Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-06-12
President.
=, Secretary.

The inquiry is frequently made why this stock is
rated az hundred dollars share 10 be subscrO-
ed for when only five dollars share is all that wall
ever be wanted-why was not the necessary amount
which will be needed estm ted for and raised by
subscription for stock as in ordinary cases-why the
capital should be made so large, and the proportion
ate payments on il small, instead of asses sing the
capital at a smaller f cure aud asking payment III
funf
The reasons are plain and easily Ineligible by
those who look into the charter of the company,
and consider the large amount aud peculiar descrlp
nou of means which have been put ln'o their hands
by the State OF Texas for the completion OF the
work These could not be organic I'd or distributed
on any other plan.
The capital OF the company does not consist OF
any fixed sum, nor is tlere any limitation in the
charter 10 any specific amount. 1t simply enscts
that the capital OF the company snall consist OF
"al It's property, real aud personal, franchises and
rights TO property and that these shall be divided
in Z" shares Of 500 each"
The franchises Of the company are Of great value
but they can be estimated rs stock only for what
they cost. The State bounty, and especially the
munl6cent land grants, constitute the property aud
right TO property, which are 80 much capital 70 the
company, TO be realized from time 20 time the
work advsnces--every sale OF lands and investment
in the building Of the road being much realized
Of indefinite and made fixed capital These resouT-
ces are the property to which the stockholders be-
come entitled on subscription. The become
joint owners of the whole OF this vast capita
on the condition only OF investing an additional
sum, which is to the estimated cost OF the road as
FIVE to one hundred With this as the iniatory
fierce, it is computed that the whole capital" wall
b. pu; iuto activity from time to time II is need.
ed, .and the whole work be completed with surplus
OF profit 50 large that It sounds like romance tC
expiess the most limited amount Ia figures. AL
this is however, the capital OF tue comp tny under
the charter, and his proportion OF IL, according &c
his interest in tue stock, IL the property OF every
stockholder He is asked for no more than five
per cent. upon bis subscription, because i've per
cent is estimated TO be all the cash advances WHICH
can be needed in the inception Oh the enterprise
its progress il will take care oil Itself muninceut
ly.
That these shares should be rated at some part
cular value was required by the charter it was
necessity 10 order 10 maintain the proper relations
Ofstockholders in interests amoag themselves. The
shares could not be valued at the mere money cub
scrpions for the starting of the work under the
new organic alton, for there franchises 10 be
estimated, receipts aud expenditures to be account
ed for, aud invaluable but indefinite rights TO be
taken into q partnership account The charter re-
Quired distribution into shares OF 500 EACH and
that was as convenient figure as aoy upon which
OF the capital stock property, rights OF property,
aud franchises that grow out OF the charter aud It's
vast privileges.
The cOsG OF the road cannot definitely be fixed,
the means 20 complete il are not doubted 20 be am
pie, aud increasing the work Increases aud will
probably, 10 much Z. eater ratio. The road with It's
asset is lthe measure Of the capital stock Of the
company. It has been taken as a measure of value
that the cost will not exceed sixty millions of dol
terest among shareholders. II the lands shall pro.
duce only enough. with the cash subscriptions, 70
pay the sixty millions, the stock will be fully paid
up without un additional dollar from the sharehoi-
er. His five dollars will have brought him Que hUu.
bred. His payment is simply the purchase OF q
joint oWnersh in an enterprise, which exhibits
these means aud prospects. IL lisa key which gives
him entrance, as JOINT Pfopretors, upon a nAgnih.
cent domain already provided with the force 70 ouh
uvsts and embelish itself.
The Rail Road Journal adds TO the above
the following remarks
The President Ia his address, states that Of the
twelve millions OF stock suthorized 20 DC issued by
the above resolutions, and on which only five dol.
lars per share il required 70 be paid, upwarls OF
seven millions, or seventy millions SHARES, have
been taken a. New Orleans.
TIE road Is rapidly progressing. Twenty miles
only is required to be finished ~ the 18Th OF Feb
ruary. Oh these ten miles arc DOW graded and
ready for tue cross-tics aud rails. Twenty -hvs
hundred tons Of rails have en- parohas ID aud paid
for; Of which upwards Of twsnly-lour hundred
tons have bsen sGpped TO the point Of destination
a. which they are ne, ded.
Contraoss have been made, and sufficient force
isn1w st work upon the road 70 comtlete. not oBly
toe tsenty miles above required bat at leasl twe.
ty-fVe miles by the lin above ssignated. The
charter, and all the donstOus OF lands priyiIeges
aud rghu given by ), are Ihas, beyond doubt. se.
cared 10 the company.
Hard, the deflutng bank elelk, in Boston. a.
Il turns out, has spent $40 900 IN lottery tickets
and drawn Dlizce amgualfnR 70 fl2o 900