Arkansas true Democrat., 1858-07-28
From the Marshall, Texas, Republican. MT Yerger's Defence

purposes. PUMA GRUlS.
 From the Marshall, Texas, Republican. MT Yergers Defence
 Mr. George s. Yerser, late president ofAthe Southeru Pacific Railroad company. publishes in the MiSsssippan of the 25th ult, a 'Report" ,o the stockholders of that incorporation, .'i in reply to the charges of vice president Post, k. Y. Archer, etc" It is d lengthy document. com pri>ing ab ut four columns and half of that paper, in small type, equal to about seven of | ours.
 We have read 1t with good deal of care -- | Tue tone and temper of it, are admirable Be- yond tiiat, it has but little merit. His best friends must acknowledge that as defence of his connection with the Southern Pacific Rail- road company, it Is a failure and that it would he better for him and his reputation it had never 1 been written. We say this in no acrimonious spirit; for. with all the array of evidence against MT. Yerger, we are inclined to believe him better man than his conduct would seem to in- dIcate.* Alas to the crimination and rcrrimina- ton between him and Messrs. Post and Archer, We take but little interest, and the public will 1 take leSS.T The question is how 1t was that under ltis administration the financial affairs of | the company became so embarrassed as to ren- der deed of trust necessary? How it was, that he came to execute an instrument with such extraordinary provisions, enabling few men. at such short notice, to sell out franchise and property, tho latter of which he himself estimates, without the franchise, at over mil lion and half of dollars at mere song? low ! was 1t that after this deed of trust was given he never once called the stockholders together to advise means to relieve the company from its 1 endorsements, or made any attempt whateve. to effect that object? On the contrary, he rais, ed d hue and cry about fraudulent stock, which Was in existence when he became connecte i with the company, the effect of which was to alarm the stockholders aud prevent them from paying their assessments: and secondly, to lull them into security by giving them to under stand that arrangements hal been made to settle the claims under the deed of trust, and that m case the property should be sold, they were all protected under priratp written agreement by which they bound themselves to pro,cct all bona tlde stockholders.t
 A After Mr. Yergcr became connected with tue company, there were S3l6,OO received in New Orleans from the sale of stock And in add- ton to this sum, are toli, that fifty oi. sixty Chru>aud dollars were received in cash in nstall ments onaock. The indebtedness of the com | panv, which he Il d to meet, at the outside figures, was only $l25,UOO Ten m les of the foai had beed graded. The sale took place after twenty m,ea were tnished. fine road sold under this arrangement at S4O0OO. All the mOAey was exhaust ted aud the indebtedness of the company had sNcled pin the vicinity '. ,f S50O OO.
 Y Mr. Yerger was elected in March, and accord- 1 Ing 10 hS own admisrloIS, Ion the first nf Au-
 gust, the company was ,cLoYy tgtboat nssanx''' In other words, before auythi-s sclrcelv had been done tn save the charter, the entire amount ot cast rrcelve'!, amouatug to S375, ,OOO Cat least S1S.OUU more han sufficient to nave paid Tor tn. ron, the labor, and every thin. else re-
 lWred to save the chlHe) was exhausted and
 he company found itself without dp!arl We sum up the matter thus:
 1 Amount of cash rcclycd in New Or
 leans from the sale of stock, and tosrSSlnhllU U............... S3I $ .ODb | Amount of present lndt tbtedness - 5UOUOO Total SSI8,UOO | Deduct from ths--
 PrevonS indebtelue,s. SIPS, ,OOO-
 Amt required to save char
 ter .3OOOO0-- 425.OOO
 Amount uoaccouutcl for - S453. GOO
 Sbowmg Una. ther" S an amount of nearly half q mtIiou ot dollars unexplained and unac- counted tpr.
 IL k certainly extraordinary that, after All | hls, the dlreciory should nave passed c0mmcu-
 thlory rrS"iutirus ol him, and stIl more cxtra- dinary tha' tine New Or;ears press should nave stepped forth a> his special ,l.feu!er.; nat th'rae j"urnal, should have eXonerAte,i the ! ttrecjors, who pro iuced this ln5chic'. amt nave mdrect y sanctjorel sale iuyot, iu. such l [ : >ts ot tnuu>a ds oi n iid stock hol,iers and 1 1nol,g heu tneir own citizens who were in,iuc. .ti 10 inyr,t their money ln th,S enterprise up,n ! sheIr tltttrrug rtpreoertattolIs and the hI.h \ pin!on enter r,aned o Mr. ! 4r!ers ability ami I nte4rity.H
 Well mIght MT. Person, of New O.leaus. ex- press astoniShmeut at the course of the lresi- ! i'nt aud secretary oI the company. On the 1 3lSv oi May, he Wrote to p m a, follows: | lnu may rest a,~ trei the company will not relieve, untii you come dowuatd make, or have
 mad true and correct report nf the receipts | h4d dsbiira ain"ilts ot the com pany. Mr. Ltw- | 'aS'n has also sent in his resi- .nAtnu butu will not b, received uutil he makes such d showIn,
 70 The directors as will >a.sty them Fhs president and direc ors of the company are in duty bound to make detailed statement ot ever, thing that has heen done at this office. in order to get all Honorable discharge Mr. Lawrason Is now in Texas attending the-sale. Iirste d of making out his repor"
 Mir. Lawrason in the face of this letter. pro-
 Jesse, to have made report, and strange to say ms simple declaration is accredited by d portion ot the press. Mr. Yerger's best friends will mot | pretend hat he has met the demands of this
 etter. He was not in New Or!eans. at the
 meeting of stockholders on the 2, q of June. frt tl,t,. ha Iii q,
 family kept him away; but it is certainly re m "kable that previously to, and on the day of sale, it positively announced in Marshall that Mr. Yerger wond not be there. and conse 1uently there would be no organization. | l. Is urgel that the execution of the deed of trast was lndispcn<aby necessary to save the charter, and that It accomplished that object l II that was really the intention of the nstru ment, why did 1t provide fora sale in January. 1 one month beflre the charter could be save,l l and when, in view of the uncertainty of the struggle, no money could be raised to meet the indebtedness of the compaey' All the fart> and circumstances connected with the deel of trust show, conclusjvelv, that from the inccp tol nf this scheme, the intention was to sell out the road. The fact that the president pro, v'ded far his own salary, the attempt to conceal | from the public and the stockh,ld ITS he execu ton of the deed of trust, the consultation as to law to leg ,ize the sale, furnish evid encr sniff rient that they lntcndei sale should talk place Ill January. That 1t did not take place at that t'me Is owing tn a number of circumstances | First, the charter was not saved. Secondly. the company wanted perhaps >ome special legisa tion which conld not be obtained if ,lissentions and difficulties intervented 1t would have taken place, pe'haps, und.r an. circumstances, bnt from the fac. that two gentlemen of this county, benefcia,ies no'ler the deeiof tust secur. ei, in December, bonus of SlOoO, in order to postpone the sale until April, and who, a few days afterwards. secured another bonus of S2O.- GOO, to save the charters Itwas by this means the charter was saved, aud not by the deed of trust, as k pretcnled, under which, after all that has been said about it, only S7,20O were raised.
 | We have made it apparent that there was I Il l