The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-12-30
CONSOLIDATED At LAST.
THE OLD AND NEW STREET CAR
COMPANIES MERGED.
Terms Upon Which the Fusion Was
EiIected-Names Suggested
Fer President.

The much talked OF consolidation of
the two street railway companies was
contaminated yesterday. Al the nee
eessry papers have teen signed, and
in few days a permanent organ ~
ton will be effected for the merged
companies. Messrs. TAYLOR aad Car
roll are no longer connected with
either OF the companies. Each held
stock and bonds Ia the Citizens Rail
way Company TO the amount of $751;
000, which represented an investment
of $4,000. Bat for their strenuous
objections, the consolidation wonld
have been accomplished weeks ago.
In order 10 remove their Questions, a
purchase became nect s'ary. Mr.. Tay-
lor named S2s, 000 cash "a his figure,
and Mr.. Carroll $4,000 cash and
Sl2 900 in bonds OF the consolidated
company. Mr.. Napoleon Hill YVES
given an option Of ioyiy-eight hours
on the former proposition and ten
days on the latter. lie accepted them
both yesterday, and Mr.. Taylor re-
ceived 1914, 600 in cash, and Mr.. Car
roll $4,000 in cash and pledge Of
$4,000 more in the bonds of the con-
solidated company, 10 be delivered as
soon az they can be issued.
The consolidation was effected Npon
the terms contained in the APPEAL
Yesterday: Consolidated bonds to the
amount Of 81, 000, 900 sre TO be issued
OF this amount 100000 of bonds are
to be held in trust for the redemption
OF like amount OF bonds Issued by
the old company and which are now
outstanding, The proceeds OF the sale
OF $4,000 consol dated bonds, which
ara worth par, are 10 be expended in
improving the property Of the old
company by relay ing new rails snd
purchas ng new improved cars. Five
hundred Thousand dollars in bonds
are to go to the stockholders Of the
old company and the remaining $780,.
600 in bonds to the stockholders Of
the new company, who were to retire
the 5000 0C0 in bonds now held by
them. Stock to the amount Of 81 ,00O,-
600 was also to be issued, VIII; will
be divided equally between the two
companies.
Pending permanent organ nation the
two companies will be run as hereto
fore, but in a few days new presi-
dent and Board Of Directors, will be
chosen. The presidency OF the new
company will doubtless 90 TO men,
Der Of the Oitizens' Railway Company,
but upon whose el.oulders the mantle
will fall is undecided. Mr.. Napoleon
Hill can have il Il he will accept, but
he is understood to have intimabed that
his business engagements will make 1t
impossible for him to give II the atten-
ton it requires. Mr. j. T. Fargsson
will probsbly decline for similar rea-
sons; also Mr.. W. ID. Bethel,
Messrs. r. b. Snowden and George
Arnold have been suggested, and 1t is
not unlikely that to one of them the
responsibilities OF the position will
fall.
Mr., Thomas Barrett's attitude TO
the new company cannot be definitely
ascel tanned. Whether no will take
active part In q management no one
seems willing to tell. Mr.. Barrett
himself declares positively that he
will not consent to be superintendent,
but further than that the APPEAL re-
porter could not get him to commit
himself. 1t Is the generally accepted
theory on the streets, however, among
those who are we'll informed that he
will probably. be- closely connected
with its management under some such
title as general manager"
Just what effect the corsolidaliol
willsbave upon the character OF the
service given to the public lie, of
course, only matter Of conjecture,
but it is the generally accepted belief
that strenuous efforts will be made to
popularzs the new company as far az
possible, aud vi h a view to that end
1t Ia predicted that new stIest cars will,
as soon as practicable, be put upon the
tracks OF the old company.