Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-05-24
1asbhiIle Onion anS antritan.
Daily IS /; Tri-weskly S.; weekly 50.
Southern Pacific Railroad--StockhOld
Meeting.

, LIT, Esq. as Chairman and Col. James s. WALLACE
as Secretary. Mr. BuLLITT not being ia the hall
JACOB swIGERT, Esq was called temporarily to The
chair
! DR.. FOwLKEs, the President of the company,
whose entrance into the hail vas greeted with warm
applause then rose and said he had called the meet
ug give the stockholders an insight into the pre-
sent condition of things. He wanted no more mon,
ey from this section, which had come up promptly
and literally to his aid, but he desired to preEn
the pecunary condition of things fully as posi-
BILE To effect this he had prepared short adj.
tOnal report, supplemental to that presented at
the meeting of stoekhoid rs in New Orleans on the
29th April, and embracing such further suggestions
occurred to him as necessary to promote the in
terests of the Company. g-.0
With the consent Of the meeting, Gea. RICHARD
son, of Tennessee read, for Dr.. FowLKEs, the fol-
lowing Report suggesting that he was prepared 10
answer any questions or make explanations
TO The STOCKHOLDERS.
We have presented to the public, through the pro.
ceedings of the late New Orleans Convention an
elaborate report, designed to give complete history
of the compromise the ne policy, the ndebtsd n S.
property and affairs generally Of the Company. We
deem Ii not necessary here to do more than refer TO
that report and bring to your notice one or two ad
| dItional matters We expect every day to receive
Information from Texas that the State suit had been
! finally disposed Of when shall GIT this informa-
tien at least half Of the thirty days allowed pay
the first instame9t will have xpired and We shall
not have more tine left US than will be necessary
| to travel to Texas from Memphis to make the pay
ment 1t will be seen, then, how important it is
that every sockholder should make his loan and pay
unpaid insallments at once, SO hat We may know
what amount Of money we shall receive from this
source and what sum will have to be provided other
| wise. therefore suggest that limit should be
fixed, beyond which We should not accept Of or per-
NIT any stockhoder to contribute this loan or pay
up his Indictments, and fixing, unalteraby, the
! purpose of these stockholders who neglect refuse
to make the Loan. positive, unmisiable policy can
! only save stockholders and the enterprise.
The time has come for aetionp and we must fix a
day aid say t. all, in my judgment firmly but kiud
ly, If you wish 10 cast your lot With US You must
! make the loan and pay instslments remaining un
paid by that day; if not after that day we from
necessity cut you off, and look ether sources for
the balance Of the means wanted to free the COM
pauy from debt. We fear that some will be cut off;
but if it be SO, it is their not fault. They knew
their duty and did it not" They must suffer from
such neglect or Obstinaey. -.......
Our resource to supply the deficit, is a sale of
the reduced, forfeited, and surrendered stock be-
longing to the company, amounting to near one
million of dollars We effer this fret 10 our stock
other capitalists Whs can be induced no doubt, to
take it, with the influences and Advantages it will
give them tisnot only proper to pay the first install
faslt but the total indebtedness should be ezagHshed
under the compromise at once, without availng
selves CT the time given by tbs terms of the
promise. A payment Of the total Indebtedness
would at once restore confidence and give credit,
which could be made available to the enterprise,
both in aud out of Texas. The clogs of debt and
dserelt prevent to much extent the progress of the
work.
When we failed, last January, to consummate the
settlement then hand, q large proportion OF the
fands which had been raised for that purpose were
withdrawn from my hands. The New Orleans money
was Withdrawn generally; the Ohio money was re-
tanned by the coil citing agent; so with the Missouri
money, and some other persons and parties Only
the Kenucky, Tennessee, Virginia and Alabama
money, and partial ST all sums fir I'm other places
we're left in my hands. That money has been used
to protect the company, and has thus far saved it
from loss. l had also made large conditional sales
of the forfeited and surrendered } Ock, and had re-
ceived generally therefor the notes Of the purcha-
sers, running from three TO twelve months time;
but some Of these purchasers have withdrawn their
notes, and others have notified me not to use them
until further directed; so that cannot tell whether
any of these conditional sales will now be carried
out. 1t has been suggested, the surest mode Of
raising the deficit that half dozen persons at each
Of sundry localities could by induced if the prVi
lege is given them, TO take sufficient quantity Of
the reQuced, IOrIelteQS ana surrendered STOCK ID
make up the deficiency promptly, after aseersining
the amount paid in fixed period by stockholders.
This must be donei if stockholders will not raise the
required amount Hence there must be q time fixed
when shall cease to look to the loans and install
ments of cur stockholders, and shall look to the
sale of the stock adopt other modes of raising it
We have agreed upon the general terms Of con-
tract with experienced and able contractors to build,
furnish materials aud equip fifty miles of frat class
road in twelve months from the final disposition of
the State suit, at $50 900 per mile, to be paid for
in the State loan, the sum of $450,000. The bal
snee in the construction bonds and tae lands at So
per acre, the stock Of the company at par. The
company the right to pay cash at the rate
Of S24 900 per mile for twelve months after the
completion of the contract am going to the city
of New York now to close up this contract. 1t will
be seen that the company can ray for this work be-
yond doubt The loan is obtained from the State
Treasury The construction bonds stock can be sK-
ecuted by the company and the lands donated
by the State. The construction of the fifty miles
insures the loan and the lands to the company and
places the enterprise beyond all doubt and difficulty
in the public mind.
1t may be well to quote the law By which recEsant
stockholders can be cue off, The 9th section of the
act of the l9ta of December, 1851 Of Texas pro-
vides that 'the road bed track franchise and char
sred rights and privileges Of any railroad company
in this State, shall be subject to the payment of the
debts and legal liabilities Of said company, and may
be sold in satisfaction of the same; but the said
road-bed, track, franchise and chartered powers
and privileges shall be deemed entire thing and
shall be sold IS such and in Of the ssle Of The
same whether by virtue Of execution, order Of
sale, deed Of trust OF any other power, the purcha
ser or purchasers such sale and their associates
shall be entitled to have and exercise all the pow
err, privileges and franchises granted to said
pany by its charer by the general laws of this
a'e, and the said purchaser or purchasers and
their associates shall be deemed and taken to be
the true owners of said charter, and corporators
under the same, and vested with all the powers,
rights privileges, and benefits thereof in the same
manner aud TO the extent as if they were the
original oorporators ofsaid company; and shall have
power to construct, mpltte equip, and work the
read upon the same terms aud under the same coz
ditions aud res rictions as are imposed by their
charter and general laws of the State"
4 would suggest that the 10Th day of next month
is as long probably wait with safety upon
our stockE Olders make the loan and pay inslal-
ment dus ard unpaid; and that from and after that
day we should neither accept loan nor estallments
from those who have refused or neglected to make
such payments to that date; nor should we Teeog
nzs their STOCK but proceedto protect paying stock
holders under the laws Of Texas. Duty 70 cur
selves to ALL and to the enterprise, requires TO
take this course, and we must walk where duty calls
u
In answer to questions Prop1unded TO DR. FoWlkes
he stated that the lands granted to the Company by