The Panola weekly star. (Sardis, Miss.) 1882-18??, 1884-04-12

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Cempahy Ths Prise Fsla rssla.
Ne Meaning u tls TFhnssallsa
Tbs Management UH-
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asepag aspsa. ApHg
The Me- mab interest In Che
" lsaiesftTd aud Tanbsssee faiIpaI,
which has bnen IN aoine llnia ~
The market, was finally disposed N
yesterday ~ tln North western ia.
prOvei1ent CHnpaBy, which has
~ headquarters ~ Naw York
ten WalthalI. NJ Ufenada, Mia
attorney ff the Matimnh INTEREST,
arrived yesterday from New York,
where the terms n the sale we're
agreed ~ ~, and the papers wofe
all properly executed shortly after
his arrival The McrOmb Interest
amounts ~ $4,000, and ~ the
total capital stock u but ssl5, 90.
this gives a controlling interest,
The fcmaipdefO ~ The stnk sow ned
by u large number ~ persons, no
one controlling any SUN NJ iinpof.
lance Tie price paid for the
stock cannot be stated with absp
Lutte certainty, but ns since July
last II has been openly offered AZ
sixty.six and twothird cents, and
a. m offer by the ILLINOIS Central
of u cent or two less a short
time ago was refused, il IL.
presumed the sale was effected
al the figure named. Those who
ought 10 know declare that the
purchasers have secured bargain.
X. i, Wilson & Co, Of New York,
have the largest interest in the
Northwestern Improvement Com
pany, and Mr.. Wilson, Oft ut firm,
is the president Of the Southern
branch Of the Louisville, New Or.
leans and Texas railroad. When
ii Is remembered that the North
western has the contract for con-
s%tructing the latter road, the trans
action looks, on its fnce, ~ IL the
Louisville, New Orleans and Texas
has bought out a rival. This, how
ever, is no more than conjecture
and nothing further Of the inten.
tions Of the purchasers are known
beyond the fact that the Mississip-
pi and Tennessee will be put in
frst-class condition at once. What
the ultimate plan is cannot now be
determined. The bonded debt Of
the road IL 100000; the floating
debt has been wiped out. This IL
one Of the few southern railroads
which has not passed into the
hands Of a receiver since the war.
II has paid its way squarely and
has never once dcfaulted in inter
est. 1t has paid a debt of s65, OOO
to the State Of Mississippi and one
Of 100000 to Tennessee. The
latter debt was paid in bonds Of the
road, bought up for the purpose.
The road-bed and the stock and the
general condition Of the road has
constantly improved. Fihy-two
miles of steel rails have been laid
in the past FIVE years, twenty miles
having been put down since last
October. improvements within the
city alone in the past few years,
cost $4,000. The fact that all Of
this new work was paid for out OF
the surplus earnings Of the road, IN
another proof Of its splendid finan-
cial condition. The first mortgage
bonds are quoted at l25 to l2S, and
second mortgage l07 to los. This
road IL exactly 100 miles in length
its terminal points being Memphis
and Grenada, Miss. II runsthrough
the counties Of Desoto, Pamela,
Tate, Tallahatchie, Yalobusha and
Grenada, perhaps the most thickly
populated In the State Of Mississip.
pi. All the country along the
line has been wonderfully built up,
and is now prosperous and becom.
ing wealthy. From local points IL
carries about 5000 hales 0 fcotton,
Of which about 60,000 bales are
brought TO Memphis, the remain
der going to New Orleans. Tho
road does an extensive Liverpool
business, carrying at least one-third
OF the cotton going out Of Mem.
phis and destined for that market.
The purchasers announce their
resolve to complete the work Of
laying steel rails on the remaining
k~rty-cight miles, to ballast the
track with stone, and 10 thoroughly
equip the road, making it in every
respect first-elass. IL is under.
stood thatthe present management,
which has been 70 popular, and to
which is largely due the present
excellent condition of the compa.
ny, will undergo no change. The
officers are rs follows ; F. NJ. White,
president r. P. Lake, vice.presi,
dent NJ, Burke, superintendent
8. IL. Lamb, secretary and treasur'
er Gen. Walthall, Grenada /; r.
N. White, Memphis; r. p. Lake,
Grenada /; s. W. Caldwell, Mem.
phisi T. w. White. fernando
Monroe Pointer, Como; r. p.
Nicely, Bolivar ; A. N. West Hol'
ly Springs, and Calvin Vance,
Memphis, directors. As all the
necessary papers have been made
out and signed, the Northwestern
Improvement Compan Y, or. In