The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-07
| A Big DEAL.
Qhe Memphis City Street Railways
aid to Have Been Purchased by
"A Chicago Syndicate.
The Amount Paid for the Property
Said to Be $685. 900 Cash.
The Purchasers Consent to Let
100000 9 Per Cent. Bonds
Remain as They Are-The Same Com
pany is Reported to Have Re-
comfy Bought Street Rail-
ways In st. Louis and
Other Cities.

me sTcet runway system Oh mcUnpnlS
has done clever thing, financially, for
squad OF very clever men.
When il was built, away back in the
sixties, lot OF heavy log-rolling was done
1T Nashville TO manipulate its charter.
Then it was constructed, ard the public
was delighted for time. The new soon
wore oil, and people began to cuss it
awfully.
1t had very avalanche OF superintend-
ents or managers, straight along for n
series OF years. Garland p. Ware, after
ward Mayor of Brownsville, Tenn, was its
manager for bit, and the rotund old gem
tleman used to empty the car cash
boxes with all the grace Of an expert.
Three or four years ago there were half
dozen mules still alive and kicking that
used TO haul cars under Supt. Ware fifteen
years before, and these same animals may
be still at work on the Red line, though
this Is doubtful.
Capt. WIN. T.. Beall, n very clever civil
engineer, was its superintendent for
period, and then Col. G.. w. Alexander,
who also managed THE APPEAL fora while,
controlled its movements. One Of the
gentlemen prominently identified with the
scheme, and who has stuck 10 it through
good and i'll report, or through thick and
thin, in all Of It's ups and downs. is that
philanthropic citizen, Thos. Barrett, gem
tlemen OF large means who is as tenacious
OF purpose as a bull terrier, though il is
hardly lair 10 make such a comparison.
That persistent operator had hold Of it
some twenty years ago when It's stock was
low and It's reputation sorry. lie bought
~ g,ock all the way from 20 cents on the
dollar down 10 cents, and block or two
at u cents. lie owned at one time S0o,-
600 worth Of stock, more or less, aud he
held on to IL despite every effort to buy
him out or squelch him. He was the su.
pcriniendcnt when Mr.. Frank 5. Davis
was It's president and Mr. Nrcdenberg
was yicc-presidcni. Those gentlemen had
him removed, but he hung on and finally
had them oustod.
Then Mr. Barrett formed an alliance
with the Frost Brothers. his bro,hcr5-in-
law. and Mr.. Dudley ffayscr, aud they,
with friend or two, became tho chief
owners. This was the old line, !, may be
well TO remark, that cost perhaps 500, 900,
more or less to build, and which ran ON
Union Poplar and Vance streets and TO
the south gate Of Elmwood. The stock
and bonds OF the company was some
$780, Of which 10000 was fret mort
gage O per cents, and the remainder was
stock which did not rank high In the open
market for value until Mr.. Barrett and
his coadjutors became the owners. The
capitalization at that time may not have
been quite 40 much. but the bonds were
rs reported, round one hundred thou
sand dollars
In the trade 10 Mr.. Barrett aud his CO.
partners big pile OF money was made by
several clever citizens. DIR. A. A. Lau-
renee had been is secretary or treasurer
and he retired with full $4,000 profit
Mr.. Fargason. tho president, went out big
money ahead, and several Others were
winners in hound sums.
W Barrett. after having looked over the
fence, az Il were, while Others had man
aged the property next succeeded TO the
supcrnicndcncy or the general manage.
mcnt. lie caused Raphael Scmmcs 10 DO
retired in due time, and II is proper to note
that that efficient and energetic young man
had done wonders for the system. In
deed Il became quite popular with the
public while he supervised. At tho time
he went out It's gross revenue was from
$4,000 TO $1,000 per month, or $4,000
per annum.
Tho Birrett.Frayser syndicate had con.
troll only a short time beiorc trouble began.
An opposition limo was organized. Such
popular citizens ~ Napoleon llill, George
Arnold, sam Tate, Ir.. Mr.. Nicely and a
few more started iha ball and II rolled
lively.
After the new lines were constructed
anil the two systems had been operated for
time. Il was found that the property was
valuable, aud under consolidation il
might be- made TO enrich Us owners.
All at once another big street car deal
was announccdand lhepubic was startled.
The two lines consolidated and capitalized
their property at s2,ODOOOO Tho actual
cost Of the whole system Of both compa-
mics was not much above one-iourth Of
this vast sum. but Il meant that our city
was growing in wealth and importance and
that the public franchises were worth big
money.
Tho gentlemen who consented 10 the
consolidation made a big thing out Of II,
AMI Mr.. Fmyscf is said 70 have increased
his wealth Just $4,000 by tho trade.
The others did equally we'll as Tar ne their
stock went, and al were more than salts
fed, despite the fact that before II was
agreed 10. some Of the parties interested
wore almost ready to bite the ears of Of
those who belonged " or owned the other
line,
The bonds Of the consolidated road were
Issued sumo two years ago. and some
$4,000, more or les, were put on the