Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-06
THE IRON MOUNTAIN AND HELENA
RAILROAD.


The stockholders Of this road met in
Forrest CITY on Monday last, and elect
ed a Board Of Directors. The Board Of
Directors convened on Tuesday, and Sc
lccted President, Vice-President, Sec
retarv and Treasurer to serve for the en-
suing wear. We have been informed by
stockholders, who were present at the
meeting. that much dissatisfaction was
expressed at the result of the elections.
1t seems that some twelve thousand
shares Of stock were thrown out.
This stock differed in no essential
particular from the other stock sub
scribed, and had been unquestiOned for
more than a year on the books Of the
company. In 1866 when Colonel d.
c. Cross and Captain J. c. Maecabe
were elected to the position of
Directors, and President and Secretary
Of the Iron Mountain and Helena rail-
road, which position they occupied up to
yesterday, there was not a dollar of
stock subscribed, not an acre of land
donated, not one foot of right Of way
obtained, positively nothing but a.
naked charter with a very serious flaw
in it, out Of which to build a road one
hundred and fifty miles long, and that
in the State Of Arkansas, the land Of
carpetbaggers, scalawags and knaves,
who plundered her people, destroyed
her credit, and made the honest prose-
cution Of any public enterprise a toll
some, labOrious, and too often a fruitless
undertaking. And yet theroad they turn
over to their successors is rich in means
out Of which to build it. 1t shows, in
round numbers: Subscribed stock, one
million four hundred and fifty thousand
dollars; available assets, five million one
hundred and forty thousand dollars. OF
course other gentlemen contributed to
these gratifying results, but it is well
known that CoIonelsC Cross and Maccabe
were the m~ainsprings Of the whole
business. We learn, further, that the
securities of the company, amount
ing to some three million dol
lars, have, through the special
agency Of these gentlemen, been
placed on a footing which insures their
conversion into cash, while not a
dollar Of these bonds have been wasted
i'm the business. Besides this, some ff-
teen miles Of the road have been graded
and made ready for the rails. and mainly
paid for; and arrangements had been
made with competent parties m New
York TO resume work on the road during
this present month. These facts are
more eloquent than any praise Of ours
For the first four years of their official
there was no salary whatever
attached to their positions. In 1870 the
Board Of Directors provided for the pay
nent Of three thousand dollars per an
mum 10 the President and Secretary, and
twenty-five hundred dollars to the
Treasurer. OF these salaries, these gen
.lemen have received, all told, about
our hundred dollars apiece! We trust
he Board viii make speedy provision 10
these salaries. Colonel Cross and
'aptain Maccabe, in retiring from the
positions occupied by them so well
md so long, take with them the
aspect and esteem of all men who
appreciate energy, zeal and ability
the prosecution Of great public work
n which their success was envied, their
abors moderated and unrequited, in
which there was much labor, much
my and little gain. We have known
hese gentlemen nearly all their lives.
the war, and since, Maccabe was
he correspondent of the APPEAL; his
etters were ever distinguished by their
rustworthiness, marked ability and ex-
good taste. We hope in the
uture to enrich Our columns with the
PRODUCTIONS Of his pen. We learn that
,efOre the stockholders meeting he de
ivered, in behalf Of the side Of the ques-
ion espoused, an able and tellingspeech
4 two hours duration, which elected
compliments " from his opponents. i
T the Iron Mountain and Helena rail- {
Dad is ever built, to Cross and Maccabe {
viii be mainly due the honor of the :
-orby