Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-06-28
THE MEMPHIS AND ST. LOUIS RAIL
ROAD.


have subscribed hundreds Of thousand
ofacres ofland to the projected Memphis
and st. Louis railroad and as the titles u
all lands so far subscribed must be made
good and fled at the Office Of the com
pany in this city by the 18th OF July
proximo, or be virtually forfeited to the
State for taxes, it becomes matter o.
interest 10 know something about the
terms Of the proposed consolidation with
the StLouis and Memphis Railroad Com
pany. A letter has been published
from Mr.. Allen, Of St. Louis, init
mating his willingness, on certain
conditions. TO assist in the building
Of 4 branch road to Memphis, and the
impression obtains that the St Louis
and Memphis Railroad Company has
proposed a consolidation with Colonel
Porters road. We have taken the pains
TO inquire, and find that such PROPOSE
ton was made, but in such guarded
terms and equivocal guarantees that 1t
could not possibly be entertained.
Whether Mr.. Allen has any official con-
nection with the St. Louis and Memphis
company does not appear from the cor
respondence nor anywhere else. He is
certainly not the president nor direc-
tor..and if he we're would only be presi-
dent in name, for no evidence has
been produced, as far as We can
learn, that the company has a char
ter. Colonel Porters company has
q perfected charter, obtained IN
1858, and it was further recognized in
1868 when the Legislature granted an
amendment to the charter giving the
Company the right to buy as well as re-
ceive land by donation or otherwise.
The general law Of 1868 under which
the St. Louis and Memphis Company
obtained charter, if it has one at all,
confers no power upon such corpora
tons to buy any land except for right OF
way, depots, side tracks, machine shops,
ETC., which makes a great difference.
The same law requires preliminary
survey and five per cent. paid in on
$1,000 to the mile, after which the sub
scription must be increased to $1,000 per
mile before charter can be finally per.
fected. Nor must any road interfere
with parallel road by running nearer
TO it than ten miles. In this view of the
question, the new road would be
interfering with the Memphis and
Northwestern road, which has UNI
I'll next October to complete its char
ter, and we have reasons to think it will
exercise its rights, as it has had pre-
liminary survey and effected a consoli-
dation with Kansas road under the |
law. With these facts staring us in the
face, serious doubts arise whether the
St. Louis and Memphis Company, which
must not be COMPOUNDED with Col. Por-
ter's road, has any legal existence. 1t
should be remembered that a PROPOSE
ton to consolidate with this road (on
paper) is entirely distinct from any
steps taken to enlist the pecuniary en-
enlargement of Mr.. Allen, although the
two have been COMPOUNDED as one.
But Mr.. Allen is exceedingly wary and
chary of his promises. He did not
make the proposition for consolidation,
as some seem to think, and was in no legal
or other sense PARTY to it, and we may
as we'll add that he has had no known
agent here, nor authorized any one to
do what has been claimed for him. The
directors Of Colonel Porters road, how
ever, heartily desire and hope that Col.
Allen will take hold Of the road and
build it. Unfortunately, be has de-
clared, in letter to the agent Of the St.
Louis and Memphis Railroad Company,
that he cannot now make any promise
that be will build this road, but if Co.,
900 acres of lsnd-not swamp lands
are subscribed at certain figures, then
upon satisfactory arrangements, to be
made after his main line Of the
Cairo and Fnlton road is completed to
lis Texas connection, he will take hold
and make an effort to build the branch
road, expecting to accomplish it when
ever the state Of the money market en-
lbles him to secure the requisite CAPT
al. Conditions more vague and indef.
lite could not be written by any chan
cry lawyer. If the St. Louis and Mem
lhis Company has a charter, If Mr..
Allen is a director in II or a stakeholder
o the extent Of Que share, or has prom
sed anything, we would like to know il.
,olouel Porters company, We are in
ormed aud believe. has sought and still
Iesires to secure the poEerfnl aid Of 9
Jolone. Allen on terms The best for that Z
Project Cor Memphis and for the /
arge land owners who have taken
took iu the enterprise. We learn
uriher chat these laud-holdsrs are rap
aly deciding their lands 20 Colonel Por- 1
er road. IN order 10 save the sane from '
orleiiure, aud to secure al possible :
BENEFITS they could Otherwise enjoy. ]
The road has been projected many years. =
. is true, bat DO, as many years a. the Z
lemphis and Little Rock and he Cairo I
nd Fulton railroads were before con- g
lstiou. Tie prospects are favorable. and ]
D the course Of very fsH years i nay q