The miners' express. (Dubuque, Iowa) 1849-1854, 1852-05-12
IOWA, MAY l2. 1852.
ILLINOIS AND EIsSIsSIpPI TELEGRAPH
COMPANY
'OHCLUD cd.


referred 10 a committee OF five, with instructions
TO report tehreon, and that the President np.
point said committee
Whereupon, Messrs Cation, Foo,e, Talcou
johnson and Mcdonald were APPOINTED said
Committee.
Hon. j. d. Cation offered the folllwiur reso.
luton, which was adopted
KcsOired, That the Legislature OF the State
of Illinois be memorialized TO authorize the
Board of Directors, or other proper authority
Of the Illinois and Mississippi Telegraph Com
pany to levy and collect an assessment upon
the stock OF said Company, to such amount
as may be necessary 10 pay the debts of said
Company, and to rebuild and maintain the lines
of said Company, and 10 forfeit the stock OIL
Which SAID assessment shall not be paid
Oa motion, the Board adjourned, TO meet a;
nine o clock tomorrow morning.
THURSDAY MoRSING. clock
Board met pursuant to adjournment, when,
on motion, il resolved to adjourn 10 the
Telagraphery at st. Louis, and immediately
proceeded to that city
ST. LOUIS, Thursday Eve April g.
Board met pursuant to adjournment, at the
Telegraph Office, when, on motion of MIR Ma
son, 1t was
Reso!sed That the Board now proceed to the
election OF President Of this Company by bal
lot.
Whereupon, Hon. ]. D. Cation received a
unanimous vote, aud was declared duly elected
On motion, the Board proceeded to elect a
Secretary and Treasurer for the ensuing year
ty ballot.
Whereupon, l.. Howell received a unani-
nous vote, and was declared duly elected
when motion,
The Board adjourned, to meet at the same
place Tomorrow, at 10 o'clock A. M.
ST. Louis, Friday, April 9.
Board met pursuant to adjournment.
Hon. J. D. Caton, Chairman of the Commit
tee, to whom was referred the Presidents mes.
sage, made the following report, viz:
Your Committee, to whom was referred the
Presidents message, beg leave to report that:
in their opinion, in the present condition of the
Company, three courses are open which ma Y
be pursued.
The first is to wind up the affIirs of the Com
pany, and terminate its exi, ,tence, by disposi-
ton of It's property for the payment Of its debts
Should it be the opinion Of the L )ard that that
is the most judicious course to be pursued, it
may be most proper te make an absolute assign.
ment for the benefit of our creditors. In this
event, of course, the assignee would at once
close the Offices and proceed to dispose OF the
assets, and to the final exec uon of the trust
This would close the whole to-morrow. Such
a result should be avoided il possible, for while
it is paramount duty for the Directors to Sc.
cure and provide for the payment Of all our liza.
bilities, it is our duty as well as our stronoes
wish, to secure telegraphic communications fol
the good of the community, which, but few
years since raised SO much money for that sole
object, if it can be done without injustice to oul
creditors.
This, 1t is believed by your Committee, car
ko mis- tok frf fbf,, 81
of the community to secure telegrlphic com
munications.
With view 10 a continuance of the lines
two courses may be adopted FRS, i. woult
! be competent for the company TO advertise ane
sell the line to parties, with view to thei
being continued and sustained in other hands
| To this course there are several serious objec
tions. First, it would take considerable time
to give the necessary notice and effect the sale
And in the meantime, for the want Of indispen
sable immediate repairs the line would stop
| itself, and in sixty days from this time, with the
wire upon the ground, and neglected, the Off
ces closed, and the corps of operators dispersed
the property OF the Company for Topographic
purposes would be very greatly deterioated i,
value, and it is doubtful whether purchasers
could be found who would take a line thu:
broken and destroyed, and undertake to main
tain it as telegraph.
Experience, also, throughout the United
States, at least, has shown that it is greatly te
| the advantage, both of the stockholders and the
community, that the line should be owned
principally at least, by those who accommo
dated by It's facilities. If these lines are eve
to be continued as telegraph, a considerable
amount must be Immediately expended in put
ting them in repair, SO as TO secure their con
slant and regular working, and most of The
poles must be replaced with new ones in
short time We cannot, with propriety, sci
without the necessary notice to produce reas
enable competition among purchasers, and con
sequent'y it could not pass into the hands o
purchasers in time to save it from utter pros
tration. Nor with the avowed intention o
selling the line could we expect to raise NOR
money among our stockholders to put it int
the necessary repair to do the work, and kee
up the communication until the assets cou
pass into the hands Of purchasers, as befor
! shown, and unless this could be done, before
sale could be effected, every thing would b
lost. There is then but one other course lei
10 be pursued, which promises a reasonabl
hope for the nialntalnence OF the lines and
speedy payment of our debts That is, by in
ducing our present stockholders, and others in
terested along tine state lines, to make the nee
essary advance to accomplish these purpose:
. and that they will do if they are satisfied wit
the wisdom Of the measures which We ma
adopt, none have expressed doubt. In tn
opinion of the Committee, the first step whic
is required is to separate the government {
the line into two divisions. Besides this divl:
ion, a concentration Of experimenting powt
upon each division, is, in the opinion of yot
committee indispensable to carry out prompt
and efficiently the measure necessary for tt
nf tI. m I
our debts.
Iour Committee therefor reported the nccc
sary Orders to be adopted by this Board, to SCI
aratc the management and financial interests
that portion OF the line whlcI, extends fro
cksonville TO Rock Island from the balano
of the line. 1t is the opinion of the Directo
present, representing this last division, th
i their interests are sufficiently identical to justi
their being included in one division
We also recommend the appointment Of son
; concentrating experimenting power. We ol'
report Orders levying an assessment upon II
stock OF the company with distinct understan
ing that The amount paid upon any stock und
5 the present call, shall be credited upon the a
sassment upon stock which shall be made aft
an amendment Of our charter shall have bee
tllaed a; cJnt mplated by the reso' ion whit
: has already passed this Board, unanimously,
y the present meeting If by these means Il
necessary funds cannot be raised upon eat
division, to maintnin the division, and also
: provide for the debts already existing upon tn
division, then it shall be the duty of the supe
: int ndiny power, upon that division, to vii
up tie concern, and dispose Of the assets
the Company upon that division, SO far IN;
be necessary for the payment of such debts
i This, of course, gives each division a full o
portunity of sustaining itself. If, after Il
necessary effort is made, this cannot be don
we shall have lost nothing by the efF'rt, for
. will not then be too late to sell ont. A We
sao1t time will de etesminc whether the necessa
funds be raised to 60 on, or not. It
G strong pr b ,bii.ty of SUCCESS is certainly wor
II the experiment.
g Your Committee therefore recommend q
adoption OF the following orders, viz
FIRsT .-OrGereA, That that portion OF t
= lines If the Illinois and Mississippi 1elegra
Company extending from Jack sonville 70 10
s Island be constituted into separate division
!,- called the Western Division of the Ills.
Miss Tel. Co, and that the balance of the Ii
of said Company be constituted into anoth
n vision to be called the Eastern Division Of t.
Illinois and Mississippi Telegraph Company.