Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-03-22
MEMPHIS AND CHARLESTON
RAILROAD.
Late Heavy Sale Of StOck---The
Growing Importance Of
This Line.

Nashville American, 2l.I
Instead of 5000 shares of the Mem.
phis. and Charleston railroad stock
sold in Charleston, Friday, as mis-.
printed in yesterdays American, il
was Il, $50 shares-the entire amount
held by the city of Charleston-bids
Tor which were advertised in the
American, last month, by the mayor
Of that city. The purchasers were
Newell, Duncan q Co., of this CITY
and the price paid was at the rate OF
$50 cents. 1t is understood the pur-
chase was made for parties in New
York. The negotiation of so large q
contract through a Nashville firm is
not only big thing in the way Of
commission for one day, but quite a
financial feather in the cap of the
house to whom the negotiation was
entrusted.
The purchase of SO large a block of
the stock OF a hitherto comparatiyely
obscure railroad, is not without sig
nihcance in this period of mysterious
railroad scoops and combinations.
Within the past two or three months
the stock of the Memphisand Charles
ton road, which went begging at ff
teen cents on the dollar, picked up in
the thirtirs shortly after the "scoop'
of the Nashville and Chattanooga by
its Louisville rival, and has since been
quite actively dealt in by Nashville
brokers' at from 81 to 40. The paI
value of the stock is $25 per share and
the capital stock about $4,000 600
The road is leased to the East Tennes
see and Virginia railroad. 1t has re-
Gently attracted attention as affordine
possible outlet to the southeastern
states, to the trunk lines of the north
west now blockaded in this direction
by the Louisville, Nashville and
Great Southern.
Recent developments in the reor
ganization Of the railroad map of the
South, have emphasized the nacessity
Of an additional and closer rail con-
nection between Nashville and At
lanta. The necessity is not to the
two cities mentiOned-thoueh both
would undoubtedly benefted-so
much as to already established rail
systems, of which both are important
centers. A new road from Decatur or
some other point on the Memphis and
Charleston railroad, is, therefore
within the range of early probability
If the Memphis and Charleston people
are not joined by the Louisville and
Nashville people in such an enter
prise, they are liable to be ioined
by the Iron Mountain and Mobile
and Ohio, or by the Illinois Central
or by both, for their lines are moi
out of the race in the competition
with the Louisville and Nashville to
supply the state of Georgia. Carolina
and Alabama with the 'staff of life"
from the western grainery beyond the
Mississippi. The position of the
Memphis and Charleston is, in one
sense, that Of Iago in the play. as
between these systems, and whether
be will kill Cassie or Cassie him" the
Wilson -McGhee system, which begins
pretentiously to loom on the horizon
stands the chance of being the gamer
Another prospective connection
confidently talked of by sanguine
friends of the Memphis and Charles
ton, is by way of the Little Rock and
Fort Smith, bordering the Indian ter.
ritory by short gap, tapping the rail
way systems of Kansas and Missouri,
west of st. Louis. The stock of the
road has not paid dividends for several
years, but it is claimed that its earn.
ings OF the past year largely exceed
those Of the past five years.