Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-11-03
From ne Ne,e Orleans Delta.

From he Neac Orleans Delta.
Award sof the ArDitrafors = ADJUST
ment OF the DfmcuIty Between the
Old and New Southern Pacific Rail-
road Companies.
IL MARSHALL, Texas, Oct. 1s, 1885, :
MEssRs. EDITORS As a matter of news
that will doubtless be interesting to a large
number of your readers, send you the in
closed slip from the Harrison Flag, and also
a copy of the award of the arbiirators
elected to settle the difficulty between the old
and new Southern Pacific Railroad Compa-
MES.
1t will be seen that the new Company have
succeeded in Topping off all stock that Is not
genuine. and that all stock is required to be
sent to Marshall within six months. for APP
proyal and that. if found good. it is approx
ed otherwise it is rejected. This saves the
enterprise. and insures the speedy, construc-
tion of the road. When the stock hooks have
been purged. the bona .fde stockholders are to
elect new officers. and the present ones. both
old and new. are to retire. The Texas move
ment has, therefore, succeeded in freeing this
great enterprise from its endorsements.
l.. HARRISON
AWARD.
Whereas. Jcpfba Fowlkes President of the
Southern Pacific Railroad Company. charter
ed by the State of Texas in behalf of the D-
rcctOrs and Stockholders of said Cpmpany.
being fully authorized thpret o have submittrd
to L. p. Grant President IF the Southern Pa
cific Railroad Company. organized under the
act of the Legislature of the State of Texas.
approved the 10Th of December, 1857. certain
points of difference between their respective
organizations, to the undersigned for final adj
. justment. determination and award-each
party as aforesaid in behalf of their respect
. i've organizations. as aforesaid. being fully
authorized and empowered to act in the pre-
misses and each in behalf of his respective
company, or OrganiZatlOn,as aforesaid, having
entered into bond to the other in the sum
of five hundred thousand dollars, conditioned
to abide their own agreement, and the award
of the undersigned, or a majority of the
same in the premises;
And whereas. the party OF the first part has
proposed to the party of the second part that
all bona fde debts against the Company in the
hands of the New Company shall be paid off
one-fourth in three months. one fourth in five
months. One-fonrth in seven months, and the
remainder in nine months, in cash. or with
such negotiable paper shall be good and
approved ny Il majority vi tHe CotilHlltlet.
To paw the the moneyed demand held
against the Company, and merged in the
stock of the Company, to receive and take as
payment be made transfer of the stock with
the debt;
And whereas the party of the second part
agree that the bona ide stockholders of the
''sold-out Company" may be permitted to pay
all the debts recognized and contracted by
the said S. p. r. r. Company. provided the
cha1l h Inv al
months. And the party of the second part.
in consideration of such payment. agree that
all the stock held by the corporators of said
Company representing said debts shall at the
time of said payment. in full, be transferred
to the bona fide stockholders
And whereas. both parties agree that the
undersigned. shall settle and determine
who are bona fine stockholders
Now therefore, touching the points of diff
ference in the foregoing propositions between
the parties. the undersig ned award and deter
mine that the said party of the first part shall
pay and satisfy in cash or good negotiable
paper, to be approved by the undersigned, all
the bona fide debts held by the party of the
second part merged in or represented by their
stock in three equal payments, at intervals Of
three, five and seven months from this date.
1t is further awarded and determined, That
on the final payment as aforesaid, the said
party of the second part shall assign and de-
liver over tn such parties of the first port as
may be determined to be bona fde stOckbOld-
ers i'm the Company of the party first afnre-
said, all the stock in the Company of the Sc
cond part, representing the debts originally
due from the party of the first part, and con-
verted into stock in the Company of the par
ty of the second part, as aforesaid.
The party of the second part proposes that
on executing the agreement proposed for pay
ment and transfer of stock as aforesaid that
the party of the first part dismiss certain
suit now pending in the District Court of
Harrison county. Texas, wherein the S. p. X.
r. Company is plaintiff. and j. NJ. Saunders
and others, are defendants. The party OF
the first part agrees that the undersigned
shall be invested with full power to direct
the institution or dismissal of suits between
the two companies and against others. jointly
or severally, and make such orders and re-
iirements from time to time, as it may
deem best to further the objects of the agree
ments
1t is therefore awarded and determined
touching the matters last Aforesaid, that if the
party of the first part shall make default in
their said several payments, as herein before
awarded to be paid. or any one thereof,
then and in that case the said suit shall stand
dismissed at his cost and all the rights
claimed by the parties therein shall be and
remain forfeited, aud henceforth of no avail
whatever. -
1t is further awarded and determined, That
should the party of the first part make
defanlt and forfeit as last aforesaid, that then
and in that case the said party of the second
part shall succeed to all their rights aud pri
vileges. And the undersigned regarding the
assets or property of such a corporation as
trust estate-eautably liable in whatsoever
hands it may be. for all the just and bona fide
debts created for its benefit alike without dis
elimination, doth award and determine that
in case of forfeiture of the rights of the
parties of the first part, as aforesaid then
and in that case the said party of the second
shall pay and satisfy all the just and bona
fide debts of right due owing on account of
said Southern Pacific Railroad Company in
three equal payments at three, five and seven
months from such forfeiture, such debts to
be examined and approved by the undersign-
ed.
The undersigned being fully authorized
thereto by the parties aforesaid. doth award,
or,ier,=and determine that all the stock
claimed, held, or owned in the company OF
the party of the first part and each and every
member thereof be transmitted to G.. G.. |
Gregg, at Marshall Harrison county. Texas, |
within six months from this date. 1t is
further ordered aud determined that in default |
hereof the said stock he held aud considered |
barred and forever forfeited.
That all stock surrendered and transmitted |
as herein provided and approved as bona fde |
stock shall be entered upon the books of the |
Company to the credit of the owner, and |
reissue made aud returned to the same in
lieu of the stock now outstanding.
tits further awarded that so soon as the |
said stock to be returned shall be examined /
and approved as herein before provided. that
meeting of such stockholders be held for re-
organization and transaction of business of
the Company. |
1t is further awarded that on the final pay
ment as heretofore provided by the party of
the first part and the assignment of stock by |
the party Of the second part. then the party |
of the second part shall deliver possession of |
said road-bed property and appurtenances be-
longing to the same.
II is further ordered, That all the other