Washington telegraph., 1857-12-09
CAIRO AND FULToa RAILROAD.
OFFICE c. < F. K. K. Co,


held at the Office of the company, On this
day
Present-Edw. Cross, President; Messrs.
Wait, Watkins, Witherspoon, Hughes,
Ashley and johnson, the following pro
ceeGings were had, to wit:
I The President laid before the board the
+ following communication and resolutions
LITTLE Rock, Nov. 20, 1857.
To the Boar,iof Directors, noJr is session:
| GENTLEMEN-I submit for your con
sideration the various subjects embodied
in the accompanying resolutions, aud also
! the policy OF appointing an attorney for
the company-declaring aud filling vacan-
cies IN the board, and the expcdiency OF
an early commencement of the grade Ut
your road, and at what point, and in what
direction the same shall be prosecuted.
submit also, the accompanying inter
esting communication from Capt. Jas ;.
Williams, the chief engineer aud agent OF
the company.
RESOLUTIONS.
WHEREAS, 1t Is believed that on account
Of the unusual stringeucy ia the moneta-
I ~ affairs OF the country, that any attempt
to obtain money at present, by negotiation,
however ample the security, would result
IN disappointment, or, if successful, would
be 50 only at a serious sacrifice OF the
means Ut the company, aud whereas, there
are outstanding liabilities against 1t, al
| though not considerable IN amount. which
/ the stockholders are both legally and mUr-
ally bound to pay, aud whereas, also, by
the terms Ut the act OF tue General As
sembly OF the State Of Arkansas, approy-
ed 10Th Nov, 1896, which provides Tor q
transfer to this company Of the lands grant
cd by the act Uf Congress of the yth OF
/ February, 1898, to aid in the construction
Ui the e. aud T. X. IL, it Is expressly de-
c.aTvd That aid Cairo and tultOn R4i!-
road Company shall, within two years from
the passage o. this act, either grade twcu-
/ ty-d,e miles, or complete ten miles vi said
road, at the option Of said company. -
Now, therefore, Ia order to enable the
company to meet such liabilities, and COM
ply with the terihs OF the aforesaid act OF
transfer,
Be- It rcsoicel. That an iustallment Of
FIVE per cent be called upon all subscrip-
tious to the capital stock thereof, except
IN the case OF counties where the entire or
principal portion of the amount subscri0-
ed has been heretofore paid. and the same
be payable on Or before the first day Of
February next ensuing this date It the
. principal oLice Of the company. tn the Sec
rettry thereof, in the city nf Little Rock.
or u such other agent or agents as may be
duly appointed by said company to receive
Lhe same.
/ Ltosofced further, That anyand all such
stockholders as have not heretofore paid
on their respective stock sub,criprinuS.
three lnStalments, shall In addition to the
Installment required by the fregoing resp
luton, pay to the Secretary Of the compl-
/ ny at the place aforesaid, or to It's author
i@ed agents, for the purpose of equalizing
payments ou stock subscriptions amongst
the several stockholders, one or two adli-
tio1al installments Of five per cent. as the
+ ease may BE-, IS follows. to wit: One ON the
3Jth day Of April. 1858, and one other ou
the 5lst day Of July next thereafter.
WHEREAS, An unusual and exfraordi-
nary reyulsiOn has occurred in the moneta-
y aiillrs OF the country within the last
four or i've months, whereby railroad and
all other enterprises, involving heavy ex-
| pendItures Of money, have been retarded
in their progress--the rate of interes. on
money greatly increased and its attain
ment IN large amounts rendered impracti-
cable, except at ruinous SacriiceS. and
whereas, economy, at all times necessary
aud commendable, is, under existing cir
cumstnnces, peculiarly so. To this end
therefore.
ResOtocj, That the office of Land Com
missioner of this company. be, aud the
same is hereby abolished, ana that the
lend interests of said company. be mana,--
ed and controlled under the superintend
ency oi the president thereof. until further
action on the subject by the Board of Di-
reetOrs
i' soioei further, That until the 3Ist
of July, 1858, the salary of the president
of this company shall be at 4 rate not ex
ceeding - per annum; the salary
of the secretary of said company at rate
not exceeding s. per anuum. and
the salaryof the treasurer thereof at a rate
not exceeding S--sper annum. and
that this resolution take effect and be in
force from and after the close of the cur
rent quarter.
Rssotrei, That all special agencies here
tofore created by the president, or BY this
board, for and in behalf OF the company,
DC, and the same are hereby discontinued.
unless in any possible case it shall appear
to the president. on consultation with the
executive committee, that the immediate
discontinuauce of any agency or agencies,
would be detrimental to the interests of the
company.
/ On motion of Mr. johnson, the resOlu-
tions and the subject embraced in the
communication were referred to a select
committee, consisting of Messrs. Watkins,
Nltherspoon, Ashley and Hughes.
The communication of Capt. Jas. s.
Williams, chief engineer and agent Of the
company, was read and ordered to be plac-
2 Ell on bn ftng - 49,