The Grenada sentinel., 1889-02-02
IslssIPPr 4 TENNESSEE n. \.
|lemphis Division of the Illinois
Central Railroad.
'the Memphis Appeal

>8uY was CnefCeToQ Dy Ino Log SiSia
81 the State Of Mississippi on Octo-.
1852, and by the General Assem-
the State Of Tennessee, by the
Ion OF the Mississippi charter, De-
b 8, 1853. Its capital stock was
l55, and this, with the exception
d. 900 rubscribed by the city OF
|rwnnis, and which only realized 60
|m6S!tc the dollar in constructing the
,S2f kas gotten up by the efforts of
~ men living on the line of the road
|l6 State Of Mississippi, among whom
1ed most premrnentlv: DR.. Henry
kery, T. w. White and Gen. j. G. N
ertson, Of DeSoto County; Col. =.
|.White, David White and G. F.
ne, OF Pamela County, and John q.
NY, Samuel R. Garner and Nathaniel
Yard, of Yalobusha County. All CT
e gentlemen arenow dead except T.
White and G. F. Vance. The com
was organized by the election OF F.
White, president, and Fl. G. Walker,
Patrick. of Memphis Henry Dock
J. G. N. Robertson, of DeSoto
nty, Miss; David White, Thomns
3ford, Of Panola County; John J.
ly and Nathaniel Howard, Of Yalo-
County, directors. Minor Meri-
ber, chief engineer, and G. F. Vance,
etary and treasurer. Under the au-
es OF this management contracts tor
graduation, etc, were let out for
ion of the road, say fifty miles, in
The entire work of construction
Memphis to Grenada was complies
Ih 1861. The financial management
be enterprise during the period of
kHstructioE, ewing to the small realiza-
Vas of stock subscriptions was very dif'
$alt. Large amounts OF money had to
h raised OH loan from banks in South
Georgia and Tennessee, and the
3esident, F NJ. White. never hesltated
his private fortune, which was
ia, by endorsing the Railroad Compa'
mi paper. Neither did be hesitate to
rance out of his private funds large
Ionnts of loans to pay the compauy's
&kilities. His personal account on the
o0ks of the Railroad Company will
ION that often balances exceeding
10000 appear to his credit. Notwith,
anAing limited resources the company,s
ap6r never went to protest during the
efiod of construction. The war over.
RTead the country through which the
ailroad run soon after it was completed,
nd shipwreckea IL utterly, excepting
Re portion between Grenada and the
River, which, under the
engagement OF A. S. Livermore, supers
ltendrnt, and Z. F. Vance, secretary
|ld treasurer, was partially operated
|priug the war.
As soon rs the war ceased the work Of
CONSTRUCTION commenced. The diffi-
Mites of that work are gr.pAical!y De.
&iled in President Whit, report of
lpvember 1, 1866. He says: "Oo the
- OF May, 1865, we ore rated only thir-
u miles of road, the remaining seventy
nies was a mere wreck OF a railroad
|ridges destroyed, tres.!e work and cu,-
|erts rotted by time and disuse, depots
nd station houses and water Tanks de>
Moved, crossties rOtted. track torn up,
reduced to mere skeletons,
With hardly enough rolling stock to
make up one train. Without one avail>
Ible dollar in the treasury, and no assets
nth which money could be realized, an
interest on funded indebt>
3ness, and large floating debt besides,
|eld by needy creditors impoverish ed by
ie war, we nad to commence the gigan-
u task of recpnstructing the road" And
the energy. honesty aud fidelity OF its
a cutive officers it WAS constructed,
ND trains ran through on the 81 OF
knuary, 1865
II In October, 1874, Col. +. NJ. White
based to be President. and in his place,
s. McComb, of Wilmington, Del
Mo had purchased a controlling interest
a the capital stock of the company, wa'
sected but the management Of the
dbmp pany still devolved on F. NJ. White
q Vice President. and continued SO to Q
hrge extent until McComb's death in
tBSl. After the death of Col. McComb
Utcember, 1881, Col. White was ngair
eIected President OF the company, ant
tetnined the Office and management o
He company until the controlling inter
" 10 the capital stock was cold b,
hfcC Combs representatives TO r. I. Viii
on and G. r. Huntington, OF New York
1883, when the management OF TN
bm pany, financial and ope ative, wa
siny directed by those gentlemen. Col
rhite retained still in the service OF tn
bmpany as President. On the 10Th o
priI, 1886, the Northwestern Improve,
ent Company, represented by r 1
Tilson and C. P. Huntington, sold ou
e controlling interest Of capital stock
Slled the McCombs stocE, to Edwar(
Harriman, of New YUk City, VIII
as elected President Of the company
oy.mher, 1896, and Col. F. NJ. White
Fice,Pre.ideut. Under Mr.. Hartman
Management the bonded debt of tn
,mp1n,. amounting to $2,07S,64l0
S S97 900 B bonds owned 10y the Rail
bad C ,mpany, drawing 8 per centun
er annum interest were exchanged 10
B, SOC, ,00o Of 4 per cent. bonds lesving
,rpus for lettering the condition Ut tn
ba aud reducing the annual fixed N
rest charge from 100000 to 100000
Mr. Hartman j. still the presider
nd manager of the railroad compan.
4 lpuyh he has transferred the bulk
stock 10 the Illinois Central Railroa
pmpany, !,
In 1866 G. r. Yaucr, res'gnirg IL
ic Of secretary and TREASURER, Min'
eriwether WAS elected his succ IS