The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-05-03
The way the stock Of sl.0O0,O0O is now
I'D is nearly, II not quite, rs follows

And the remainder scattering more or Jess,
perhaps held by Messrs. Sam Tate, VI. q.
Pcarcc, 7. Il. Sims, q. L. DeGaris, Capt.
Flynn, and one or two more, though three
or four OF these arc said 10 haze sold out
lately at about 10 per cent under par, or
less. The amount recently changing own
ers Is somewhere about $50, 900 or $40. 900,
aud II was sold 10 Mr. Barrett, according
10 street ruinors, at the rate OF 00c, less 10
per cent. held in reserve by Mr.. Sam +.
Read, this being the amount which was 10
have been given the brokers in Memphis
and Chicago. including Mr.. Frank White,
Mr.. John Norton and their Chicago CO.
adiuiors, for the part they played In bring.
ing about the recent deal for which no
money has yet been paid.
II was on the 9th OF December last that
Messrs. White, Norton, and their Chicago
correspondents brought the deal TO a writ
ten contract, wherein II was stipulated
that for the SUN Of $500, 900 the entire
forty.two miles OF strcct-car lines, with
rolling stock, equipments, motive power,
realty and franchises, should he trans
fcrred 10 the Chicago purchasers. The
balance OF the 81 100000 was 10 be dis
tributed 10 the brokers In payment Tor
their valuable services. Ten per cent was
considered fair equivalent for their work.
Another stipulation was that all stock.
holders should put their shares In tho
hands Of Mr.. sam L. Read, 20 be trans
ferred when paid for; that ninety days
was tho limit OF time In which the money
In whole or In part was % be paid; that
per cent. was 20 be allowed from the date
OF purchase on all purchase moneys un-
paid; that when the iiIst payment was
made the president, Mr.. Napl 60 Hill,
was 10 resign, and Mr.. g. j. holmes
should be chosen In his stead; that at each
payment thereafter the directors should
resign. one by one, until all OF the
property was transferred and under tho
control and management OF the Chicago
purchasers.
In addition 10 this there IL $780, 600
worth Of o per cent bonds covering the
property, nearly all Of which Is held by
the people Of Memphis. and over $50 Of
these bonds arc now p sscsscd by Mr..
Barrett None OF them are held by tho
Chicago buyers. The bonds are secured
by iint mortgage on the entire property
OF the company. IL was originally de.
signed 10 circulate u 600 600 OF the bonds,
but there was 100000 reserved 10 pay for
payingstfcota between tracks, aud the pur-
chase OF betteunenis, including rolling
stock. II turned out however, that there
was never any need Of issuing the extra
hundred thousand Of bonds, aud they are
still held In the treasury OF the company.
/ The earnings OF the road increased
la ratio FAR beyond the most
sanguino expectation Of la best friends.
For some months past the daily earnings
have never gone under II 600 and have
been ~ high several times as II 600 per
diem. With such an income the company
las gone along and improved ~ track,
bought ears aud mules. and now has $50,
600 OF more In the treasury, feed enough
| In the stables 10 last three months OF moro
and not a dollar VI floating debt is out.
standing.
Tho President il paid n nice salary Of
1000 or $1,000 per aunum, and seldom
II ever, looks inside Of the stables; liz chic
attorney, Col. frayscr, gets 5000 per an