Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-26
Loss to the City by the Sale of the
Railroad Bonds, $683, O75.
List of all the Assets of the City,
Why Some are Available
and Others not.
The Mayor and Comptroller Inter-
Mewed--W What they have to
Say about them.

and that the 100000 due by tn
city on accoun of the Little ROel
Railroad Company had not been offse
by the value of the navy-yard prop
erty, which il is thoughtmoTe anlikeil
will be absorbed in payment of tina
amount. We made it our business u
spend q couple of hours at the CITY Hal
yesterday to correct these errors, and u
interview the Mayor and Comptroller witt
a view to ascertsiniDg their estimate o
the value of all the assets of the CITY, ana
their availability to pay the debt. Also
to ascertain such other facts in connection
with this matter of the city debt as the
could furnish. The result of this inter
view we append for the information of tn
citizens Of Memphis, who will freely, anC
do, we are satisfied, acQuit us OF any in
tention to injure either the status or eredi
of our young and prosperous city by thu
results of our labor now or heretofore
published. Here is the result of our in
terview-that with the Comptroller beine
had first because the Mayor, on account o
sickness, did not reach his Office unit
noon:
COMPTROLLER sHEPHLRD INTERVIEWED
Reporter-Why did you not give me the
Navy Yard property as an asset of The
city, available for the payment Of the
debt?
| Mr.. Sbepherd-Becsuss. in NV iudg.
VI G-A& NA1L VI 1A4NSA SOL1lSOh L EDAaL
not be so considered, it being mortgaged
for a specific debt that improperly ap.
peared in the statement.
RepOTter-What have you to say about
the S275, 900 due by 7. E. Brown & Co, for
which they have deposited 5000, 600 OF
Nlcolson pavement debts with the City
Attorney?
Mr.. ShepheFd-The whole matter is in
litigation, undecided and, not likely 10 be
for some time; therefore 1t cannot be con-
sIdered an asset, an available asset. So
far from that many citizens contend that
the city must sooner or later assume the
whole NicOlsOn pavement debt, and prob
ably lose this S275, 200.
RepOTteT-What about the $50, 900 due
by Forrest, Mitchell & Co?
MT. Shepherd-It consists Of paving ac-
counts owed by individuals, who do not
pay and VIII not, it is supposed, save
through litigation, as in the case Of the
accounts of I. E. Brown d Co., lodged
with the City Attorney as collateral.
RePOrteT-How do you explain the alb
sence from the list of available assets,
published in the APPEAL, of the Sf5, 900
due by the Avalanche Company?
Nr. S~hePherd-It there appears as 'bil1s
receivable" as pom the books.
ReDOTter-What have you to say about
the Home for the Homeless" property?
Mr.. Shepherd-It is said to be worth
$4,000, but is no more available as an as
set han Court Square or the Bluff. There
is 3 question as to the ownership.
RepOrteT-What about the Exchange
Building and Market Houses? Why did
you not put them Down as assets2
3r. ShepheTd-Because they are not
available as such. They are in use for
public purposes, and are indispensable to
the city.
Reporter-Deducting the $500, 900 due by
#ha It, - -.@--A - ~ 7 - NJ
railroad, and for which the Navy Yard is
mortgaged, and the $4,000 of bonds
charged twice, what is the total of the
debt due by the city, less the available
assets, as published in the APPEAL2
Mr.. Shepherd-It is S3,676,55I "A, and
| do not see how it can be made less.
MAYOR JOHNSON INTERVIEWED.
ReporteT-I notice among the list Of
real estate assets in the statement for 1869,
the following:
Twenty-Five acres Of land, between
Wolf and Mississippi rivers S1O,O 900
Part of lot I4O, on Main street, {" n
CINE house" 49,. 10000
Part of lots Nos. 26S and 4, Adams
and Second streets, engine house 10000
Part of lot No. 3, block No. II, west
side of Shelby street engine house 5000
side Desoto street, engine house 5000
~ - bAoNh ~ VI OA
Beale and fernando market. $4,000
Part of lot No - block No. 499,
North Market House~.-~..~..e' $4,000
Part of lot No. =, block No. 20, on
Poplar street-~-~~~.-.~~.. II, 600
Part Of country lot. near Orleans St 500
Fifty-four acres on fernando road. 10000
Fifteen acres land on the Ohio Rail
road, Home for the Homeless. $4,000
Please say if these or any of them are
available?
Mayor JohaSon-They are not available
for the payment of the debt of the CITY, ex-
cept the Adams street property.
RepoTter-What is the value of the
property above named as ascertained by
you, and b the title, Oris it in dispute?
Mayor JohHsOn-The Wolf river land
set down as worth $4,000, belongs 70, and
IS part of, the Navy Yard property. Lot
No. l40 l value at $4,000, and do not con-
slider it an available asset. The Shelby
street -engine-house is worth, in my iudg-
ment, $1,000, and is not an available asset.
The DeSoto engiDe-house is worth $1,000,
but Is not an available asset. The Herman
do street market is worth about SIS, 900. and
the Poplar street market is worth $50, 900;
neither of them are available. The Pop
lar street engine-house is valued at $500,
and is not available as it is contemplated
putting it in order for the engine now in
the Adams street house, when that is sold.
n COuubfY AOL on orleans street Is worth
$500, and is set down in the list of avail |
able assets. The fny-four acres on the
fernando o is, perhaps, worth $1,000,
but the city has no Interest in il beyond
the equity of redemption, since it has
been sold by the Sheriff for $1,000. The
for the Homeless property is said
to be worth $4,000, but the title is in dis
pute. L do not consider either of these
last mentioned properties as in any sense
available as assets Of the city.
RepOrteT-I find among the assets Of
1869 the Navy Yard property and the Ex-
Building as follows:
Navy Yard grounds west of Prom
enade street ............ $3.50, 900
Navy Yard grounds east of Prom
enade street...--.,--..-..-........ 800, 900
Exchange Building, used for city
.....,... $1,000
Exchange Building, used for city
-.----.-.... 10000
Mayor JohHSon-The Navy Yard Is
as 1t is mortgaged for the pay
Of 100000 of the bonds of the Little
Rock Railroad. It will probably be alb
,orbed in the payment of that debt. The
Exchange Building is not available as an
1t cannot be sold, as it is necessa-
y for city pos and cannot, by the
,erms upon which the land it stands upon
received, be used for any other pur-
pose.
RepOTter-What is the value of the per
aonal estate of the city set down in the
tstement of 1869 as worth S61, l55 80?
Mayor 5ohasOB-FOrty-three thousand
i've hundred dollars. OF course it is not
Reporter-What about the stocks set
.own in the statement for 1863, as follows:
demphis and Ohio RAilroad-.---..2I74,50 500
Mississippi and Tennessee r. r.. $50, 900
demphis and Little Rock X. R.. $50. 900
Slg Creek plank road. ..-........... 5000 ,
. Tate and others on account of !
Memphis and Charleston r. r.. 27s OOO
Mayor JohnSon-Tbat formerly held by
be city in the Mississippi and Tennessee
Jad amounting TO $780, 900 vas sold for {
10000, making q loss OF $4,000; and the
took in the Little Rock Railroad. in An
j72, 600, was sold for SIO0,OO making a
,ss Of $473,075. Total of loss on these v
items, $6S3 ,075.
RepOTter-AmOng the assets Of 1859 I
the following; please say what you b
about them: t
!. s. Tate and others, on account of past t
due cOuponE....--.--.......-. $l6.gS4 90 C
S. Tate and others, on &C d
count of coupons due 1869 $50 90 u
!. Bills receivable.-...---~-... 1878 80 4
L Bank of Republic. 80. SIS 20
/. GayOso Gas Company 1000 90
!. Z. w. Clarke q Co., Phila- G
delphia~~--~"~~- 2lO Il d
+. Memphis and Little Rock q
Railroad, coupon interest, 22s.676 OF 81
/. T. L. Brown q Co, Bond Il
".-..~......... ..... ...... 235. 900 90 e
Forrest, Mitchell q Co-.~.. $1,000 90 d
/. r. Topp, mortgage on Gayo- Of
so House~-r@.@~.~~~~,.., 5000 90 o.
City taxes to be collected
orfv-6rat ~eOrDOrate wear. 200 08A IA