New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-23
sleo Orleans aaiIp Crescent.
THURSDAY MORNING, DECEMBER %, 1858.
rhe Paclao railroad Convention.
THIRD DAY.

The Convention met pursuant to adjournment, and
was called to order by Col Gown, who introduced
Col Morton President Of the Convention, and vacated
the chair TO him.
On taking the chair, Col. Morton explained why he
had been delayed in reaching the city, He was de-
layed in distant cities by business of the Company
Inaddressing the Convention he remarked that he was
not sure that it would not to the ultimate ben
eft of this great enterprise that it should encounter
the present difficulties in its initiation they would
teach stockholders vigilance, and directors caution
how they acted So as to again risk an embodiment of
the affairs Of the Company, and their embarrassment
by the various troubles which now beset it, but
through tie darkness of which the light of promise
ii future and approaching prosperity nevertheless
shone. OF these troubles he spoke lightly and
thought that their importance had been much over
estimated denied the existence Of fraudulent stock
and remarked that every dollars worth of stock
which he held was bona tfde and was paid for with
money.
Speaking Of the grandeur Of the enterprise, Col NJ
said that the completion of the road successful re-
suit of which he did not entertain the slightest doubt,
would make Texas State as distinguished for wealth
as she now was for extent Of territory. But this brill
liant prospect would be destroyed unless something
was promptly done, and the question was now this
whether all should be given up and lost by the stock
holders, or whether they would save themselves by
making loan Of fifty cents per share or by giving
up one half their stock, which would render the re-
mainder thousand fold more valuable. Tile was
ready to make the payment on the stockhe held and
represented and that in doing SO he would contribute
81 $780, conscious while he was making the sacrifice
that he secured fortune for dozen men if the en-
terprise succeeded. He concluded with an exhorta-
ton that the meeting would be conducted with that
courtesy, moderation and ,ciyility which becomes
gentlemen and 10 these characteristics emulate that
recently held in Louisville. The address Of the Pres
ident was eloquent in manner, eloquent in dction,
and we'll received.
The President stated that Dr.. Fowlkes, who was
expected to continue his address Of the previous
evening, was confined to his bed with sickness.
The Committee on Stock reported that
1.-THE only rule, in their opinion, which could be
applicable to the issuance OF the stock is the one
pointed out by the law. If stock be issued bV com
petent authority in due form for valuable consdera
ton, it's valid and must be bona tfde. 1t matters
not whether the consideration be money chattes
real estate or services; whatever may have been ac-
cepted by competent authority, as good and snfi-
Gent consideration, must be considered valuable in
Law.
The transfer Of stock must be in accordance with
the byelaws of the Company If there should be any
certificates that were issued fraudaently, the stock
represented by such would be null and void in the
hands of the first holder; but if such certificates
should be transferred for good consideration to third
parties, who had no knowledge of such fraud, as be.
tween such third parties and the Company, or all
other stockholders, such stock must be held TO be
valid as also in the hands of any other innocent
holdern
The report was adopted
Col CORN here read note from Mr. Coeler pro
ptietor Of the Commercial Reading Rooms, informing
the members of the Convention that complimentary
tickets were at their service they wished to visit his
rooms
Col. Archer made an address, stating his transact
ions with the Company, showing that he had never
specuated in its stocks all that he had, he had
bought and paid for in cash-$5 share for the
most Of it. He stated that he verify believed that
much stock had been thrown upon the market in a
manner for which, could not account-much which |
he verify believed was not valid. But he accused no
one He was DESTROYS that every man who held stock
should come forward and state how he come by it |
He would favor no plan scheme to suppress iayes
legation, but wished that it would be made so fully
that every could see into all the affairs of the
Company.
Col. CORN took the floor, and speaking of the re-
port Of fraudulent stock being out attacked the reso
luton Of j. III. Chiffon, Esq. which created such a
nubbub in the camp the previous evening. He com
11ainaG If. the M o,anernns r,annar In r,binb H. -
amen If tho Conyontio sron, ab,aa, ~ t ecu
,ecoi,o5 i, No, C,rloans npliea5 ~, ,a,a
sIa,ar. IA -
~ snol,a ~ arf - so
IA ar,arrat;oaII,, f,sai,1,, oietri "o'l'
s,i'l's wy o,sG's VI
! yoy,,5a ~ nTa,, Cslaas sta,,tla - !" =
barrsalgos ~, radeon,;, tI,a o,tayri 80
tr9ctior ,,;o ,aaa3 \ s''e "s
Wbatber III Nav G,rIaon. .too1,to14ar, a,,;,..,.
III nj ,ono1, j. M II ,os = 800 ~ -
tooIboldor. a,,o,5 s.1o,Ia ,,;.o - ,,.I1. S.i5
o tbogo ~ nJos, C,rloays tl .' aau
gars ,,n,illin i ossst Il 49, T,,a ',.oy
! forced - N apytbtno tbera 7gos NJ
/ snforcs Tho rr rato han reoessor -
gEad Of men should be ,,il - go
ronertv n stated tlat Ia -,
hi r. tbav loanad thar u co,ts P' ~,
a 5as MI rastoro5 n tbor tan ,,,s
- rotnr,aa uo olol,.S Iina,o,p - "ouiu
orso,s { H.. ,,, Ill, "Sie
d aislaora3 ht,,,,r .s9' ttiaV
tato that s,5iato5 arI 1. = on
% Lzont,el,iar -l'7 "o'0 q
nj 1rcb.r reioi,,ea /, ,,or,, t,..,5 .,..- f..
ti,at r., seat
,tee Which a .ls SaAie from
eacon mon him 90 bis stata as
enndiataa No1'7''9s4Pp2 n"o !
III. CORN liscla,e5 anv ana, iotont;oa
s~t'f'S'i'