Arkansas true Democrat., 1858-05-25
From the N. O. Picayune.
Southern Pacific Railroad

Southern Pacific Railroad.
 Pursuant to adjournment, the stockbolder. Tn thls undertaking met at the office of tha company, yesterday, to receive the report of the committee
 Col: Fillmore called the meeting to order; and MT. I. K. Price, as chairman of the commit tee, handed in the following report:
 N O., May 12, 1858. To the Stockholders ot the Soutle,n Pacific R P
 Company:
 Your committee appointed in your heb.,e to confer with the creditors of said road now ;,, this city, in order to acertain the amount necos sary to be raised to relieve said road from i,s present embarrassment, beg leave to report:
 That 1t will require about $25OOOO and mn. der existing circumstances, your committee ba- leve 1t wholly impossible to realize the amo,m, and could not advise at present further invast' ments Tn said road, and in the event ,be s,n,a be sold would recommend that the stockholders throw themselves on the liberality of the nnr- chasers fN Your committee believe that your agent tb. President, Geo. s. Yerger has upon all occa. sons, acted in good faith, and done evervthng that he believed to be for your interest. and has the entire confidence of your committee.
 All of which is respectfully submitted.
 THos. K. PRICE,
 M. FLICKER,
 G. M P1NKARD.
 A discussion ensued as to the course to ho pursued in dealing with the report One gen. tleman wished the views and feelings of tbo stock holders present to be expressed as to tbo whole origin, proceedings and management of the undertaking; but this was pronounced ont Of order. It was then moved that the ranort be accepted; but objection was taken that tbe debt, property and undertaking ought not to be abandoned in this matter.
 Mr. J. w. Gurey was requested to act as secretary.
 Mir Fuller moved that committee be an- pointed to inquire what would be the lowest amount with which the creditors could be sa- tished. and spoke in high terms of MT. Yeryer the president. The motion was not put. as if was objected that the report stated what would be necessary to be raised. A motion to reouest the creditors to come forward and say thev would see bona ttde stock holders protected on selling the road, and to adopt the report was declared out of order. Mir. Upton moved to divide the report, lay the first portion on the table indefinitely, and adopt the other portion. This motion was carried.
 Information was then called for.as to the ef- feet of the sale of the railroad, and particular ly whether it would carry with it the title to all the property, privileges, grants and charter to the purch aser
 Messrs. Wgfall and Yerger. being called on respectively responded to this call, the latter gentleman reading law of the State of Texas. passed in December last, referring to the sub Ject, and that explicitly lays it down that in all respects whatever, except that of liduidating the affairs the purchasers shall become the company.
 MT. T. K. Price said, that in order to save all useless discussion, he would state the con- dltlon Of the company. He had, with other stockholders, put his S2, 800 into the underta- king and with them he had been deceived and duped; not by anybody in the South, indeed, for he believed that every body here had acted Tn the nobleSt spirit and the most perfect good faith. But there had been wrong done. and every body knew. he believed, where to point forit; and the consequence was that their whole stock taken to the amount of S3l8, 900 was not worth one chew of tobacco, under the mango ment of the old dynasty. This was the point of the affair. It was no use to 20 back to old matters He would observe, however, that notwithstanding all this there was nothing to
 
 rights He saw many old experienced mer- chants around him who would understand what he meant by that. They had those rights and he for one would use them. It would be no use to try to right matters now; for if the money could be raised, it would be but throwing 1t away. He would not invest five dsllars in It. They had been humbugged and not by any of our fellow-cltizens, as he had said, but in the north.
 Mir. Fuller moved the following resolution: That a committee of three be appointed to make report and history of this entire Pacific railroad project, to censure any who may be en- titled to censure, and to exonerate all who may be unjustly censured.
 In support of it, he said that Mr. Yerger was like C@sar's wife, above suspicion and that whatever wrong had been done, he had only been used as tool. The project was got up by Robert J. Walker, at Niblos Garden, in New York, and the first day the books were opened. he took SlO000000 of stock, and Mir. Joel G. Sever took S5,0OO,000; they then went home to dinner, got drunk, and then went back and sub scrlbed for further similar amounts And at the very moment the shares were being so loud- ly recommended us here, editors had come to him and offered them to him. for less than they
 
 been adone with the money raised at Nashville. St. Louis and Louisville?
 MT. Fuller's resolution was amended so as to make the committee twelve in number, and then passed. It Was agreed that the chair should hereafter appoint the committee
 Mir. D. s. Bryan then moved the following resolution:
 That report be made of the stock subscrib. ed since the office of the com,anv has been TO- moved to New Orleans, and the amount of mo- ney paid on those subscriptions; also the amount of stock issued.
 This was adopted, and the chair appointed M essrs. D. $. Brayan, R. A. Upton and II. F. Mckenna
 One or two gentlemen expressed the hope that something would be done to prevent the road from being sold, and the enterprise taken out of their hands; but nothing further was done, and the meeting adjourned to Saturday at