Arkansas true Democrat., 1857-12-01

yesterday, have had the same under considera- ton and ask leave to report as follows:
 The committee recommend the adoption of | the first series of resolutions respecting further calls on subscriptions for stock, and of the fol- lowing additional resolution, viz: Resolued, That it is made the duty of the secretary of the board forthwith to make a schedule of such calls, to equalize the same among the individual stockholders and prepare and address, may be practicable, to each one circular letter informing him of the amount he is required to pay; and also to cause to be published in some newspaper at Little Rock the requisite notice of such calls; and that the pre- sdent IS authorized to engage the services of some suitable person or persons to proceed to collect such calls for such compensation as may | be agreed on.
 | The committee further report that in their | opinion the best interests of the company re- quire the constant and individual attention of the president to its affairs and if he is to be charged with the duty of attending to the land | grant there should be reduction in bis salary; ! but i'll accordance with the expressed desire of | the president, the committee are induced to re- | commend that from and after the close of the present quarter, and until the further order of the board, the salary of the president be at the rate of S18OO per annum.
 | The committee recommend Gin accordance with the request of the treasury) that from and after the expiration of the present quarter no compensation be allowed to him. and that from and after the expiration of the present quarter, and until the further order of the board, the salary of the secretary of the company be at the rate of S12OO per annum.
 With the foregoing notifications, the com mittee recommend the adoption of the second series of resolutions
 And in regard to the other subjects referred to in the communication of the president, the committee recommend that no steps be taken at this time providing for any forfeiture of stock by detaulting stockholders or of vacatng the office of directors, and the committee recom- mend the adoption of the following resolutions; and in reference to the locating and grading of 25 miles of the road, the committee refer to the accompanying communication from the chief engineer, Capt. J as. $. Williams, whose views are approved by the committee
 Resolved, That the president, with the ad- vice of the executive committee, is authorized to appoint an attorney of the company, when ever In his judgment it may become necessary or eXpedlent to do SO, on such terms or rate of compensation, as may be agreed on.
 ResotUed, hat the president is authorized to proceed without delay, with the aid of the chief engineer, to cause 25 miles of the road to be located and graded, So as to insure com plance with the act of Assembly granting the lands; and that such locating and grading com mence at a point north of White river and be carried towards the northern boundary of Ar kansas.
 Resolrel, That the president is authorized to make or cause to be made under his direction, contracts fo- such grading not less than mile to any one contractor, and to pay for such work, partly in money and partly in stock, when such contracts can be advantdgeousl made.
 Respectfully submitted,
 GREEN B. HUGHES,
 GEO c. WATKINS
 J. L. WITHERSPOON,
 H. c. ASHLEY
 The following letter from Capt. w lliams to Mir. Hughes, was read:
 ENGINEERS OFFICE, c. & F. RR,
 Little Rock, Nov. 20, 1857 GREEN B. HUGHEs, ESQ, Chairman, etc.
 SIR--In response to the enquiry of your committee appointed by the board of directors to confer with me on the question of selecting point for the beginning of grading the Cairo and Fulton railroad, have the honor to sub init my views as argument for taking point on White river, as initial and for carving the work thence northwardly.
 The policy of grading first the division of road north of White river. has commended it. self to me as best for the early usefulness of any finished portion, and among the cheapest and easiest divisions of the line
 White river, one of the best navigable streams of all the southwest entirely reliable as an avenue of trade throughout the year, gives us great facilities in procuring and transporting material and supplies for the construction Of the road.
 The interests of tho Cairo and Fulton rail- road company of Missouri will prompt them to great eXertions to complete their road and make junction with us-ths being effected a route is assured, connecting New Orleans and the whole southern valley of the Mississippi river with St. Louis and all the north west a route always available and entirely independent of the ice of winter and the droughts of sum. mpr.
 The completion of the Iron Mountain road to our northern border, will open another line of communication with St. Louis, and will throw upon our road immense business il passengers and freight.
 The country lying northeast of White river between Crawey's ridge and Black river. is ex- ceedingly fertile, and will be rapidly developed under the influence Of the road.
 It being essential for the transportation o our iron rails, that the work of grading should be commenced on navigable stream, there is AAO Ct4St tiN 4>lOH " tilCu luuLtS llllS COuQlIUN and comes within such moderate cost as to in- sure the compliance by the company with the demands of the act of the Legislature that 25 miles of the road shall be graded before the 26Jh November, 1858. In this view alone o the money question, without regarding the poli- cy ol the company, Il seems that there Is really no room for doubt--no opportunity for choice
 Very respectfully your ob't serv't, JAS. $. WILLIAMS,
 Chief Engineer c. &s F. R. R. Mir. Ashley introduced the following resolu tion:
 Reso1vel, That the resolutions submitted by the president in the foregoing report be and the same are hereby adopted as modified in said report.
 Which was read, and on motion of Mir ; Johnson adopted.
 The President stated to the board that the reduction of the salaries of himself and the secretary, as recommended in the report of the , committee, was cheerfully acquiesced in. { There being no fursher business before the board, on motion of Mir. Wait, the meeting ad jourued sine de.
 EDW. CROSS, President c. d- r R. R. R1cH'D FATHERLY, Sec'g Difficult to Account for it.