The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-07

market, the remainder, amounting TO
100000, which were authorized, being
withheld for more opportune time.
They commanded 9S cents on the dollar
and paid per cent interest per annum,
while the million Of stock was uoted at
about GO cents on the dollar. The company
became unpopular in its cons oldated
form, its managers courted litigation
with the city, and tn c bonds went down
10 90 cents, while the stock went to 'i5
or SO.
Several months ago Mr.. Sam Tate, Jr.,
sold some $50, of stock to Mr.. I. B.
Sims for AZ cents on the dollar and some
OF the bonds changed hands at between 81
and 90 cents. Then Mr.. Benz. L. Honore,
real estate dealer and capitalist, came here
from Chicago. 1t was a Miss Honore, il
will be remembered who IN arned Col.
Fred. Grant, the son OF the late military
hero aud general of the American armies.
There were others here with Mr.. lIonore,
but little was learned of their object except
that they were here to look ut the town
and the proposed bridge site. Then it
leaked out that the visitors were trying to
buy the street railway system, and il they
did the cable motor might be introduced
along the Main street line at cost Of S75, =
600, more or less.
Efforts were made to check any DISPOSE
ton on the part OF the news gathering
fraternity to make public the details Of the
proposed deal. but within the past few
days il has taken such shape that the gos-
slippers have spread the news in many
places. Several days ago Col. Il. d. Fray
ser left ostensibly on u visit to his planta-
ton, but in reality he went TO Chicago.
Evening before last dispatches from Chi
cago ARE reported 10 have been received by
parties Interested stating in effect that the
deal had been practically closed Ycster-
day further advices arc said to have con-
firmed the previous reports, aud the talk
became general on the subject the main
idea conveyed being the profits realized by
the gentlemen most interested.
1t is said that the sale Of the stock is at
o5 cents on the dollar, and that Mr.. 4. b.
Sims clears over $50 00O by the trade. Mr..
X. b. Snowden is credited with clearing
$4,000 in cool cash, and everything that
gentleman touches seems TO make big
money. lie is worth rs much rs 5000, 900
today, accor ling TO q rough estimate, aud
ii liz keeps ON he will bc one OF the lead
ing capitalists OF the South. Mr.. Snowden
is one who can make money and then take
care o! it. Mr.. Barrett, Mr.. Frayser and
the Frosts are heavy owners, and have
made pile. Mr. y. Hill will clear $50, 600
or more, and George Arnold, now in
Europe, nearly a. much, while Mr. Nicely
and one or two others have done quite
well, thank you. 1t il rather odd that the
street car system Of Memphis has enriched
several good fellows, enough to enable
them to visit Europe and stay there il they
want 10.
Several persons, were heard TO remark
yesterday that they hoped the report OF
the sale was true. no matter who the buy
ems may be. Any way, whether there has
been sale or not, the q per cent. bonds
are siH, and cannot be bought To- ay az
ANYTHING under 90 cents on the N, viii g
their tendency Is upward. The reported
purchasers have been buying sire rail.
way lines in several large cities recently,
aud more than one line In -. LoIis has
recently changed owners through ia ,ir
nepotiatioua