Arkansas true Democrat., 1857-12-01
CAIRO AND FULTON RAILROAD.
OFFICE C. & F. R. R. Co.,, IittLe RocL 4rE Friday Nnv 2Qth ,a7


 CAIRO AND FULTON RAILROAD.
 OFFICE c. & F. R. R. Co.,, }
 Little Rock, A,k., Friday, Nov. 2Oth. '57.
 At an adjourned meeting of the Board of Directors of the c. and F. R. R. Co.,, held a' the office of the company, on this day
 Present-Edw. Cross, President Messrs. Wait, Watkins, Witherspoon, Hughes, Ashley and Johnson, the following proceedings were had, to witt
 The President laid before the board the fol- lowing communication and resolutions
 LITTLE ROCK, Nov. 20, 1857. 10 tue Board of Directors, no0 in session:
 GENTLEMEN-I submit for your considera- ton the various subjects embodied in the ac- resolutions, and also the policy of appointing an attorney for the company--de- claring and filling vacancies in the board, and the expediency of an early commencement of the grade of your road, and at what point, and in what direction the same shall be prosecuted.
 submit also, the accompanying interesting communication from Capt. Jas. 5. Williams, the chief engineer and agent of the company.
 RESOLUTIONS.
 WHEREAS, It is believed that on account of the unusual stringency in the monetary at- fairs of the country, that any attempt to ob- tain money at present, by negotiation, however ample the security, would result in dsappoint- ment, or, if successful, would be so only at serious sacrifice of the means of the company, and whereas there are outstanding liabilities against 1t, although not considerable in amount, which the stock holders are both legally and morally bound to pay, and whereas, also, by the terms of the act of the General Assembly of the State of Arkansas, approved 26th Nov, 1856, which provides for a transfer to thlS company of the lands granted by the act of Congress of the 9th of February, 1853, to aid in the construction of the c. and F. R. R., 1t Is expressly declared "That said Cairo and Full, ton Railroad Company shall, within two years from the passage ofthis act, either grade twenty five miles, or complete ten miles of said road, at the option of said company" Now, therefore, in order to enable the company to meet such liabilities, and comply with the terms of the aforesaid act of transfer,
 Be it r1solUed, That an installment of five per cent be called upon all subscriptions to the capital stock thereof, except in the case ot counties where the entire or principal portion of the amount subscribed has been heret fore paid, and the same be payable on or before the first day of February next ensuing thls date at the principal office of the company to the sec- retarv thereof, ill the city of Little Rock, or to such other agent or agents as may be duly ap- pointed by said company to receive the same.
 Resolued fut1ter, That any and all such stock holders as have not heretofore paid on their re- spective stock subscriptions, three inStallments, shall in addition to the installment required by the foregoing resoluton pay to the Secretary of the company at the place aforesaid, or to It's authorized agert>, for the purpose ot eluahz- ing payments on stock subscriptions amongst the several stock holders, one or two additional installneuts of five per cent. as the case may be, as follows to wit: One on the 3Oth day ot April, 1858, and one other on the 3lot day oi July next thereafter.
 WHEREAS, An unusual and extraordinary re- vulsion has occurred in the monetary affairs or the country within the last four or live months, whereby railroad and all other enterprises, ln- volviug heavy expenditures of money, have been retarded in their progress--the rate ot interest on money greatly increased and its attainment in la ge amounts rendered impractlcabIe, except at ruuouS sacrifices, and whereas, economy, at all times necessary and commendable, is, under existing circumstances, peculiarly so. To thls end therefore,
 Resolvsl That the office of Land Commis- sIOter ol tHlo CpHldllN, Dt, anu tut odiiiO lH hereby abolished, and that the land interests of said company, be managed and controlled under the superntendency of the president thereof, until further action on the subject by the Board of Directors
 Resolued .ft'ther, That until the 31st of July, 1858, the salary of the president of this com pany shall be at rate not exceeding S- per annum; the salary of the secretary of said company at a rate not exceeding S- per annum and the salary of the treasurer thereof at a rate not exceeding S--per amum, and that this resolution take effect and be in force from aud after the close of the current quarter.
 Resolvea, That all special agencies heretofore created by the president or by this board for and in behalf of the company, be, and the same are hereby discontinued, unless in any possible case 1t shall appear to the president, on consuta- ton with the executive committee that the immediate discontuuance of any agency or agencies, would be detrimental to the interests of the company.
 On motion of Mr. Johnson, the resolutions and the subjects embraced in the communication were referred to select committee, consisting of Messrs. Watkins, Witherspoon, Ashley and Hughes.
 The communication of Capt. Jas. s. Williams, chi f engineer and agent of the company, was read and ordered to be placed on the files of the office.