Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-06-16
The Southern Pacific Railroad.

We republsh the following article from the
rectory and officers have been elected that
the Office of the company has been removed
to Marshall, Texas, and that the Company
will contest the recent sale. As we suggest
ed, the company applied for an injunction to
restrain the sale; bat strangely enough the
Judge refused the injunction on the ground that
the Deed Of Trust 1cas a nullity-the very reason
of all others why it should have been granted
He, however, granted an injunction restrain
ing the purchaser from taking possession I'M
der the sale:
"Our readers will have seen from the notice
which we published yesterday afternoon, that
at a meeting of the stockholders of the South
ern Pacific Railroad Company. held on Tues
day an election of nineteen directors for the
ensuing year was made. and that, at a subse-
quent meeting of the new Board. they chose
DR.. j. FOwlkes as President. and appointed
other officers. This is preliminary to the put
ting of the affairs of the company in train
for rescue from the critical and embarrassing
position into which they have, by series of
unfortunate circumstances been so thrown,
to menace them even with disgraceful ruin.
The step we venture to point to as one calcu-
lated to inspire full confidence. An exam-
nation into the character of the new directory
will satisfy all acquainted with the gentlemen
composing it that their interest in the great
enterprise their business ability, and their
trustworthiness, may confidently be expected
to lead to the best results, and. at all events,
the early eXtricatiOn of the company from its
immediate embarrassmcnts. The officers ap-
pointed by the Board will. in like manner we
feel assured, BE- admitted to be sach as must
inspire confidence.
Much has already been done beyond this
towards furthering the course which the new
Direction will pursue, as will be seen from a
report which will be ready for publication in
the course of few days, and to which we may
then more particularly refer.
= AS our readers know. the road was on the
LIST inst, sold under deed of trust executed
by Mr.. e. ;. Ierger. So clearly, however is
that sale believed TO be invalid that the Judge
to whom application for an Injunction to
prevent il was made. refused the writ on the
very ground of its nullity, and subsequently,
granted an injunction to prevent the pur-
chaser from taking possession under it; so
that it still remains in the company's pos
session. and so will continue until the neces-
sary legal steps 10 set aside the deed of trust
can be colsummated. when il will be releas, d
from even a semblance of a claim on which
TO seek TO wrest il from the ill used stock
holders.
The stockholders have passed series OF
resolutions, clearly expressing their opinions
and views of past and present matters ICON
nected with the proceedings of those entrus-
ted with the management of the affairs of the
company. They strongly condemn and repu-
date the deed of trust, as utterly null, for
reasons which we shall leave the report to
state. The resources of the company they
declare To he abundant to secure every Gre
ditor, and they have requested the President
and Directors to make prompt provision for
the payment aud adjustment of the liabilities
of the company.
In order to meet the requirements of the
Texas law, directing the principal Office of
the company to be located on the line of the
road, the stockholders also passed resolution
TO remove the Office to Marshall; and in ac-
cordance with this the President and other
officers, with the books of the company left
last evening, on the steamer Duke en- route for
that place.
Thus much for the present. Our readers
will see from il that the affairs OF the COM
pany have already been materially relieved
of the crushing weight but lately threatening
its existence. The report, as we have said,
which will be ready for issue in few days,
will develop this still more clearly"