lessees he'd but little of the
Memphis and Charleston stock. The
board of directors would probably
meet at Memphis within the next ten
or fifteen days, and determine on the
course to be pursued. The attorneys
to be employed would probably be
instructed to apply for the appoint
ment of a receiver, when the road
would revert to the stockholders, and
be under the control and operated by
them.
| HUNTSVILLE, ALA, November 10
A great deal of interest is felt in the
community as to the result of the
fight for the control of the Memphis
and Charleston Railroad, and all
sorts of rumors are current. The
genera. opinion seems to be that,
from the character and reputation OF
the gentlemen composing the new
board of directors, the interests of
the stockholders will be zealously
guarded. The road is in most
honrishing and prosperous condition,
and the stockholders seem to think
that it is time something should be
realized On their stock.
CHATTANOOGA, November 16.-Your
correspondent interviewed a number
Jof the heavy stockholders Of the
Memphis and Charleston Company
to-day, and they think that a com
promise will be effected between Cole
and the new directory, so that he viii
continue managing the road They
say that litigation will SO depreci
ate the stock that they who now have
q majority of it will see the folly in
fighting in the courts.
Memphis Appeal: Tt would be
misfortune to Memphis were the
Memphis and Charleston Railroad to
be turned over to the Louisville aud
Nashville Railroad Company. That
combination, nor the wealthiest in
the country, could have but one use
for ito make it a side-tr track or
feeder fox its main lines, just as Cole
intended. A paragraph which VIC
publish 10 our railroad column dis.
covers his plans and purposes which,
as we said yesterday. are to own and
run q trunk line from Cincin-
nsNti to Brunswick, Georgia, all other
lines of his scheme-the Charleston
among them-to be feeders to it.
5 The Charleston road was built by
the people Of Memphis and those
along the line to be feeder and sus
} tanner of the commerce of Memphis,
2 and this the new management declare
, they intend it shall be, and that il is
not to be sold or leased to the Louis
vile syndicate, but operated as {
7 separate road for the benefit of the
J public and it's owners. II this il
!, true, they are sure of the public sup
port.
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