The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1858-12-17

STOCKHOLDERS KKrriSc ~ LotsNlLLt.

KY, has rcschcd ~. They arc TOD
lengthy fov our columns. Wa thcretore
avail ourselves Of the very assistance
Of the cxccllcn, condemnation found IN
the New Orleans ricaynnc
The meeting was very full one. There
were 500 stockholders present who re-
presented, in person on by proxy, Al2,'
900 shares Of stock
The Convention was organized as fol
lows
Py,sp!est-Hon. Jcrch. Morton, Of Vir'
GINA
lio Pread,ns John Carpenter Of Cal
ifo,nia. Franklin CORN Of Kentucky W
Is Fcntcss of Tennessee, X, II. Russell
of Texas James shannon Of Missouri
Jas NJ Conwcll Of Ohio, and Edwin Pos,
Of New York.
Scere,ar,e- T. purrctt Of Ken
tuckv John Dclafcld Of Missouri and
Jacob Swigert of Kentucky.
The leading feature was the report OF
DR. Fowlkcs. the President of the com
pany, Of the negotiations ana arrange
mcntt for compromise. at Marshall the
condition Of the company, and the means
require to put it successfully forward
, We shall state the snbsia,c Of his com
nmica,ion emitting the details Of the
progress of the suit with the claimants
under the deed OF trust and sale and those
of the preliminary negotiations, which
ended in the compromise, which the Lou
isvillc meeting was called to consider
and carry into operation.
The first thing to b. done is to provide
for the debts 81 the company rs named
in the agreement. DR. Fowlkcs furnish
cs "A schedule of these. They amount 10
abou, the sum of 1927 900. One OF the
debt of the company is for about $50 900
for the building Of the road, since the
sale. for section of five miles, the road
bed having been previously graded, and
the crosstlcs and irons bought, III part
All these debts are 10 bc scrutinizcd
and approved by a committee, and paid
in three several instalmenls, at three,
five ara seven months
These are the debts provided FOR IN
the settlement There are other unset
tied accounts and debts cor advances by
friends Of the road during the late con
irovcrsv. and other expenses, which may
make the whole debts of the company
with all costs interest and charges,
about $500 900 Of which the sums slip.
uaicd in the compromise arrangements
must bc provided Immediately
The Intrinsic worth Of the stock and
the actual means el the company are
next considered and the President cs-
Inmates the actual property of the com,
pany. independent of its franchises and
prospective value. at II less than 81
600 600. This consists mainly of:
The Completed road q miles at 100000
per mile tsaosnuN
256 100 acres Of land "a, the Loses, esti -.sooo
"'s', = w tN.nG1
,Ni' '"' w To- " 3.UufA
q asaooo
an .ork and ls' m ,rts. s. easements ,.s .oo
3 Due IN New Orleans about 80 40
s3Js goo
/ This is estimated as good for at leas,
- 600 900. against $500, oo0 of debt
/ The conclusion is. that the stock has an
intrinsic value of at least - 30 per
share ana "'eh ." mites are eo''ip'eue"
IL WIN nave "n' n,f'''s.' V''"e 81 ~ wv
per s''to osc' az ''s "'o'N' anu ''' ''''
mating It's 'fahch'scs
! BY an assessment Of fifty cents on each
share, means can be realized to pay oil
| the whole of the debt. If only 5000 600
are raised. the President thinks that the
other means of the company can he so
I cXtrlcatcd as To complete the payment
This being done, and the debt paid,
the state ioan to winch the company VIII
become entitled, on the Two completed
sections will enable the company with
out any further means, to have hi'y miles
OF road and 5's,ooo acres OF land Dr.
Fowlkcs states that If thus sum had been
in his possession before he left Texas he
could have placed five hundred hands up
on the road, under contract to receive
the accrulng state loan III payment
His policy Is, therefore, to raise TINS
sum- pay the debt, and put iiity miles
more "' the road under contract, which
can be done out OF the "muniiccncc' OF
Texas, without further bnrren on tue
company within twelve months after the
road is reposscssed by the company. lie
recommends tue sale oi AL tue property
OF the road except that granted ny rex
as but advises against ANYTHING which