Savannah morning news. [volume] (Savannah) 1868-1887, 1883-06-26
DID GOULD SCOOP TIP
Stockholders Meeting of the East Ten
nessee, Virginia and Georgia r. r..
E-,.1.....LLo H..

hnOSot6e IFtOule, &4tt.
Yesterday at noon a special meeting OF
I the stock and registered bOndholders OF
the East Tennessee, Virginia and Georgia
Railroad Company was convened at the
/ ONCE OF the company in this city. This
meeting has been looked to with interest
from all parts of the country, because it
was supposed that the rumOred SCOOP of
the road by Jay Gould would be confirmed
by the action of the stockholders. This
action seemed to be pointed toin the fol-
lowing advertisement which has appear
than month:
stockholders meeting of the East Tennes-
see, Virginia and Georgia Railroad Company.
Olhce of the Secretary, ITO Broadway. New
York, April 81, 1888.
Notice.-There will be n meetino of the
stock and registered bOndholders of the East
tennessee, Virginia and Georgia Railroad
Company held at the office of the company
at knoxville, Tennessee, on Saturday the 23d
day OF June, 1888, at II o'clock M of said dav.
TO take formal action upon such contracts
leases, purchases and extensions together
w WIN til such other matters as may be submitted
to them by the Board of Directors.
transfer books Will remain closed from
June LIST to June 23d, both inclusive
By order of the Board of Directors.
l.. Nj. SCHwAN, Secretary.
we were disappointed yesterday when
we found that only a few of the stock
holders were present. We soon learned.
however, that the great majority of the
stock was represented by proxies. None
of the New YOrk stockholders were pre-
sent, but they were represented by local
stockholders
OF course the meeting was strictly
secret one. No newspaper men were ad-
mItted. There were no key-holes through
which our reporter could hear the true
lnWardness of the meeting. After the
l.
nished with statement of the action of
the stockholders. OF course there NAV
be few little unimportant points which
were deemed unnecessary to give to the
public.
The stockholders yesterday conferred
upon the Board of Directors almost un-
limited powers. In the first place they'
empowered the Directors to proceed at
their discretion in making extensions to
the East Tennessee, Virginia and Georgia
Railroad system, these extensions to be
secured either by construction, pur-
chase or lease. Mortgages to provide
means for such purchases, leases or build
ing are to be placed on such acquisitions
only, and will in no way affect the securi-
ties on credit of the main lines as now
constituted. The stockholders author
lzed the directors to issue ten million dol
lars (Y1O,000,00 in six per cent. bonds:
three million dollars $4,000, ,OOO) in pre-
ferred stock and thirteen million dollars
($13,OOO,OO0) worth OF common stock.
We understand that the contemplated
extensions were not specified in the pro-
ceedings of the meeting. One of the eX-
tensions by construction in view and not
now in progress, is the Cedartown road
in Georgia. This will probably be COM
menced in short time. A more impOr-
tant link mentioned is new road from
Meridian, Miss, te New Orleans. This
would make an unbroken line from New
York to New Orleans. The building of
this road is authorized.
The outright purchase of the Memphis
and Charleston Railroad, which is now
only leased, is also authorized.
We had an interview yesterday with
one of the leading stockholders who was
present at the meeting, and he told us
frankly that the local stockholders knew
as little about the real intentions
of the Board of Directors as does
the general public. He admitted that
the power now conferred upon the board
authorized a consolidation with the
Southwestern railroad system of jaw
Gould, either by purchase or lease. He
had no doubt the result would be a grand
trunk line from New York to the Pacific
via Knoxville. We will know something
more about this matter after the meeting
of the directors in New York next month.