Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-05-18
Ero,n ne y. o. ner,n .


in pursuance of the call by President Yer
ger.
President Yerger explained the purpose of
the meeting in speech of considerable length,
recapitulating the condition, prospects and
dangers of the Company, substantially as we
hriefiy set them forth a day or two ago. He
laid much stress on the urgency of the claims
of the Company's creditors; they had done
honest work, be said; they had postponed
their lust demands time and again; they had
granted every delay and indulgence until
patience had ceased to be virtue, and now
they should be paid. And President Yerger
did not hesitate to say that, after the Direc-
tors had failed to meet and take the impor-
tant subject in consideration, if the stockhol-
ders to whom he appealed refused to take steps
for satisfying or for coming to a good under
standing with those creditors, it would be just
that the Company's property in Texas should
be sold dnder the deed OF trust as advertised
already for sale on the first of June next. 1t
was by that deed of trust that materials were
procured and work was done at critical
time: il was by that work that the charter
was saved; and now, if those who secured the
road from forfeiture can get pay IN no other
way. they are entitled to have it by the sale
of the road itself.
President Yerger said much more in regard
to distinguishing between bona tide and bogus
stockholders. and intimated that one conse-
would be to purge the Company of the latter
incumberance that is, of stockholders who
rejoice in fabulous amounts of stock for
which they paid nothing. and which, thrown
into the market, detract from the general
value of stock as we'll as the reputation of the
Company.
Mr. Richard T. Archer, of Mississippi. one
of the Company's Directors, replied to Presi-
dent Yerger in a somewhat pointed and forci-
BILE manner He complained that when he
subscribed $4,000 in cash for stock under the
new arrangement last year, Mr.. Yerger headed
the list with a subscription of $4,000 for
himself and friends-an amount that gentle
man and is friends deciiaed afterwards to make
good. He also complained of having been
drawn in, some way, by Robert }. Walker to
sacrifice Mississippi plantation worth every
bit of SIS, 900, for that much stock in the old
Atlantic and Pacific Railroad project, the i'm
: mediate projenitOr of the present Southern
Pacific. We also spoke of the injustice of the
Texas Legislature having affixed to the dOna-
ton of 1920 acres of land and $4,000 in
money per mile of the road, the condition that
the domcile of the Company should be
removed to Texas and concluded by the
feeling expression of the wish that he was tout
of the scrapei altogether. r
Col Wigfall, of Texas, then spoke, mingling
the facetous, felicitous and forcible i'll such
manner as to smooth the troubled waters
Danish personal feeling, elimination and re-
elimination, and bring the meeting to the
direct consideration of the practical question
before it. He commiserated the case of Mr..
Archer. but he would recommend to him the
example of David, who mourned III sackcloth
and ashes for his sick child, but when the child
was dead, arose, washed himself, and went
about his business like sensible man. Mr..
Archer had better let by cones be by-gones,
resign himself to irretrievable losses, and go
dered that the exchange of Mr.. Archers worn
out plantation in Holmes county, worth about
$4,000, for $4,000 of stock in the Bob Walk
er project, a very good bet, if it was lost. He
would have staked quite as much on the same
game. Col Wigfall concluded by stating
plainly what was the real question before the
meeting, and urging them to resolve upon some
practical course TO satisfy creditors, prevent
the sale of the road, and protect bona tide
stockholders.
A motion was then made to call Mr.. T. X.
Price to the chair.
That gentleman declined to take the chair,
but availed himself of the occasion to Vindi-
cate Mr.. Yerger from insinuatiOns made
against him. He had known him from boy
hood, and if he was distinguished for any
thing more than his ability as a jurist, it was
for his infiexible integrity.
On motion, then, Col. VIM. A. Elmore was
called to the chair.
On the motion of Mr.. Brown the following
resolution was unanimously adopted:
ResOlUed, That a committee of three stock
holders be appointed to inquire and report
what amount of money will be Immediately
required to prevent the sale of the property of
the Company, and what practicable means can
be proposed to procure the same after confer
ence with the creditors.
The Chairman appointed on the committee
Messrs. T. X. Price, Mason Pitcher and Henry
Renshaw.
When the meeting adjourned to meet again
ON Wednesday, at II O'Clock NJ.