Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-20

value of the stock and al the circum-
stances and conditions Of the sale.
They were present by authorized
agents, and they did make bids. But
their bids showed that they either es-
timated the stock considerably below
its market value, or that they were
not indispOsed to make a profitable
operation at the expense Of the city.
If, as is now complained, the city IS so
great a loser BY its sale Of the
stock to McComb, it is some
consolation to know that if the
bids of the Gas Company and of
Schroeder & Co. had been accepted,
the loss would have been greater by
$50. 600 or $40, 900. Not the least NOR
tifying part ofthis whole affair, there
fore, IS, that these two large capital
lists should have sought to get the
property Of the city at such a great
sacrifice; that they, with so great an
interest in the promotion of the road
and in the appreciation of the proper
ty OF the city, should have deliberate
Iy, and with full notice, attempted to
enrich themselves at the expense of
this oppressed and debt-ridden corpo-
ration.
w law hOh kAlGtA 4o10A G4NCof &A2A
those of their allies and friends, that
this property is of far more value
than even McCOmb's bid would indi-
cate. Why, then, did they not dem
onstrate their own liberality, enter
prise and fair dealing by offering a
proper value for the property Why
did they seek, by their agents, days
and weeks before the sale, to convey
the idea that the stock was not even
worth half what they themselves bid,
when they found they had a COM
petitor? And with what consistency
and sincerity do they now clamor so
violently against the alleged frauds of
a transaction which they were so will
ling to turn to their own profit?
The citizens who saw this property
Of the corporation sold in this unusual,
precipitate and unfair manner, may
justly complain. But they will hardly
sympathiZe in the motives of those
whose opposition proceeds from the
chagrin of disappointed rivalry, or
from q selfish struggle for power, office
patronage or emolument. The practi-
cal question is, whether the city's stock
has been Observation-Disclosures pWould
command higher rates than have been
bid? On this point we would like to
have something definite and substan-
tial. There have been intimations
that a larger sum than was bid would
be given. Let US know this in some
reliable manner, and from some re-
spOnsible source. We are the more
curious on this point since the sale of
the States stock, which was made
with a full notice to the parties
who consider the city stock now
worth so much more than was
bid for it, yet made no bids for that
Why was this? Why, too,
did Mr.. Writ Adams, agent of Schroe-
der q Co., some days before the action
on the ordinance, make a formal offer
only $780, 600? The whole interest
and the only feeling we have in this
matter is that our city shall not suffer
speculation; that it should
get the largest value for its property,
and any act which can be shown to US
10 prevent or defeat this object viii
elicit our earnest and vigorous oppOsi-
ion. The credit and interest, the
welfare and prosperity Of our city, are
is the chief and controlling con-
;iderations in all such questions.