Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-01-19

Ap1ECAstLlAlsYs Eub IN = CdE6 OF Lul8 bOEt
that Will not do; we must look at the
legal responsibility. The endorsements OF
a man worth q hundred thousand dollars
is not considered good for that amount on
3 bond; w generally require more.
The individuals of ks corporation may
may have immsnse wealth We cannot
get at that; we can only look st them Ia
their corporate capacity. he referred to
the legal intricscisE and trouble that the
stockholders would be led through IN the
event OF regretting the contract after IL
was made. and urged that more time be
taken aud further consultation and neg0-
tistion had With the Trust company.
L. Q. c. LANAI
followed, having been loudly called for nv
gentlemen in all parts OF the hall. He
said he had little TO say, for be had given
the subj5es but little thought before be
came TO the convention, and be thought
It was really doing an Injustice to the
gentlemen who had been instrumental in
maturing the contract to set him up rs
the expound6r and defender of Its princi-
pies and provisions. He came to the con-
vention without any fixed view on the
l question whatever, and rather for she
purpose Of receiving instead OF giving in
struetiOB; but since he came he had ar
rived at the conclusion that the interests
Of the stockholders would be promoted
by accepting the propositions which had
been submitted to them by the majority
report. Beyond this he had nothing to
say. The argument Of the distinguished
gentleman who had lust addressed the
meeting was not deficient in force and
suggsstiveness; but it hsd failed to re-
move the impression from his mind in
favor Of the majority report. If you will
confront some Of his positions q with
another, they viii neutraltse each other,
and thus save the necessity OF a formal
I rafrfEffun Tha anFfanTon e-nFeGaae
fears as to she ability Of the these l6ssees
to fulfil their contract. Whist becomsso Of
these approximations in tac5 of she fse5
that hs is ready to accept their PROPOSE
ti0n, If It embraces the three roads along
with the Memphis and Charleston rosd7
He is willing to let the whole concsrn 10.
II, to uss his language, "they take
the Don't with the dash," he Is content;
but the flesh alone would 0 be asfs in
their custody. Now, IL that corporation
has a stomach fl TO digest tbs bone, what
need Of fear as TO hsr capacity to digest
the meatT lLaUghter.l He asked you If
you were willing to SSH your road 10
men Of straWf No, sir. I would lease it
ou5 to them, because Governor Patton
considers them good for q much heavier
contract. On this point, tbs gsntleman's
argument sDswsRs itself. The property
which ia proposed to be leased out has
no. bssn prof able since the war, l.
paid nc dividend since then except In 4
year. [ know YOU cherish a~nticipSti0ns.
Men have looked 20 their stock IS G sure
means Of income, but the income did not
COINS. Thsre Is no getting around 1t, the
/ Memphis and Charleston railroad Is no
longer In q paying condition, Isolated AS
IL Is, unless such combinations be Effected
as can be done by the Trust company.
The gentleman Is mistaken in saying that
The 0 Is worth ten millions. II Is not
so. I do not say IL did not cost that
much, but Whist Is its value noW9
You have held you stock for the last ten
years and got no dividend; how do you
know that in tbs next ten you will get
any by holding til The gentleman COM
| plains that tbs terms of tbs proposed
lease afford no security for 8 dividend
What security have O now I think
that in the proposed lease We have some
prospective security for 8 dividend.
There is 3 contingency that you may not
get three per cent, but you will get some
thing. The gentleman ssys he can pick
out twenty men smong the stockholders
who would be glad to accept the road on
Gan he name them2 If this was such a
splendid thing for these ~lessese, why do
We not have q rival proposition, Offering
better tsrmst
TIE question simply ~Was-Would the
stoek-hOidsr reject the proposition which
5EEAECE ~ EAsGA EDL46bAlEE E1hhEE bGAL
they have bad for ten years, simply be-
cause they could not mske il better thsn
tb Isl Tbs rOsds-the bones that were re-
ferred tO-being in our hands is the cause
OF the proposed lease b5ing made. Bat
they are OF no use 20 the lessees. There
was too much stress laid upon want of
capital In b Trust company. I Thick
four millions, which may DO raised 20 Tvs |
millions, simple security The security is
strengthened by the UuqGestioned private |
resources OF tbs gentlemen who compose !
the corporation, IS wall as bhsir control Of
the connections ess5 sRd west. His expe- |
ris1ca Of b connection Of northern men 1
with our southern enterprises differed
from Governor PsEtOD's, Tbs Mississippi I
Central rOsd was leased &c northern men, /
sno every stipulation had been more than
fulfilled. Not only the earnings OF the
road were spent u Missizsippi, but four
millions Of actual capital had bsen sddsd
10 the r0sd. In that case the northern 4
lsssees had proved to be bsnefaotOrs TO
South. Tha eG5os Of all such p~rojsets is to
bring northern capital to the southern, 1
and 70 pour fresh tides Of wealth into the
suEke1 veins Of enterprises. Though he
was an ardent advocate OF political indie
psndence, he always desired commercial
union. He would hsil the dsy when the
material iaterts SIS of cur country were so
unified that an injury inflicted on the in
NgANGsa u aAF JIG IctlAGA HOGAu F4GIHA6 I
TO ths very ex r9Bttiss OF every other sec.
ton He dweIs upon this point ct some
length.
Mr.. William R. Moore called upon
Colonel Tate 70 give his views concerning
the influence which the ratification OF the
CONTRACT would have on southwestern rail-
road extensions.
SPEECH OF COLONEL SAN TATE.
Sam Tate spoke Of his seventeen years
connection withthe Memphis and Charles
ton road. Its success was Tue to the indl-
vidu1 Esslth snd liberslity of les stock
holders, who constantly came to the rescue
whenever difficulties were encountered.
Since b war only two three per ce1t.
dtyidends have been paid. It has de-
creased in revenues and annually lsssensd
In vslue. Fifty miles OF new iron are nov
wanted. Competition Is growing stronger
every day. Combinations are constantly
made against this company. The Iron
Mountain, Nashville and Northwestern,
NsEhYtiie and Chattanooga, and Georges
roads ali are combined against thssMem-
phis and Charleston. From Chattanooga TO
shreveport, through Yicksburg, tn rs sre
only eighty miles Of read to b1ilc; from
here to Shreveport, two hundred and forty
niles. The Alabama and C~hastanoogR
road viii be sold. The Little Rock road
must psse into other hands. Louisville {
Will get Is and own 1t In ten days. {
{ this contract with Scott be not made, !
q Co, refuse to ssllnow bscscss j
hey would not destroy the Memphis and I
charleston road. he spoke Of the i'm
The whole wealth of the west Will prefer :
his route to the east. We should not l
iiyert al this wealth from the Memphis
md Charleston road, IS must occur II this
Contract be not executed. We can operate G
: IS cheaply as Northern men, but We
.annot make these combinations with d
lthsr roads; and, not having wealth, can Q
lot buy connecting railways. The road c
vii be bought up whether we sell now or
and every man now employed upon a
) will hen be dismissed. Ii
The McMinnville branch does not run a
q the direction of ScOtt's lines. 1t cost &
SOC. 900. Three parties wasn't 1t, and there b
viz Oo nc trouble shout selling 1t within is
* months. The road Is 20 be- seventy /;
nrse miles long, running through good ID
snd coal AND oil regions, and thrifty O.
1rLaers live along the line. There are q
lghb COUNTIES to support it, which have Ii
o other outlet; $1,000 per mile will pay
s annual interest debt. snd give divi 7
ends. Your stock. which Scott proposes n
} buy, was partially creased by declaring b
ividsnds In stock. Scott Fought the CT
Tennessee rosds for 81, 600 900; their Il
,ock was worth more than 50 900, 600; Ia
cur stock would not sell fox twenty.nine q
Ia New York two months sgO. Tbs rt
of the lease has added twenty te
We per cent 20 It's value. L is row offered Il
dsliVef $500 coo OF your stock at twenty "
70 cents II tWslvs months If this trade q.
18th Scott be not msde. IF this trade be
iade, arrangements are already effected
build the road Ut once to Shceyreve-
)Es and Jefferson. Louisville Is ready sc
do this, but thts would give Louisvius Of
monopoly, and destroy the Memphis re
ID Charleston road. ps
Mr.. Moore, of Alabama, said the con-
act wss too voluminous to be under IN