The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-08-07

Gel. W. d. Bethel arrived in the city
yesterday from Columbia, Tenn, and re-
turned by the Louisville & Nashville 9:i5
o'clock train last night, About five
minutes before the departure of the train
ah APPEAL reporter walked up to him and
after the usual greeting requested an in.
terview.
"About what?" asked Col. Bethel in a
surprised tone.
About your intention to purchase a
controlling interest in the st. Joseph 4
Grand Island railroad" was the reply.
For moment Col. Bethel was speech
less with amazement and then, rs il
doubling the evidence OF his senses, in
quired: ......
"What do you know about that2"
81 know all about it, was the prompt
"Well let's hear inst how much you
know" said Col. Bethel still incfedu.
lous.
"All right" answered the reporter,
"here goes. THE APPRAL has information
that short time ago you were in New
York city, accompanied by General Man
ager Newman Erb, of the Wyandotte &
Northwestern railway, and that while
there you were negotiating for the pur-
chase OF controlling interest in the st.
Joseph x Grand Island road. That YOU
had several interviews with Charles Fran
els Adams and number of New York
and foreign capitalists, and that the be-
lief is general in Wall street that deal
has been fixed up whereby the Wyandotte
4 Northwestern, OF which you are presi-
dent, is TO purchase from the Union Pa
cihc the stock held by that company
in the Grand Island, amounting TO s., 30l,-
500, out Of - GOO, 900 of the company's stock
That the purchase of this stock will give
your company an operating control of the
Grand Island, and that, in addition TO the
stock, You will have 10 assume the liabil-
ity of the bonds, Of which there are
81, 96i, 900 outstanding first mortgage, and
81, G73, 900 income bonds. Is The ArPEAL
correctly informed2'
After moments reflection, Col. Bethel
replied: "rmE APPEAL is maryelously well
informed in this matter, and am unable
10 understand how IL came 20 be so accu-
rately posted upon n matter that ] con-
sidered known only 10 the limited few
who are interested. The sum and sub
stance Of the whole matter is that we are
negotiating for a ten years lease of the
Grand Island, with the privilege Of pur.
chase after years.
"Do you think the trade will be con-
summated2' asked the reporter.
81 think IL very likely"
Upon what terms2' was the reporters
next question.
Col. Bethel threw up both hands and
said:
"That Is n business secret which am
not at liberty 10 divulge."
"What advantages will accrue TO your
road by such an arrangement
'Just these. The 81. Joseph 4 Grand
Island road is AS miles long; 200 Of which
have been built during the past twelve
months. The road runs through rich
grain country, and the crops on It's main
line and feeders this year are very large.
The Northwestern connects with IL at
Seneca. The road.bed is in good condi-
ton. the equipment fair and tho increased
business which we will receive from this
will be large and profitable. Last year
crops were bad in the neighborhood and
none Of the tributary railroads made any
money. This year the business promises
TO be very profitable, and the proposed
lease will give US all the traffic We can
handle"
Just then the conductor shouted, "Al
aboard" and the interesting interview wa
abruptly terminated.