Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-02-24

The L. 4 n. May Be Buying the seat
tering stock ia Our Road,
But Not wi h a View to Gaining Con-
troll Of the Line.
is more eagerly sought for
by the public just now than rails
road news, and especially that which
concerns the situation of our East
Tennessee system, and Knoxville as a
Gel ter. Recognizing this fact, aud
knowing that Col. G. M. McGhee, vice.
president of the East Tennessee, Vir
GINA and Georgia Railroad, was just
fIom New York, and most likely pos
sessed the inform alton which would be
of interest, a CHRONICLE repres'enta-
tive sought and was accorded brief
but pleasant and agreeable interview
last night with the worthy gentleman,
who is one Of the shrewdest and
ablest railroad managers in this
part of the country. Colonel
McGhee was enjoying an after~supper
| CiE6I HI TIC SAtSAhG AOoAA
of his elegant mansion, and was en-
| iirely communicative. The following
| is the substance of a. statement of the
entire situation by Col. McGhee, in
reply TO our interrogatory
LAS fsr as l can judge, the A. NJ. &
0. r abroad was bought by large stock
holders in the Shenandoah Nal-
ley and the Louisville and
Nash vile Railroads., and, as has
been published, it is contemplated
20 complete the Shenandoah road TO
connecting point with the A. M. & o.
at Big Lick, We. This will give our
section Of county additional commu.
nicati On wth all eastern points, and a
much more direct route to points in
Pennsylvania.
1.-The East Tenn essee, Virginia and
Georgia Railroad is in no way con"
nected with the purchase of the A. NJ.
$50. roe d. and can see nothing in the
Future, growing out Of the sale, which
will have tendency to change the
present RELATIONS Ct this line, or the
plans for its connections both with the
Louisville and Nashville and through
The Western North Carolina route. L
regard the connection with the Louis.
vile road, by way OF Caryville, as alb
solutely obligatory on both parties con-
cerned-the L. & N. and K. & 0. roads.
IF the Louisville and Nashville folks
desired this connection before the re-.
cent sale, they should be ten times
more SO now.
All reports with reference to the
sale Of stock by the large stock holders
in the E. T., V. & q. Road are utterly
untrue. No large It ockholder has dis
posed of dollars worth of his stock,
and there are no negotiations looking
10 transfer of the East Tennessee,
Virginia and Georgia Railroad. But,
on the contrary, all the stockholders
the larger ones-are perfectly satisfied
with their investment, and have no
anxiety for any sale or alliance, feel.
ing simply able to take care of them>
| selves"
In answer to our interrogatory as to
the cause of the boom in stock which
has been going on for few days, Col.
McGhee said that 1t is caused by the
great anxiety existing among specula>
tors in New York to buy up the scat
taring stock, believing that it will ens
nance in value, and knowing that the
control of the road is in the hands
of few individuals, who properly ap-
preciate its value, and the strength of
their position. He said he was not
aware, OF course, who or what combi-
nation is buying up this stock-it may
be the Louisville and Nashville sys-
tenn, but if so. it is not with view of
gaining control Of the E. T., V. s. G.
Road. There is no foundation in the
world, he sail, fer the rumors that the
E. IT,. V. & g. Road is about to change
hands, or go out of the control of the
present management.
AS to what is likely to be the out
come of these stock speculations, he
ssid of course he cannot tell, but he is
not much afraid of a tumble, for the
few large holders Of the stock, instead
of decreasing, are increasing their in
vestment-, and have entire confidence