Arkansas true Democrat., 1859-11-16
OFFICE c. & F. R. R. CoM.,7 Little Rock, Arkdnsas, !
 Nov. 10. 1859.
To THE STOCKHOLDERS:

constitute the machinery nec- essary to the work in hand The stock holders of the "Cairo and Fulton Railroad Company" are hat company. They have chosen Directory to transact their busi- ness and act for them. Within the limit of their authority the official acts of the Di- rectors, are the acts of the stockholders.
 To insure success, it Is necessary that this fact be appreciated, for without entire harmony of views, a disposition to work together, and a feeling of indiuidual as we'll as corporate responsibility, the most prom ising enterprise will become feeble, and the feeble will fail.
 The history of this company has been history of delays. discouragements and op- positions, coming very near entire defeat. The grant of land was made by Congress to aid in the construction of this line of road, on the 9th of February, 1853. En- couraged by this donation, the company organized the 18th of April succeeding, un- der charter not favorable and in the face of much prejudice.
 Not until Nov. 26, 1856, and against much opposition, did the legislature make transfer of tIat grant to this company, and not until July 10th, 1857, did the com pany receive the first schedule of lands granted Feb. 9th, 1853. In the meantime large quantities of the most valuable lands actuolly gronted, were perverted from their legitimate purpose, by unlawful encroach- mentS, which the company was then unable to resist Thus, nearly half of the ten years allowed by Congress for the completion of the work had been lost in damaging delays.
 And when the lands were transferred by the State and schedule of them wrung from the lists at Washington, the season of high prosperity, ofabounding credit, and unchecked success in railroad construction had passed, succeeded by ruin, loss of con tidence, and prostration of all enterprise, which condition of things remains until now.
 When the company could have built theiI road, the resources were withheld. When the resources tardily came, they had become unavailable.
 Notwithstanding these discouragements, the stockholders bravely responded to the calls of their Directory, and furnished the means for a survey of their line, for prose cutting their claim to their lands, and de- fraying the expenses of management. The late instalments have come in slowly, ow- ing to the general want of money, and par tlally perhaps to a feeling ofdiscouragsment growing out of the little progress made in actual work. This feeling is natural, and Is lol .1-b, l l. too much ground for fearing that after all their abiding faith, all their generous ex- penditures, the end hoped for, would fail The Board of Directors, approaching this state of feeling, have refrained from enforc- ing payments of installments by suit II is well to affirm right here, that a subscrip tion to the capital stock of railroad com pany, carries the same legal obligation tC pay as note of hand, or a sealed bond, and may be enforced as readily.
 The failure on the part of the Direc tory to enforce payments, should not be mis taken for an admission that they cannot anc may not do so but rather set down as tht result of their judgment, that, if its ouner will not contribute their stipulated share without suit, they must look for other re sources or cease the effort A railroad en terprlse, traversing an entire State, through many counties, depending upon public ia vor, at the mercy of the legislature, must have friends and not enemies; or if eneme, must rise, they must not be of the same household.
 There is not available wealth among us to build this road, subscriptions cannot dc 1t, though paid never so willingly. Tn, stockholders have done nobly, in keeping the enterprise alive and carrying it thus far and will do much more; but the company has onother resource and must use it.
 It has upwards of eleuen Hundred and sir teen Mou,and acres of valuable lands. Tn grant of these lands to the State by the ac ot Congress- vested in the State a title il fee simple. The State has transferred then to this company. It is anticipated that tn full quantity intended, about 1,150, ,00t acres will be obtained
 The titles to these lands are being record ed. They will be examined and valued preparatory to selling, at an average O not less than five dollars per acre.
 By a recent order of the Board of Direc. tors, at their session in this city, these lands are to be made the subject of mort gage or Trust Deed, to, secure the issue O bonds to the amount of five million dollars bearing seven per cent interest, and paya ble i'll twenty-five years The bonds vii seek the market for procuring cash and ma terlals for the construction of the road O this company. Upon the plan adopted by the Illinois Central. and the Cairo and Full ton Railroad of Missouri, which are work ing well, the lands of this company vii redeem the bonds and pay the debt; so tha the road being first built by sale of tn bonds, the lands, all the while rising il value, as the work goes on, will redeem tn, bonds
 Ihe working of the system will furnis1 means, and avert the necessity of large an, rapid calls upon tho ockholders-they ad vancing far enough in the outset to brin, the landed security into use These order of the Board are to be carried into execu tion without delay
 Claimants by pre- -emption, under the be nefcial provisions of the act of Nov. 26th 1856, are anxious to pay for the lands the are entitled to, at two dollars and hal per acre, and secure titles, so as not t risk losing their improvements. Instea of resisting claims on account of legal ob jections, almost all kinds of irregularitie are passed over, and the claimants will they desire, receive deeds by January 15t next. A liberal policy towards honest set tiers and claimants is the best policy.
 If possible, discrimination will alway be made in favor of settlers, and agains speculators. The lands will be valued fo selling. If settler be found upon tract he will not be treated as tresspasser, bu have the benefit of his improvements, an, the first chance to buy. If after being thu cared for, he neglects to purchase, and tn speculator buys from under him, the com pany and its trustees can do no more.
 If house of worship or school House be found upon railroad land, sufficient fo the use of those Improvements will be do noted; for these attract desirable emigration and build up prosperous neighborhoods thus making lands more valuable, and rail