The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1858-10-08
CONVENTION OF rn4 srocxHoLpK1o ~ IN
sourRxHx PACIFIC AAiLRoAD oon1A1Y,
HELD At MEMPHIS. sYPf II, lnoa
NETTING OF STOCKHOLDERS.
HkhrNfs v VxfN. sxiay S~nt 1. isxs


day, on motion Gen. X v. Richard
sou was called " the Chair. and Coz
john Martin appointed Secretary. Thp
Chairman, on taking his seat, addressed
the meeting a. follows:
Geaiferea !: ! thank you for the homo,
cDatcrred in eleeting me 10 preside over
your deliberations With your permits
sion. will state the objects Of this meet
ing.
THIS Is a Convention of Stockholders
iu the Southern Pacific Railroad compA-
ny, living in and near Memphis.
On tho 1911 day ri October 1857. n,
fcr-er, the President OF your Company.
executed decd nt trust upon your sosd
It's property and franchises, t. secure
-undry debts against your Company
GA the LIST day Of June last, the deed Of
trust was foroclosci by public sale Of
the road, It's property and franchises. .ll
of which were purchased hy some one
OF more OF the creditors. who have organ.
'Acd. what they term new company.
upon the RUNS Of cur Company. Tn.
question - he considered 10y you. now.
l. this Was the deed Of srus. valid. or
"a nudity From the facts which have
learned give It IS nay opinion that i, il
null aud void and that there WAS fraud
IN law and Ia fact both in its inception.
development and foreclosure
Your company is body corporstc,
chartered by the Legislature Of TexSs,
possessing such rights. privileges, and
franchises as that body saw proper 70 in.
ves, you with The great franchises of
t'afas.ar. -
10 build a railroad. to operate il. and 10
hold property These are vested in th..
b0dy'corpofale er stockholders, and not
IN the Board of Directory. or the otlicers
and agents OF the Company You can
not bc divestci II these great rights,
without yonr voluntary consent. ex-
pressed IS stockholders. IN a meeting Of
stockholders, two-ihiris Of III. shares
concurilng; and tins consent must Nv
sumo the form OF a bylaw Of the Comps-
ny. Have She stockholders adopted .
bylaw authorizing the execution If this
deed II trust upon your road, it- proy-r-
ty, and franchises, understand not
Then the deed Of trust was executed
withou, authority and was = usurpst.on
Of power. and, therefore null and void
But another trouble has sriscn. In
thi- war between the old and new CON.
panics. The state Of Texas comes in ia.
the fox IA the fable, and attcmp,- 20 run
.,..r...x4 -. -....-a that Gsn f's~s.r
t. the Governor of the Is skid. nh 1 sRsn.
Ut the Company. before you had bnil,
any part If your road II is said, under
the set If the Legislature passed snhs.>
81. ..t .t.v
you wctc required 10 make annua. r..
ports. show ing how many mites II road
you bad completed, how many ears you
owned and were running and how many
lives had been lost hy the running Of
your road. !! this be So. how could such
an act be applied 10 your Company, when
You bad, at the time when required %
report, no, one mile Of road completed.
dld not even own one single car. xHi
were simply an organized Company, with
brilliant eNr.ctancies, but few realities.
think the act il not applicable 10
your Company vi that time, and upon
careful showing II facts % the State Il
Texas. the proceedings viii be dismissed.
The Presidcn. Of the Company will sp-
pear before you. and report the proc
poets difficulties, hopes and aims which
he cuteriain~, aud the facts with refer
cncc 10 these matters. II. has recently
attended the meetings If stockholders II
Louisville and Cincinnati, and has made
such an exhibit 1T the condition and ex-
pose II facts. difficulties, and prospects
as has Justly made him the recipient Il
the highest culegy Of Hon. j. Guthrie.
those conventions and the prcss Of those
and other cities and have no doubt he
Will mako the -auie exhibit and expose
here to-day
When TINS Is done Il il fnr yon. gen
,irneu a. say what you viii do: whefh
or you will be sapne. ~ act for your
nwa interest, sud ihe prosperity and sue
cess ct the southern Pacific Railroad
Company
lIcre follows The R.por, Of pr fowlks-.
, President. si, ing the condition Of the
Company.
Ng-osrflo>s Of NETTING
Rcialrsi by this C,,n~af,os Tha, from
careful examination of the facts set forth
IA the citation, in tn. case Of the South
ern Pacific Railroad Company sgsins,
Saunders and others. purchasers under
the deed OF trust by lawyers herr. and
the written opinion II Mesers. Adams.
Murtah and Jennings, attrrneysi IN Texas.
also. the act of the Legislature 1t Texss.
approved the 18th day II Dccemher,
1881, and the bylaws and proceedings
OF the Company, !, is our deliberate opin
ION that ,h, deed % trust executed BY q.
: Nerger. former President. On the 18th
day Of October, 1851. il utterly null sad
void 20 all iu,cn.s and purposcs. and that
the sale made under II, On thc let day ~
june last. conld and did not ccemuai
cate any right. title, or interest In law cv
equity upon either the road. frsachiss~
or property Of the Company. 70 ths pss-
chaser a, that sale.
Rssolret. That this Cnnvcnticn o. nv.
ing examined carefully, b. stersHsys
here. the bill Of complaint Sled ~ -
State Of Trxas against tn Soa1hsea p
c6c Railroad Company. peayia9 - -
clare the charter If ssid Coslpaa1 TT.
fei,ed, for the reason ths4 ssiA 0oGpooy
had failed TO report q ~ 0ovogoag -
tire State the s1hiss md eee1i1t1o q ~
Company. In pursrsaes q ~ csovtssrD
Of tia act Of ~ II ~ = February.
lAAa. And hAvn Alnn 60 nlly nQ1o4 -