Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-05-20

| 2In the PATRIOT of Tuesday we republished
| from the Deba, the proceeding Of a meeting
IN New Orleans Of the stockholders, which
soacluded with the appointment of Messrs.
THos. X. PRICE NJ. PncHER, and G. NJ.
PIScKARD, Committee to confer with the
Texas creditors. and assertion what arrange
ment could be made TO prevent the sale of the
road und r the mortgage. AT subsequent
meeting on the 18th, this committee reported
as follows:
l. NEW ORLEANS. May IL, 1858.
To the stockholders ogthe Southern Pacific R. R. CO..
Your committee, appointed on your behalf
to concur with the creditors of said road, now
in the city. in order to ascertain the amount
necessary to be raised torelieve said road from
| Its present embarrassment, beg leave to re-
! port: ---------- ,---s----.----,--
| That it viii require about S250.000 and,
| under existing circumstances, your committee
| believe il utterly impossible to reallez the
amount, and could not. at present, advise
/ further investment in said road: and in the
event the came be sold, would recommend
| that the stockholders throw themselves on the
| libcrality of the purchasers.
Your committee believe that your agent.
! the President. Geo. S. Yerger, has, upon all
occasions. acted in good faith and done every
thing that be believed for your interest; and he
has the entire confidence of your committee.
rs All which is respectfully submitted,
N. PITCHER
G. NJ FINCKARD.
Two Of the stockholders, present at the
meeting, Messrs Bryan and Upton, protested
against this entire abandonment. by the bona
yfde stockholders, of their rights and the
money they had invested. This crisis. Mr. B.
said, was foreseen and desired by the Northern
spectators who originated this gigantic swind-
ling scheme, and who held vast quantities of
stock which they had never paid for. If the
road should be put up for sale, they would
come forward and take possession of it by
paying these Texas liabilities. Mr.. Upton
moved that the report be divided, and that
part in relation to the impossibility of pre-
venting the sale be laid On the table, which
was agreed to.
That portion of the report expressing con-
fidence in the President of the Company was
then adopted.
Mr.. Price made few remarks, in which he
stated that the stockholders who had paid for
their shares had been deceived, duped and
swindled, but not by anybody here. People
in the South who had subscribed their money
to this enterprise had acted in good faith, but
their interests in it, through the Vaccinations
of scheming New York spectators, were now
not worth a chew of tobacco. He did not
think it worth while for the stockholders to
waste time in discussing the matter; he inten-
ded himself to stand upon his reserved rights,
and he hoped to meet his friends, the other
bona.fde stockholders, on that plank.
The President and Col. Wigfall, of Texas,
were asked whether, in the event of the road
being sold. the franchises of the charter went
with it, Col. W. replied that the Legislature
of Texas passed law in 1857 that, when a
forced sale of this kind is made, the whole III
tie of the Company vests in the purchaser
its franchises and privileges as we'll as the
road-bed, track, and other property; the old
Company ceases to exist, except to settle up
its affairs, and the purchasers become the new
Company. The President confirmed this by |
reading the statute in question.
Another meeting was to have been held Sat |
urday. What is to be the result we cannot |
conjecture. We fear the road and all the priv
ileges of the company are to pass into other |
hands, and that those who last year, when Mr..
YERGER was chosen President, subscribed lib
orally to its stock, are TO lose the money thus
invested. Could these Iona fde stockholders
be provided for, it would probably be better
for all concerned if the transfer should take
place, inasmuch as that would cut off all psatedo
stockholders. and put the enterprise before
the country with clear record.