New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-10-20
SOUTHERN PACIFIC RAILROAD.



was submitted. at the September term Of the DIS
trict Court of Harrison county, IeXas, 10 jury,
upon the merits, and verdict in favor OF III, r,le
company was returned by the jury INTO court. me
State is satisfied with the result ana inc iraicses
of the company are unimpaifed.
Debts.
The debts Of the old company amounted to
about s797 ,352, which may be increased iittie
more by the presentation of small debts not yet
ascertaned. This sum includes oil the debts EN-.
braced in the compromise of April last-attorneys'
fees court COSTS printing charges, cost of right of
way salaries Of officers, the loan OF fifty cents per
class OF debt known to me = the total amount
Of which has been discharged in cash, or paper
or the means in shape of good paper are in my
hands to discharge them, which will be done as
soon as l can see the parties holding the same.
The means thus used have been produced by
the loan of fifty cents per share on five per cent
stock, the payment of installments on scrip stock
the sale of :. the REDUCED STOCK" but principally
and largely by the sale of stock on the cypress
condition that the means so produced should not
be used for the protection Of those stockholders
who would not comply with the requirements of
the Louisville and New Orleans resolutions of 1858
and 'the new policy of the 18th day of April last
Execution Sale of the Road.
The road was sold at public sale, for cash, by the
Sheriff, at Marshall on the 9th day of September
last, under and by virtue of twelve executions,
issuing from the District Court of Harrison county,
Texas, to satisfy these executions. Under the laws
rights, powers and privileges of any railroad COM
pany may be levied upon and sold as an entire
thing to pay its debts; and the purchaser at such
sale and his associates become the owner of the
charter and corporators of the company, entitled
to all the franchises, rights, powers and privileges
formerly vested in the !" sold out company Y; and
also owner of the railroad. Gen. r. V. Richardson
purchased for himself and such associates as he
might select at this SALE the road and charter I'M
der the provisions of the laws of Texas He took
o deed, in due form, from the Sheriff. which is on
record in Harrison county and thus his title and
ownership became unquestionable and perfect
Our Purchase of the New Company.
The company which was organized on the LIST
and I'd days of June, 1858, called the New Com
pany,'' of which l.. p. Grant was President, pro-
cured by purchase and surrender, from the larger
part of its stockholders large majority of the
shares of its capital stock then issued and sold the
same to myself. and those persons who had pro-
vided funds by loan, or purchase of stock; and
thus ace became the owners of the larger part
of the capital stock of this "New Company
and in fact the New Company itself; at the
yided for in the compromise of April last.
The Re-Organizntisn.
The annual election for directors of the "New
Company" returned on the Sd instant The stock
holders elected j. Edgar Thompson, Gen. R. v.
Richardson and myself as nonresident directors,
and r. W. Loughery, w. 7. Scott, Jason G. Wilson
and j. G. Robinson, as the resident directors Of
Texas; the bylaws having provided for board Of
only seven directors. resolution was also adopted
by the stockholders blending and merging the cor.
porate person and existence Of the "a New Com
panys into the corporate person and existence Of
the company organized under Richardson's pur'
chase.
On the same day R. " Richardson and his asso.
ciates, as stockholders and corporators under his
purchases organized by adopting the same code Of
bylaws, electing the same persons as Directors
who had been elected as such by Grants New
Company and adopting, ratifying and APPROX
person and existence of that company, with the
corporate person and existence of the co,npdn,
then being organized under Richardson's purchase
In this way ne,o, distinct and independent com
pdny has been formed under the la'cs Of 1erds, NJ
acay responsible for any debt, liability or contrac
of The old Southern Pacific Railroad Company
hdring only such persons as stockholders IN 1t as
Richardson sa,o proper to associate acat himself
IN his purchase, or as the company thus organized
has admitted or may admit, to its stock books
The Board of Directors thus elected Immediately
proceeded to organize, and the election of Off
GERS, appointment of agents, and such other bust
ness as the interests of the company then re
quired. had the honor Of being elected President
! intending to resign as soon as can comply witt
the conditions of Mr.. Thompsons acceptance of thu
same office. j. Edgar Thompson was elected also
President alternate, to take the Office on my reSig
nation w. L. Scott was elected Vice-President
There could be question made as to his residence
The law required this officer to reside in the Statt
of Texas; and his election was guarantee tina
the friendship, and union of effort, between per
sons who had lately engaged in our railroad contro
versies, were sincere and permanent. d. G. Wilde
was elected Secretary and Treasurer; E. A. Blanch
Engineer; c. Z. Hynson, Superintendent; Sam
| Tate, head Of the Land Department; Governor
G. Jones, as General Agent 1 rejoice to know
\ that the time is so near at hand, when shall b.
able to carry out my often expressed determination
| of retiring from the Presidency of the company.
shall be able to do so in thirty days, when the ofc
will pass into the hands of Hon. J. Edgar Thomp
education, long experience, undoubted integrity
/ and eminent abilities Of epery character, for I'll
position, are haze succeeded IN procuring as til
best guarantee to the public that our enterprise
entirely practical; and ,rM be vigorously prose
| cuted to its ultimate success acih splendid results
Col. Sam Tate is the well-known and efficient Pres
dent of the Memphis and Charleston Railroad
| Gov. J. C. Jones is the able, energetic agent, an
one of the most eloquent orators of the nation
| to present this great work to the world. TIL
company adopted bylaw authorizing the electio
of seven directors, and an increase of the humble
to nineteen, as soon it could be ascertained cC
gentlemen out of Texas Mr.. Thompson desired t
| become members of the Board. Mr.. Thompso
had furnished, as learned, list of names to mt
/ tual friend, which had not reached the office befor
the old, or sold-oa Company, ,cho complied ra
the Louisville and Nep Orleans resolutions Of Ia.
gear, and the ne,p policy of last April as state
aboue, are provided for and fully protected, an
Their names appear on The stock books Of the latcl
organized company; but those who did not $
comply, are not stockholders-t,ea are " cut of
from tie enterprise, as so much DEAD WEIGHT,
rel as all contracts, liens, mortgages, deeds
trust, and euefy existing inc,a,ebrunce!
/ The enterprise is perfectly free; the cash j
treasury of Texas to construct the next section c
twenty-five miles, coming under the loan bill
Texas to railroad companies. So my successor ha
an easy task to progress promptly and rapidly wit
the work
He has virtually entered upon this service. Sc
4 following dispatch, received here yesterday:
''PHlLADEiPHiA, Oct. II, 1859
Meet Engineer Roberts at Memphis s 81 Ta
I find also the following telegram in the paper
of the 10th inst:
SOUTHERN PACIFIC RAINoAp
pnLApELrnlA, Oct isriion j, Edgar Thompson the +
engaged eminent engineer to proceed Texas in fuhean
OF the work His prompt action in the matter is considered
earnest Of what be expected of him in the prosecution
the work well Ills confidence in the of the great
'e Rr Sonson has ,..v,anso - H. ro,. pro..,,
the road, ut New Orleans requesting him
with the engineer at Memphis
/ Present Condition of the Company.
The company, as now organized, does not ow
one dollar has no embarrassment; is free
every respect. 1t has possession of the road /; ha
resumed work; is repairing the road, buildin
shops, engines and depot houses and as soon a
the water rises sufficient, will run daily trains,
connection with a line of steamboats, to Jefferson
! Shreveport and New Orleans, and with stages to a
| parts of Texas. .4H the ,rork no,o doing is 70
| cash We are progressing with the work as RAJ
| idly as the circumstances will permit. Fifteen gel
tlemen of large means, in Harrison county, offere
to take a contract to complete the next division
Thompson, and therefore refer their proposition