Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-10-20
CITY councIL.
A Foil Board aud a Msyor-The Lit
tie Rock Railroad stock Again.

The regular semi-monthly meeting Of
she Board of Mayor and Aldermen was
held yesterday afternoon, October 10Th,
at the City Hall.
Present = Hon. John w. Leftwicb,
Mayor; Messrs. Chairman Swayne, CLAN
cy, Foley, Joyce. Marshall, Black, DurA,
Cartwright. Dyer, Holst. O'DonnelI, Ci-
Gala, Gallagher, Ogden, Moffet, Wolcotf,
Vincent, Ellis and Williams. Aldermen.
The minutes of the last meeting were
read and approved.
A committee reported adversely upon
resolution to declare the Office of City
Inspector vacant, by reason of the incum-
bent being engaged in mercantile pur.
suits.
A petition to have an offensive pool of
water on Shelby and Beal streets filled up
was referred to the Finance Committee.
After the transaction of some other
business of minor Importance, Alderman
Moffet introduced the following resolu-
ten:
Resolred. That the Mayor and City
Attorney borrow fifty thousand dollars
from Colonel Epperson. on the Memphis
and Little Rock railroad stock.
He was in favor of action, and thought
the time had come.
Alderman Dyer moved to postpone. 4
Alderman Wolcott was opposed to any
further postponement; he could not at
tend tomorrow (to-day).
Alderman Dyer then desired to read
communication. He was entirely limo,
cent of its contents. [Of course.] Per.
mission was granted, and he read
very atfectionate letter from Capt. r. M.
Mahan, agent of the Taintor, saying he
regretted very much that the Board had
failed to sell his "ring" the stock in the
Little Rock railroad [uo doubt of III, and
wound up by intimsting that he was au-
thorizsd still to make bid. Received
and ordered to be-published. Those who
desire to see the document will find it ir
the " official journal " for such literature.
At the request of Alderman Wolcott,
Col. B. Il. Epperson, after thanking the
Board for the honor Of addressing them,
submitted the following propositions:
MEnrHIs. October 10. 1859.
Honorable Board of Mayor and Aldermen
In addition to the propositions have
heretofore submitted, to loan the city of
Memphis fifty thousand dollars for twelve
months at six per cent. interest, upon
condition the city will hypothecate the
stock it owns in the Memphis and Little
Rock road, to pay the said loan and in
terest in twelve months, / submit the
following as alternative propositions,
either of which the city may accept:
LIST Proposition
/ propose to purchase the stock held
by the city of Memphis, in the Memphis
and Little Rock road, and to pay for it
as follows: Fifty Thousand dollars in
cash, and five hundred and twenty-five
thousand dollars in the stock Of the
Memphis, Ell Paso aud Pacific Railroad
Company, of which the Memphis and
Little Rock will be part.
I'd. In sd 1ition to this agree to furn-
ish the means for the vigorous prosecu-
ton and early completion of the road
and as an earnest of this / will furnish
Immediately Fifty thousand dollars cash,
and when this is exhausted fifty thou
sand more, and 80 on as may be needed
Sd. guarantee that the road shall be
completed so that cars can run from
Hopefeld to the Arkansas river, oppo-
site Little Rock by the lst of October
next, unless interrupted by foods or un-
avoidable causes.
As security for the performance of |
pledge the stock so purchased to be
placed in the hands Of a trustee, and in
default upon my part the stock to revert |
to the city of Memphis, and the stock of |
the Memphis, Ell Psso and Pacific rail-
road to revert to me, and the parties to |
be placed in statu quo, except ss to the |
fifty thousand dollars, which in default |
of the performance of this contract in
spirit and good faith l agree to forfeit to
the city; and for all moneys furnished
the road | shall have claim upon the
road for the same as if this contract bad
not bsen made.
Second elternstlve proposition: will
pay the city one hundred thousand dol
lars for the stock, and give the same
guarantees as above mentioned. All OF
which is respectfully submitted
B. Fl. EPPERsoY.
After considerable aaaFr,pg between
the Eiem bers who are believed to favor the
respective bids, the Mayor signifed his
desire for a postponement, and on mo-
ton the Board adjourned until four
o'clock to-day.