New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-04-25
SOUTHERN PACIFIC RAILROAD COM
4 PANy.

Pacific Railroad Companies have been settled, we
trust permanently. The Old Company, DR.. Fowlkes,
President. have compromised with the purchasers
der the Deed Of Trust, and are now Ia undisputed
possession Of the field. Judge Frazer has decided the
suit for forfeiture of charter against the State aud
hopes are confidently entertained that Governor Run
nes viii instruct the proper law officer Of Texas to
move for dismissal Of the suit entirely. II not it is
believed that the Supreme Court will sustain the de-
cison Of the lower tribunal This all looks encour
aging. N VI
The Marshall Republican Of the 18th inst. contains
proceedings Of public meeting held in the town of
Marshall q detailed report Of the policy adopted by
the Company the 10th inst, and an official notice
from President Fowlkes to the stockholders. The
great length Of most Of these documents, and the ex
traordinary pressure Of onr advertising friends upon
our columns, render it impossible to present more
than brief synopsis of what has TRANSFERRED
We have already alluded to the decision of Judge
Frazer against the State in the suit entered by the
State against the Company. The proceedings Of the
public meetings, as reported, were marked by bar
mony and good feeling and the resolutions adopted
breathe : most commendable spirit Of Justice and
equity. The Texans are evidently determined that
no injustice shall be perpetrated upon innocent and
distant stockholders
The new policy inaugnnted BY the Directory on
the 10th inst appears alike comprehensive, judcous
and economical and well calculated to extricate the
Company from its endorsements in the future. The
expenses Of the Company in the way Of salaries have
been reduced from upwards Of $4,000 to about
81 900 per annum, and the stock has been scaled
down to the actual cash value Of the property now in
posaesalon-that u 70 say, ri divided into
$4,000 shares. This reduction, it is assumed, will
bring the stock up to par value, without injurnq
holderr.
~. follovino rpsoInt;ons are ;mnort.nt and NO NE
\. - II 1900, n tL, q -,
ma y impossiole 20 ~ 1 s4S'4's sAen' =
tire - -
re y itesotned, lnas eaGn s.ockaoioer Mno uas
neither mace sne ioan nor tne sorIenoes o. s.ock,
hereDy required 70 70 w one e ne olneI anu tnas
me Freslaent ano secretary ot tnls company aIe
hereby snch nnon bc tere ~
nj hesn loaned To- the Comnany INV cents ner share.
OF onehalf Of the shares previously owned or held
have not been surrendered 70 The Company, az re.
9uiea ny as;cs' a1 ~ ausy a
Of the COMPANY and the advancement of the enter
prise. a8
BE further hesOtyed, That cert,tcates shall re-
issue g "a ~ ~
aaIverv ~ certificates nf etnck reanectiveiv hold
within the next ninety DAVIS w. 4
BE ii further Resolved, That in all cases where q
surrender Of the stock has been or shall be made and
the holder of the residue will loan fifty cents per share
unon the whole number Of shares previously held Ger
tcates for said residue shall be issued to him her
or If said holder should decline and refuse to make
said loan upon said stock, then certificates shall only
reissue to said holder for the onethrd of the stock
held BY him or her before such surrender The gem
era reduction Of stock renders this further reduction
Of non-paying stockholders Just and equitable.
BE- It further Res0lred That 10 all cases where a
holder of stock has and does decline to lend fifty cents
per SHARE or to make the required surrender of his
stock to the Company that certificate shall only be
ejssued to such holder for onethird of the total
Der Of shares held by him or her, and the public
especially cautioned and requested not to buy Or Op
crate in the stock Of said Company not dated since
the 9Th Of April, 1859.
Be 10 further Rcs0iued, That no transfers of stock
shall be made upon the books of the Company, or
certificates therefor reissue in any case where the
corni LII ths farms and cond;t;ons If these reso.
ntnns and the officers of the Comnany shall resist
In every mat and legal mode all and every measure
IN violation Of the policy herein adopted.
RI il ResOlred That the stockholders making the
oan Of fiffy cents per share to the Cempany shall
he nertte To receive the reduced stock Of the Com
in ma yment az slch loan at its mar value of five
dollars ner share and the officers ar the Companv
shall issue from the Office at Marshall certificates for
the same upon the presentation of the collecting
a..