The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-09-01

Active operations in the construction
Of the Memphis e. Pensacola railroad
Will be commenced this morning and IL
will be pushed through without delay,
according to the announcement made
last night by Byron H. JOY Of Chicago
one of the new men interested in the
project, who reached the city yesterday
afternoon accompanied by u. b. Cole.
Chicago attorney. They came to tins
city from Meridian, where they held
q meeting Saturday and took over the
franchise and other rights from w. T..
Dickinson and his associates
Mr.. Joy stated last night that he and
his associates have sufficient financial
backing to build the Memphis & Pen
sacola railroad and that they will do
so without any unnecessary delay. Tho
work " III be started this morning and
the forces increased in grading just as
fast as 1t is practicable to do so.
Mr. Joy said that he would move his
family to this city from Chicago at
once and will make this city his home
and headquarters during the time the
road is under construction. Jesse G.
McNish, a Colorado banker, who has "a
home in California, has decided TO sell
the latter and also move to Pcnsa-
cola.
SURVEY is COMPLETE.
The survey of the road is complete
from Pensacola to Memphis, and is on
a 5-10 per cent grade, one OF the best
that can be obtained by q railroad.
The survey was obtained from Dick
inson, who got this far along with mis-
building so that it will not be neces-
sary for the new syndicate TO waste
any time in making a new survey &C
the route. The rights OF way have also
been turned over by Dickinson to the
new men and all that it will be neces-
sary for them to do is to put forces
in the field on construction work.
THE REORGANIZATION.
The Meridian Dispatch of yesterday
contained the following regarding the
reorganization of the road:
THE Memphis e. Pensacola rail-
road was virtually re- organized at a
meeting of the directors in this city
yesterday
President w. P. Dickinson, OF Chit
cago, resigned and was succeeded As
president by John Clancy of Chicago,
and it was decided to have the capital
stock of the company increased from
one million to fifteen million dollars.
The attorneys for the company, Nc
Beath and Miller Of this city, will
at once take steps to have the charter
Of the company amended to permit
the increase.
Several of the directors left last
night for Pensacola where they ex-
pect to have active work begin Mon
day and 1t is believed that the deal
contaminated yesterday will mean that
the road will be built according 20
agreement.
Pursuant TO a call issued by the
secretary, q meeting OF the directors
of the Memphis 81 Pensacola Railroad
was held at the Office of McBeath and
Miller yesterday afternoon.
There was present W. p. Dickinson,
of Chicago, president; j. n. Sullivan,
of Memphis, Tenn, secretary. and the
w. Jones. and L. M. McBeath,
There was present also Delevar p.
Cole, a prominent lawyer. Of Chicago.
and Judge A. A. Rolf. OF the same
city.
For a consideration, Mr.. Dickinson
transferred all of his rights, options,
and franchises to the corporation, but
retains a controlling interest in tns
stock.
''Mr. Dickinson resigned as president
and was succeeded by John Clancy, a
prominent wholesale lumber merchant
of Chicago Geo. A. Yuille resigned as
CONTINUED on Page Two.)