Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-19
THE T ROCK STOCK.
A Few Words 10 Our Aldermen and the
Public
mark How Plain a Tale Shall PIT You
Down"

Some weeks ago AZ tte3 puDiic A"e.ts
the city voted to sell her stock in the Lit
tie Rock Railroad to certain parties VINO
hofd the first mortgage bonds TO a large
amount. These parties, through q Mr..
Talntor. and Capt. Frank Mahan, OF ms
CITY. offered for the stock one hundred
thousand dollars in cash, and to place the
stock 10 the hands of a trustee 70 De lot
feited in case the road was not Completed
within nine working months. There wa
a committee appointed by the DoeIu
under the resolution to sell, consisting Of
Mayor Lett wich, Mr.. Brinkley and DIT.
Cossett. who were TO 20 10 New York n
satisfy themselves that the sale was made
Ia parties in the interest Of the city OF
Memphis.
Certainly, no fairer bargain could ever
have been made, and the people were glad
To learn thst the Board lad made so good
a trade. g,
After the committee appointed had
made arrangements 10 90 10 New York,
and Mayor Leftwich had left the city,
alOngc comes gentleman who volunteers
Ia lend the city $4,000 for a year nj
liz oer cent. Interest, and wants the
stock a. collateral. He does not re-
duce his proposition % writing nor
hes IL ever come before the Board
otherwise than second-handed-that Is,
through a message FROM acting Mayor
Meactt, to whom the proposition was or
icinallv made Osxt{lg. He makes sundry
and divers promises and pledges, pro
yided his offer is accepted; but talk Il
cho4p. and there is nothing given by
which lac can be 1ound.
me- Board several of the members be-
ing absent from the city, with its usual
consistency and wisdom, Immediately
rush together, and after a furious on
slaught on the Mahan proposition bE
Alderman Renner, the RESOLUTION to sell
WAS re.cinded, and a COMMITTEES was APP
pointed to iuok into the proposition 20
loan and report on the same the next
morning a. ten O'Clock. Al that hour no
Guorum WAS present, and those VINO AZ
tended adjourned. 10 meet At four O'Clock
In the evening. They hai scarcely sept
rated when the COMMITTEES, accompanied
bv the legal advisers OF tie lOaninS party,
/ aupeared, and the Serge:lnt-at-A Arms was
dispatched abroad to fiId the members
who had lust adjourned, and bring them
together to cOnsumnate the trade.
lie did not succeed in his mission
There were enough Of the Board opposed
to taking snap Judgment and trading
without reflection, 10 prevent a quorum,
How the few who were present adjourned
| from day to day, and hour to hour, N
vain attempts TO get A quorum the
public have been advised.
To-day they will meet and some action
will probably be taken. In order tina
they may do 80 advisedly, and that th'
public NAV know what sort of a PROPOSE
lion the otter to loan is, we submit tbs
| following facts:
lst. The party who Is making the so
| called offer is in reality JoHN c. FIRE.
MONT, who was recently ruled OF th'
/ Bourse in Paris for misrepresentation
made by him, and Threatened with impTls
Onment. In proof Of this assertion WI
submit the following extract from tn
Jefferson (Fexasl JiiRpleeste, Of n recen
date: Col. B. H. Epperson. (who is tn,
wOuId-be l~Oaner) says that h amount o
land asked tor is 100, coo 10 the county.
The company wants hi sand as R basis 70
n sinking fund. and the payment of tn
Interest upOn the bonds which have been
and are now being negotiated IN Europe.
He adds: 10 Gen. Fremont and associate
ypg are indebted for all that has been done
He is now in Europe with the bonds q
the company, waiting yOu- response Wit
anxiety, bur with c~Oudderoe; and what
ever II is. il will be sent to him with light
aing speed, and be will proceed according
AZ the report is good or bal, as he may b
able.'" This is in an appeal to the peopl
Of Texas for aid. He has not got Il yet,
ID. Mr.. +. y. Davis, Of the First Ma
tional Bank, has an injun5tion restrain
ing the city from dispOsing of the Littl
Rock Railroad stock in any manner
shape or form until some eighty thousan
dollars which be has loaned the city /
arranged for. He offers &c release IL 70
forty thousand, and refuse, to allow til
stock to be touched for one cent less. ]
the offer to loan IS accepted the city vii
get Just ten thousand dollNIs (providedth
sum IL not g~arnisheed by some other cred
itor}, for which It hypotlecates $500
worth Of stock.
sd. The city has never yet re
deemed anything it hypCthecated, an
with the present condition Of affairs new
er viii; Consequently the stock viii go 10
Sl0,G00,
an. There has as yet besn (as we hav
stated no written oder Nude the Boar
of Aldermen by Mr.. Frenout's agent
There j. 40 earthly guarantee that ID
road viii ever be finished, ar thai tae pr
Is making the so-cslled ofkr viii perfarI
a single Il Of the promises made 70 III
Beard through the then acting Mayor
The only document which has been pre-
scented as Vet, is a Conimon deed Of trasl
which was brought up by hr. TreadTei
c. Ayres for the Board &C. sign, on TIA
morning referred 30 above.
5lh. The Fremont crowd only want i
get hold of the stock for The purpose c
catering Il. The AsTICLEa or CoNspLl
DATIOS Il ALREADY wRITTES oUr, an
the m8mcnt the stock Is lGt INTO lhel
hands they will consolidate il with tha
mythical corporation know n the Mon
pinis and Fl PasO Railroad. When this
done the Litle Rock RaflrOdG t0xe
as identity, becomes a part cfthe so-caile
Memphis and El Pdso, and its. stock vi.
90 down from twenty cents OF the dolls
IL two or three. Instead Of hayinS n con
uietAi road, paying It's expenses and
dividend, we VIII have an initial sectiu
OF a road that viii mot be buiiJin years q
uvsrl. ana whose earnings sill 90 towar
helaing Mr.. Fremont, and other specul'
tor. IN their schemes abrOal.
G;A. Theirst mortgage Dor dholderS, WI
are deeply Interested inthe early o0inplC
zion ofthe road, Eayer reiterated their pr,
posaI by telegraph, no laitsF than yeete
day. and state that they are ready To tnli
ali conditions Imposed 10y tho Board
their recent vote to sell the .tocktO then
We thiukthe above points put the Ina
iISrEnfJ right light hcfnre the people, an
We warn th6 laembcrsO OF rho Board - I
most careful how they act. IL this siec
is hypothetical for a paitry tsn thouSaI
DOLLARS. aud is lost, the mar os OF the lne
who put tin Jeopardy Will be forever il
famous mfthe annals OF Memphis. I
warnSd IN time.