The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-09
MEMPHIS DAILY APPEAL-TUEsDAY, FEBRUARY g. 1886

ter; tat having assured the Rich.
mond gentlemen OF it's good will in
order to induce them 20 make the pur-
chase, 1t is now unfair and wong
when they are in good faith ready to
proceed with the construction Of the
road to allow the KanfaI City Com
pAny to embaTTass then. The extract
ffom Mr.. PAGES letter slready referred
to shows that no assul ances Of good
will were given t1e Richmond gentle-
men before they male the purchase.
At the time they made the purchase
they had not the right 10 build on q
direct line to BiImingt am. and the
statement Of Col. Patterson has no
foundation whatever, and is perveI-
sion of the facts upon the subject.
In this connection it is proper for
me to call attention TO the fact that
there is no truth in the statement that
the Memphis, Birmingham and At
lantic Railroad Company is prepared
to construct its line to Birmingham,
and have the means in hand for the
purpose. The facts are otherwise.
have reason to know, and about this
there can be no controversy, that the
flo ItiDg Debt Of the Memphis, Bir-
mingham and Atlantic railroad, much
OF it past due ald bearing high rates
Of interest, amounts to upward Cf
$4,000; that the Richmond gentle
men, and Mr.. Pace, whe is reputed, 30
Col. Pattert says, 10 be the wealth.
est man in the South, are now in
debted to Dur avant, Kelly & Piper in
the sum of upward Of $50. coo, bearing
interest at the rate of 6 per cent. per
annum; tha' the Memphis, Birming-
ham and Atlantic Railroad Company
Rave not 5000 TO their credit; that
their earnings are insufficient to pay
more than their operating expenses
and current outlays; and am reliably
advised that the Richmond gentlemen,
as a syndicate, have not to their credit
anywhere, not even in Mr.. PAGES
bank, any sum whatever for the pur-
Io3es Ct the extension.
The statement CT Patterson that Mr..
Pace is the wealthiest or one OF the
wealthiest men in the South is a re-
Election upon the people OF this Sec
ton. There are. have reason to be-
lieve, many weslthier people in the
city of Memphis, and there are GER
tainly many throughout the South
who are wealthier. Both Gen. Forrest
and Fred. Wolfe claimed ID have
made arrangements for capital, which
is probably what the Richmond par
ties will contend they have done; and
l leave the public to Judge whether a
company in the financial condition
referred to can consistently claim that
they are acting in good faith ana have
the means to put the road through to
Birmingham at cost OF about S., 000,-
900. On the other hand, II it be true
that the Richmond gentlemen have
the means now in bank to complete
the road to Birmingham, how can the
mere fact of granting CT arter 10 the
Kansas City Company destroy its
credit and raralyzs their efforts to
build the road. 1t is fact that, while
the Richmond gentlemen have con-
piled with the letter Of their o 1tract
with Messrs. Dunavant, Kelly & Piper.
they have violated the spirit Of it. OF
the seven directors Cf the company,
the latter gentlemen, who still retain
large and substantial interest in the
property, were accorded but two, and
were denied positions in the manage
ment to which their interest entitled
them, and of which they had been
assured when the sale was made by
them.
regret to be obliged 10 call a'ten-
ton to these facP, but they are invited
by the selt-inflicted interview of Pat
terson.
T Q Kansas City Company seeks the
p ivilege of building line Of railroad
from Memphis to Birmingham on the
most practicable and direct route, ire
spective Of Co1t'guity to any other
line. II viii, if it obtains the privi-
lege, build its road where it's engi-
neers may deem it best TO locate il,
without reference to the line OF the
Memphis, Birmingham and Atlantic
Company. 1t may be necessary to To-
cate its roa1 within less than twelve
miles of the Memphis, Birmingham
and Alta attic road. 1t is not likely
that it will want to build its road
alongside of another road; but engi-
neering difficulties may make it de-
sirable to pass within the prescribed
limit, and the legislation sought to be
imposed is restrictive in that respect t,
and is practically for all tins to come,
unless subsequent Legislature should
see fit to change it. If the Memphis,
Birmingham and Ara 1tic Railrca1
Co many is now sustained, the people
tf Northern Mississippi who live slong
the line adopted for this public high
way may be deprived of it, and its 10.
cation compelled where it is undesira
BILE to the railroad company and to
the people. NEWMAN ERB,