The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-04


The company have entered into positive contracts when
will the Board believe, insure the construction Of twenty
miles OF the road by the 18th OF February About
twelve miles completed leaving only eight more to be
finished; and the eight miles graded and all the
iron IL upon the ground two locomotives construction
cars chairs spikes everything necessary 10 complete
that distance the Board have confidence tina, the
requirements OF the charter will be complied with Five
miles, in addition TO the twenty above mentioned,
already graded and all the iron and other
airy TO lay the track Is on the spot As these al.
ceve $4,000 Of land from the State of Texas This
land has already been surveyed and reported to be Of
Contract 70 grade miles CT road and proSson has
been made for the prosecution OF that work to completion
In October last when the commercial crisis swept h
land creating embarrassment and failures OF the
strongest houses in all Of the Union the company
found impossible TO raise either pay their OK
stpg liabilities prosecute their work With view to
saving the charter company and 10 induce PARTIES
c loan money prosecute the work 10 the extent
OF twenty miles deed Of trust executed by order Of
the directors The execution Of this deed OF trust
effect OF inducing parties TO forward and furnish
means, whereby the work unimpcded progress
and the charter protected Arrangements have been
made by which ali the debts embraced the deed of trust
are provided for, and by which the deed Of trust will be
cancelled.
The Executive Committee Of New York having re-
quesed that said committee should be abolished the re-
quest has been granted and In future all and
gagement must be made here subject the the
Board Of Directors.
The transfer Office re opened in New York, and r. w.
Sratop appointed Assistant Secretary and anthorized
10 sign certificates with Edwin Post the Vice President OF
the company Stock may DE transferred on the books of
the company either at the transfer Office IN New York or
at the Office in New Orleans and certificates obtained
for old surrendered Interest certificates can In all
be syued ut either Office but holder certificate
Of stock his interest without the
OF the certificate OF stock which said interest has nc
crued. financial system has also been adopted by
the company, by which ~ believed rs bonds secured
upon its lands aud property viii take the hghcs
among good securities, either nj home abroad so a. 10
enable the company 10 progress without selling
stock than ordered 10 be sold last spring. About
f210OOO OF that stu unsod and is not
contemplated 10 issue Any other stock.
In conclusion, h proper 10 state that nstanen OF
ffy cents share will fall due the first Monday OF
January next all stock which 90 90 share has been
paid
All stock which instamonts arc not paid will be liable
10 sale under the 9th section OF the charter copy OF
which IS annexed -
sec. 8. The shares may be disposed Of. and books
opened for subscriptions thereto IN such and
such terms said commissioners shall determine will be
for tho beet interest OF said company and
In writing, by which any person shall become subscri
Der To the capsa stock of said company be enforced
against him according 10 it, terms and II any subscriber
shall fail 10 pay any due upon shares subscribed
by him, according 10 the forms Of his subscription the
directors may sell auction and transfer the purchaser
the shares OF such delinquent and the proceeds Of sale
shall not be sufficient " pay the amount due said sub
scrpon with interest and charges such delinquent shalt
he held liable 10 the company the deficiency; and N
the proceeds shall exceed the DUE interest
and charges said delinquent shall he entitled 10 the
plus.
Iustalmens may be paid either at the Office In New Or
leans at the transfer Office In New York al the pleasure
OF the holder Of scrip stock.
All of which IL respectfully submitted
This report adopted by unanimous vote
The election of directors postponed 10 the arst Tues.
day In May next and will then take place nj the comma
ny's Office IN tbs city by order Of ,he Board
Csc G. IawsssoS, Secretary.
NEW ORLEANS, Dec. ~, 1851.