Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1858-05-18
sourHERN PACIFIC RAIrRoAp

] { j
Pursuant 10 adjournment, the stockholder
In this Undertaking met at the Office OF ID
company, yesterday, TO receive the report Q
the committee.
Colonel Elmore called the meeting to order
and mr. I. X. Price, as chairman Of the CON
mittee, handed him the following report;
To fAs SoetholSsrIe II fhs SoEihsrA Faetae R-ilrOs
COmpaay:
Your eommitte. appointed in your behalf Il
confer with the creditors Of ssid road now IL
this city, in order TO ascertain the amount ne
cessary 70 be raised to relieve said road from
It's present embarrassment, beg leave 70 report
That it will require about $3.50 1000, and M
der existing eircuI stances, your COMMITTEES be
lieve il wholly impossible to realize the amount
and could not ADVISE at present further invest
I ments in ssd road. and in the event the same
/ be sold. would recommend that the stoekhold-
ers throw themselves on the liberality Of the
purchasers.
Your Committee believe that your agen-, the
President, Geo. S. Ysrger, has upon all ueca-
sions, acted 10 good fsith, and doue everything
that he believed to Dc for your interest, and has
The entire conf ieuce Of your committee.
All Of which is respectfully submitted.
THns K PRICE
Pill H7R.
O NJ NCEARD.
A discussion ehsued IS TO the course to be
pursued ia dsalint with the report. One gen
Is nan wished the views and feelings OF the
stockholders present 10 be expressed as to the
whole origin, proceedings and management Of
be undertaking but this was pronounced out
Of order. It was then moved that the report
De accepted but objection was taken that the
debt, property and undertaking ought not to be
abandoned in this mstter.
Mr.. J. w. Guriey was requested to act as
Secretary.
Mr.. Fuller moved that a committee be sp-
pointed to inqaire what would be the loves.
amount with which the creditors could BE- sat-
isf ID, and spoke 10 high terms Of Mr. Herger,
the President The motion wss not pu., a. Il
was objected that the report stated what would
be necessary to be raised. A motion TO request
the creditors to come forward and say hey
would see boad fds stockholders protected on
selling the road, aud to adopt the report, was
declared out Of order. Mr. Upton moved TO
divide the report lay the fret portion on the
table in iefiitsly, aud adopt the other portion.
T1is motion was carried.
Information was then called for as to the
effect Of the sale Of the railroad, and particu-
larry whether it would carry with it the title
to all ihs property, privle ss, grants and char
ter to the purchaser.
Msssrs Wigfall and Yerger being called on,
responded to this call, The latter
gentleman reading Law Of the State Of Texas
passed in December last, referring to the sub
jsct, ant that explicitly lays 1t down that ia
all respects whatever, except that Of liquida-
ting the affairs, the purchasers shall become The
company.
Mr. I. K. Price said, that in order to save
al useless discussion, be would state the con-
dftion Of the company. He had, with other
stockholders, put bis 50 800 into the under
taking, and with them he had been deceived
and auped 40. By anybody in the South, in
deed, for be believed that everybody here had
acted in the nobiest spirit and the most per
feet good faith. But there had been wrong
done, and every body knew, be believed, where
to point for it and the Consequence was that
their whole stock taken to the amount Of S3lS
300 was not worth one chaw Of tobacco, under
.he management of the old dynasty. This v as
he point Of the affair. Il was no use TO 20
back TO old matters. He would observe, how
ever, that notwithstanding all this there was
nothing to prevent them from standing on their
reserved rights. He saw many old and exps-
-iencsd merchants around him who would IN
Ierstand what be meant BY that. They bad |
hose rights. and be for one would use them.
[, would be no use to try to right matters now
or If the money could be raised, it would buJ |
,e throwing it away. He would not invest 50 /
n it. They had been humbugged, Dot BY any
If our fellow-citizens, as be had said, but in I
he North.
Dir. Fuller moved the following resolution:
- That a committee OF three be appointed 10 /
make a report and history Of this entire |
Pacific Railroad project, to eersure any who /
nay be entitled to ceEsure, and to exonerate /
II gho may be uniustly censured."
Ia support Of It, he said that Mr.. Yerger was !
ike Cessr's wife, above suspicion. and that 4
wrong had been done he had had oGly /
,sen used 2 a tool. The project was got up 4
~ Robert ]. Walker, at Nibo's Garden, in /
New York, and the first day the books were |
opened, be took SO 100000 OF stock, and Mr. /
oel G. Sever took 5000 600; they then wen. |
lone to dinner, got drunk, and then went back |
nd subscribed for further similar amounts. |
And at the very mJDent the shares were being {
% loudly recommended 70 US here, editors had
ONE to him aud offered them to him. for less
han they could be got for at the office. And
What bad been done with the money raised at
Nashville, S.. Louis and Louisville?
Mr. Fuiler's resolution was amended 80 ~
o make The committee twelve in number and
hen passed. Il was agreed that the Chair
hould hereafter appoint the comoittee-
Mr. d. S Bryan then moved the following
esolution;
=. That a report be made OF the stock sub
eribed since the Office Of The Company has
cen removed 10 New Orleans and tke amount
( money paid on those subscriptions; also the
mount Of stock Issued"
This was adopted, AMI tue Chair appointed
fessrs. d. S. Bryan, R. A. Upton, and H. F.
dc Kenns.
One or two gentlemen expressed The hope
hat something would be done 30 prevent The
oad from beng sold, and the enterprise taken
.ut Of their hsnds; but nothing further was
lone, and the meeting adjourned to Saturday
lrrt - nNnn-