Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-24
THE NEW
The Grenada, Houston and Eastern Rail-
road Discussed Last Night.
The Bankers, Merchants and Business
Men In Council.


Pursuant TO q call issued by Colonel f.
NJ. White in the Ledger yesterday after
noon, about two dozen of the leading
bankers, merchants and business men OF
the city assembled in Parlor 70 2 Of the
Peabody Hotel, last evening at half past
eight o'clock.
Colonel T. A. Nelson was called to the
chair and Mr.. James requested to act as
Secretary.
Colonel White opened the business Of
the meeting by stating that be and others
had been chosen a committee to solicit
subscriptions TO the Grenada, Houston
and Eastern railroad. They-the mem
bers of the committee-had had a meet
ing during the day, and thought 1t best
to call a meeting OF ciIzsns, and get an
expression OF opinion as TO whether 1t
would be better to attempt to raise the
hundred thousand dollars in aid OF the
Grenada, Houston and Eastern road by
private subscription, at present, or defer
action until fall.
Colonel Nelson suggested that the
members Of the committee express their
opinions.
Colonel White said he knew that the
success of a subscription for anything de-
ponds on the time of the year at which 1t
is gotten up. The merchants are now
carving the planters to a great extent,
aud he knew that to raise money for any
enterprise now would be a. arduous I'M
dertaking, unless il were one which the
public mind took hold of-eyen though
the money subscribed was not likely to be
for in several months. He would
like to hear from the merchants, bankers
and others on the subject. The commit
tee had done no canvassing.
The chairman called on General Tucker
to address the assemblsge.
The General, on this invitation, re-
peated, in a colloquial way, the remarks
which he made at the Chamber Of Com
merce. He remarked, however, that he
had one correction to make of the reports
Of his address, which were published, and
that was that he had not said that ''the
road would bring $4,000 bales of cotton to
but that $50, 900 bales of cot
ton. which would not otherwise have
here, would be brought to us"
Colonel Nelson, at the close of the re-
marks of General Tucker, stated that the
of the meeting was to get an X
preston from those present of an opinion
as TO whether the committee appointed
should proceed and solicit subscriptions
to the enterprise Immediately, or whether
they thought that it was expedient that
the committee would delay action until
the reopening Of the business season. He
would therefore call on each gentleman
present, in turn, for an expression Of
Mr.. James Elder regarded the enter
prise with favor, but, under the circum-
stances, the merchants (having to give so
much to the Forrest road, etc. could not
afford TO subscribe at present. He thought
hat the call should be postponed, but
not prepared 70 say when would be
an suspicious time.
Colonel Duff thought that the present
as good a time as any. As he under
stood General Tucker to say that sub
'criPtions in lands would be taken he
prepared to make a subscription of
5000 or $1,000 to the road.
General Tucker stated that lands, if
ten miles of the road, would be
at three dollars az acre, or as much
more as it should be decided they were
lands elsewhere would be taken in stock
or what they were worth.
Colonel VIM. r.. Moore thought that
immediate action would be premature,
nd even fatal to the enterprise. The
merchants had advanced all they were
to the planters and country mer-
and had no money to put in any
hing Of the sort.
Colonel Duh offered TO subscribe five
housand dollars, three thousand dollars
q lands and two thousand dollars in
money, and said that he was opposed to
o~stponing. If SlOO, 900 could not be made
p now, may be $780, 900 or S25, zoo, or even
10, 600. Whatever was raised would be
, much toward the road.
Col. Mics owen followed in the same
rain.
Capt. C. B. Church, on being called on
T his views, said be was like the little
)y called on to play-hsd neither
marbles, nor money, nor chalk to make
ring" TLaughter.1
+. ). Davis was the same way.
Several others expressed themselves
milarly, and Mr.. Elder said that in or
sr TO bring the matter TO a test he would
owe the following:
ReSOlDed, etc, That while the project ad- |
Dcsted by Col. Tucker has our warmest
'mpathies, we deem it expedlent under
.e circumstances for the Committee to
the soliciting of subscription to
e stock among our merchants, until the {
of November next.
motion was adopted. {
Gen. Tucker returned thanks for the
tendance, and said that he would be on /
nd the first OF next November. {
the conclusion of his remarks, the J
adjourned. }