Arkansas true Democrat., 1858-06-15

fhn house of Stilman, Alien & O., of ,l'. i...h = .no nat nm tailed last fall and the comnanv ,..'. 'ouhd without funds. Bv the terms of ,l' charter twenty miles of the road must l., ;s running order by the 26th of February las, nr 'ne whole was forfeited. To raise the monev necessary to secure the charter. deed of tru:t was executed to parties in Texas who ,oada aJ sa'.ces r, repayable on the 15rh of Januarv last Ills money was not paid as stipulated. Re. gently, from circumstances not exnlained tho eAas creditors became alarmed for their secu. 'i'y and had the road advertised for sale. The president when advised of this proceduro called meeting of the New Orleans directors put they refused to convene. He then callod meeting of the stockholders, which was hold one day last week, at which he made state 'ne''' showing the perplexities of the comnanv ana committee was appointed to devise some ,iieans t' extrlcate It from embarrassment if mot hopeless rum. This committee repor,ed at ;, "uJoufhed meeting of stock holders. on Wed : nesday- ''' " ou
 hat it will require about s25oOoo ard under existing circumstances. vour c,,n,yoif,aa believe It wholly impossible to realize ina amount. and could not ad wise at nresept fur,ho. investments in said road, and in the event tho same be sold, would recommend that the s.ock holders throw themselves on the Ebaralitv Inf the purchasers''
 ~ com'nlttee then ezonerated President ierSer from blame for this untoward condition, oi .hih9s- he other proceedings of the meet
 "S were fa0her more spicy than encouraging iiliormatioii was asked as to the effect of the saie' and the reply from President Yerger and ni' .9iall, ol Texas, was to the effect that 1t would invest the purchasers with the titlc to all .io PioPerty, Fishts, grants, privileges, etc., of 'ne present company under the charter
 MT. T. K. Price, to save discussion very irahNly stated the condition of the company. lie, With others. had put in S2,5O0 in the mn. dertaking, and, with them, he Ind been decsiy. ed and duped. The consequence was that their "whoe stock taken to the ,monnt of Solo,OOO was not worth one chew of tobacco J. It would be no use he said. to trv to rigbt mai terS now, Tor If the money could be raised if would only be throwing it away. He wonIJ not invest five dollars in it. They had hean humbusged, but it was by the shrewd New Workers. Mir. Fuller moved the followin1, ra solution:
 That committee of three be appointed so make report and history of this entire Pacific railroad project, to cenSure any who may he ehlitieh to cehsure and to eXonerate all who may be unjustly ceusured.
 ln support ot It, he said that Mr Yereer was ilke Cesar's wife, above suspicion. and that whatever wrong had been done, he had only been used as tool. The project was cot up oy Robert J. Walker, at Nibos Garden. in Ne" ! ofk, and the first day the books were opened he took Sl00O0OOU If stock, and Mir. o"el U. Sevier took $5,00O O0O; they then went nome to dinner, got drunk, and then went ndcK ahd sutHcfb bed for further similar amounts. Ailu al me very moment the shares Were being so loudly recommended 10 Us here, editors had come |" nm aiid offered them to him for less than they couif be got for at the office. And What ha1 been done with the mouey raised at Nashville, St. Louis and Louisyile?''
 The resolution was adopted after making the conm'ttee twelve n number, after which the meeting adjourned to Monday next. The Del;a speaking of this meeting, says:
 It Is clear that the affairs of the company have come to dead lock- l. is e,,ually clear that the stockholders despair of extrlcating themselves from thicNenng troubles. The plain meaning of their action yesterday was to do nothing-to let things take their cour,e-to resign themselves to the inevitable. They felt no assurance that, even should they ra Se the SZo0,OOO necessary to cancel the deel of trust and save the road from sale, they would be on safe groud. lncumbered as the company is with bogus stock and gambling stock holders.
 This is rertanly very unpromi>ins condition Of things, but we observe that agents and news papers Tn thlS State, Georgia and Tennessee. are laborng to ob.ain new subScript;ons Their occupation i'll this regard however, will soon be gone-and we hope the frand and rasca'ity charged to be connected with this affair will be thoroughly exposed-that Is the only resource or recompense that the heeced stock holders can now expect except perhaps, lesson of eXpor- enee that will make them pause wben again tempted To embark in an enterprise promising profit so widely disproportionate from the real value of the money invested Th" Della. of New Orleans, has hope that the road will yet be built. IL says:
 " We may take for granted hal the road. it's charter, franchises etc, will be sold at NJ lrshall. Texas on he first day of June bext We may assume that the creditors mostly residing in Texas or this city, will be the purchasers for S230O0O, the aggregate of their claims. For this they will have 25 miles road bel. loco- natives and the appurtenances worth a' least S60O,01O ; together with 256,OOO acres If land worth af least $ per acre; making a tosal value of SS360UO. With such bargain, and such r' sources as the charter would pat al cnnimal i of the new company, invested with al the rights of the old, who could doubt it's success