The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-08

eyes, it is fact; but would prefer not
to have it published until all the details
are arranged"
"Who compose the syndicate?"
Certain gentlemen who are largely in
terested in street railroads in Newark, n.
j.; indianapolis, Ind; Detroit, Mich. Los
Angeles, CAL, and Chicago, Conspicuous
among them is President Holmes, Of the
South Side Cable Car Company of Chi
cago who will come here and remain un-
I'll the street car service has been put in
perfect working order"
'Do you know anything rs to their
plans or contemplated improvements"
"Only this. | heard Mr.. Holmes say that
il the trade was made that his company
would favor the introduction of the cable
car system on Main street. lie also sug-
gested other Improvements in the way of
increased rolling stock and more frequent
service"
what are your views as TO the deal rs
citizen, Independent OF your relations to
it as party interested in business way2"
81 consider it the entering wedge to iut-
uro investments OF foreign capital here OF
an extensive nature. The stock of the
syndicate was parcelled out in blocks
among wealthy Chicago merchants. OF
course they will all, sooner or later come
down to inspect the property, and when
they do so cannot fail TO be struck with
the unequaled advantages of Memphis us
profitable field for investment. They will
find other avenues for successful explora-
ton, AMI will speak of them to
their friends and business associ-
ates, and in this way the merits
OF Memphis will become widely az.
vertised. One result Of this very deal
is already manifest. Parties in Chicago
are now in negotiation for n big tract OF
land in the outskirts OF the city. Another
thing TO remember is this deal will turn
loose 81. 900, 900 Of local capital tied up in
street car stock, which will have TO seek
other channels Of investment. So that
from every point Of view II is a big thing
for Memphis and a subject for general con-
graduation"
The reporter left Mr.. Norton in a very
happy frame Of mind.
IGNORANCE or INTERESTED PARTIES.
The APPEAL's esteemed morning con-
temporary, in an interview with Mr.. Bar
rett, reports him as saying there is not a
particle OF truth in the reported sale. This
reminds us OF Monte Cristo, who never
went to full dress ball without 81, OO0,O coo
worth Of bonds in his inside pocket for
necessary expenses. Here is Mr.. Tom
Barrett, who scoops in $3.50, 900 at one fell
blow and knows nothing at all about il.
Mr.. Nicely had also no knowledge OF q
transaction 10y which he will clear many
thousand dollars. The Frost brothers will
take in the neat sum OF $4,000 by
tho transfer. Col. Frayser will Gle
something like $4,000, Mr.. Napoleon
llill $4,000, sam Tate, Jr., s3I 600, Geo.
Arnold si5, 900, I. b. Sims $50, 900. W. o.
Flynn $4,000 and Charley DcGaris sl2,-
500. Mr.. Il. u. snowden on an original
investment Of $4,000 realizes net profit
Of 500, 200. And yet not one Of these gen
tlcmen had any definite information upon
the subject Of this lucky windiall.
About dark yesterday evening Mr.. Ma.
polcon Hill remarked on Madison street
that
IT WOULD mr. GOOD THING FoR MEMPHIS
II the trade had really been made. lie
further said the gentlemen who arc to
come here with their capital deserve
every encouragement, and should be well
coined by our people with open arms and
In the most cordial manner. lie thinks IL
wise to extend couricsies TO such people,
and so Il would seem.
There Is but little more 10 add TO the
story Of the great sale Of the Memphis
street car system. Reporters Of rival
papers may interview stockholders and
throw cold water ON the news, but this
tale WIS told Ia this paper yesterday morn
ing. The details may differ, but the main
fact Is undcniablc. The sale was made at
90 cents ON the 81 for 81 100000 worth Of
stock, says one Interested party. while an
other holds that Il was for rs cents, and
still another, who has made money by the
deal, SAYS II was dollar for dollar. At any
rate Il was made, aud Il Is somewhere be-
tween 90 cents aud par for every dollar Of
the million Of stock which covers the
lhlrly miles or more oi the system.
TnE MILLION on q rER CENT. noSDl
win not change owners, and the buyers Of
the railway expect TO pay the interest
straight along at the rate Of $4,000 per
annum. or $4,000 every six months, or.
still further the bargain Is equivalent 10
a rental rate OF 5000 per month on the
part Of the Chicago gentlemen, who agree,
besides, 10 pay a round million OF dollars
for the stock 10 control the tracks, equip
mcni. motive power and the franchises Of
the Memphis street car system.
The holders Of the bonds are not
anxious 10 sell just now. because their
property Is enhancing In value. There
were persons looking around yesterday 10
end holders willing 10 sell at % cents on
the dollar, but none were found willing
10 accept any such figures.
YEARS wEnE FREELY EXPRESSED
on the streets by certain alarmIsH that the
Chicago syndicate might get discouraged
when they meet President MADDEN and
become acquainted with his cherished
views on the subject OF street ears. MARK
my words" sad one citizen oxcilodly,
"iladdcn will bust that trade as sure ~
fate. II will not be- the lul time ho has