Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-05-12
From the Memphis Bulletin.
Southern Pacific Railroad Comm

From the Memphis Bulletin.
Southern Pacific Railroad Company.
Resolutions of the Borrd of Directors of tie South
ern Poetic Railroad, adopted March %, 1857.
At a meeting of the BoVrd of Directors of the
Southern Pacific Railroad Company, held in the
city of New Orleans, on the 2sth March, 1857, the
following resolutions and bylaws we're unanimous.
" adopted
l. Resolved Thatth Office of this Company shall
hereaft be keptin the city of New Orleans, where
it shall remain until the road is finished through
Texas; and all the books, papers, ETC., belonging
to, appertaining to said Company shall be, and
they are hereby directed to be transmitted to the
Secretary OF New Orleans. The Secretary shall
hereafter reside in New Orleans This is to take
fleet as soon as $500, 900 in cash of the stock
hereinafter authorized to be issued shall be SUBJ
scribed and paid for.
2. ReSOlUed, That if il should be deemed neces
ssry to obtain lon or loans of money, for build
ing the road, any part thereof the bonds of the
Company may be issued therefor, said bonds to be
secured by mortgage on the road, lands or other
property OF the Company; and it shall form part
of the contract Of said loan loans that said prop
erty so mortgaged shall alone be relied upon for
payment of sail bonls; and that there shall be no
stock subscribed for by them or other liability
3. Resolged, That no other FIVE per cent stock
on which So per share only shall be stipulated TO
be called for sh' ever be issued except the twelve
millions hereinafter authorized, but the Board of
Direetors-two-thirds Of the whole number concur
ring-may, il the interest Of the company require
it, ssue stock upon which ten per cent. or more
shall be called for slid stock to paid for in such
nstaments said Directors may require.
H. Il,
hereby cared to be part of the contract of SUBJ
scription on which the twelve millions of stock.
hereinafter mentioned is authorized to be issued
s. RESOLVED, That the building of this road is
eminently national enterprise, and that as the
road is be constructed in the South il ia the de-
sire of this Board, and of large majority of the
stockholders as they believe, that it. management
and control should be in Southern hands as nearer
and more specially interested in the prosecution of
the works; and that majority of the Directors
should always be residents of the South Therefore
the following by law is hereby adopted:
Be it enacted by the Board of Directors Of the
Southern Pacific Railroad Company, That the ma
jority of the Directors of said Company shall be
actual residents of the Southern States.
6. ReSoIyei, That twelve millions OF stock be- and
is hereby authorized TO be issued Books for its
subscription may, unless the stock is Otherwise Ia
ken, be opened as the President may direct. On
said stock SIS per share shall only be called for and
paid and no other iDstalment shall ever be called
for, and this shall be specified on the face of said
stock.
Z. Resoiusd, That the money paid on the fore
going twelve millions Of stock, or other funds of
said Company shall be subject to the order of the
President, for the purpose OF paying what is due by
the company for iron rails grading debts, etc. and
for constructing and finishing said road purchasing
engines, cars, supplies, etc.
g. RESOLVED. That whereas, the charter requires
that the Directors of tn road shall be stockholders
the stock is subscribed for to the amour
which will pay into the treasury OF the Company
1900 900, and said amount is so paid in, four d..
rectors from the South shall be selected from the
stockholders, TO I'll the places of four northern D-
rectors.
This Company, as the public is aware, has been
recognized, and its Office has been changed from
! New York to New Orleans, according to the reso
buttons Of the Board OF Directors, copy of which
is herewith appended.
Secretary. Mr.. Geo. w. Lawrson, and three
additional southern Directors to-Sit: j. j Persons
! of the firm of J. j Persons & Co.. and S,und r..
( of the firm Of Ward, Saunders & Hunt, and A. N,
Holbrook, have been elected; all Of whom are gen.
tlcmen OF the highest character AID capacity The
! Board Of Directors, now constituted, contain
majority Of southern members.
/ have the fullest and most entire confidence that
| the great Object Of the charter, to-wlt: the con-
struction OF the road through the State of Texas
and eventually TO the Pacific, will be fully accom-
| piished.
OF the tweve mil ions Of stock authorized 10 be
issued by the above resolutions, and on which ony
five dollars per share is required to be i'd, upward
OF seven millions. or seventy thousand shares hsv :.
been taken at New Orleans. OF tie balance o.
said stock million, or ten hoassHd shares. wiH
Be oforsd for sale an Memphis Books for It's suit.
scip,ion will be opened this day. Fridsy the IL.
Of May at the Bank OF l. B Kirkland, and will con-
tinue open for lev days only.
This road is rapidly progressing. Twenty miles
only is required TO be finished by the 18th OF Feb
ruary. o. these, ten miles are nov graded and
cross tied, and about four more graded and ready
for the croes ties aud rails. Twenty-Five hn ndred
tons of rails have been purchased and paid Tor: OF
which upward OF twenty-Iour hundred tons have
been shipped to the point OF destination at which
they are needed.
Contracts have been made, and sufficient force Ia
now at work upon the road TO complete not only
the twenty miles above required, but at least TWEEN
~ Eve miles by the time above designated. The
charter, and ell the donations OF lands, privileges
aud rights given by H. are thus, beyond doubt se-
cured 70 the Company.
When accepted The Presidency of this Conu..
nv stated that then, and yet believe, that this
road wrll prove a great national benefit that with
iudicious management il can soon be made; tia,
charter privileges an grants are Of character 10
rraliIe % the stockholders immepse profit; that
securing this charter and building ct once even fftv
niles OF the road, gill eec'usy and forever secure
this route as The connecting link between The Pa
cihe aud Atlantic Oceans
Bot 10 relation 20 ali these matisrs, q candid
pabic mast Judge for itself, from the following
statement Of facts;
Tue Lrg-latsrs Of Texas passed an act ineorpo-
rating railroad company under ths name OF Ter.
as Western RsiloAd Company" which, by = sub
sequent oct, ~as changed TO thar Of the Southern
Pacific Railroad Company" This Is The charter un-
der which this Company has beeB organised. By
the terms of The charter The Company Il authors
20 conssFuet railroad from some suitable poiog %
the eastern boundary line OF TEXAS. and running
such course as they mlghs determine 70 II Psss, On
she Rio GraRde, giving 70 the corporation al TOE
necessary powsEs TO carry Into sess the Offices Of
the grant.
The charter gives the sighi 70 take and bold 90
much ui tie public laad, through vhieh The road
mlsht paas, not enceediag tso hundFsd lret side.
sBd such additional uidtl as might 0s asessssry
Il ssO gives % .bs cOuPApy sisA. sss.IOas q