Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1855-1861, 1861-04-20

ID ,s;, FFcn. gss Louisville Jos.rneL
Southern Pacific Railroad J
Fawlkaa

Fewlkes. -,
The following gietter from DIR. Fowlkes gives
important information and useful advice ia
the STOCKHOLDERS Of the Southern Pacific
Railroad. His arguments are of character
to induce every one il Iterested in this gres.
enterprise to make one more effort to place it
beyond the reach of all future contingencies,
The delay of the last Congress to meet the
popular desires for an appropriation to aid its
construction the monetary difficulties which
surround the country, and the disgracefnl no
sition into which Texas has been forced by
the ecessionsts, have all contributed to a
crisis in the affairs of the COMPANY which
should be promptly met and remedied The
mode proposed at the recent neeting Of stock
holders in this city seems the easiest way OF
avoiding all future embarras sment and putting
the company on sure aud permanent basis.
We therefore conmend the expositions of DR..
Fowlkes to the attention Of those interested
with the hope that bis advice may be prompt
ly acted upon, as it seems to point to the only
course that can be taken under the peculiar
circumstances in which the company is in
yolyed: ,..'-f
10 the Edifor Of the Louisville Journ1l
r MEMPHI5, TENN, April 2, 1861
GENrLEEES Il returned last night from
New Orleans, and take pleasure in giving YOU
some of the results Of eur visit. inclose an
outline Of the Hon. Y. X. SteYensons address
to the stockholders which was well received
All o: the larSest stockholders arc paying up
the additional purchase of stock as recon-
mended by the Louisville meeting of stock
holders on the 18th March. They pay witt,
the assurance of our President and Directors
that all who pay viii be protected, and all
vino do not must give up the enterprise The
road cannot be built without money, and il
stockholders refuse or now neglect to supply
1t, IL is virtual abandonment of it, Our
largest and best stockholders, when I left
New Orleans, were zeaiOusly and cheerfully
responding, satisfied that the best interests of
the company and themselves were to lop of
all who have not the disposition or the means
to duly sustain and keep up this enterprise.
Col. Stevenson assumes the one dollar per
share upon the AGO, 900 shares of stock invest
ed in the unseld stock will yield sum suGlic-
r-.:, wit d the cans Of the Company, to finish
'ho complete fifty or more miles of road,
making in all seventy-hve miles, and this will
yieId large yearly income and with this in .
come the road aad lands of the companv will
enable them to construct the road across
fex"ss even though id h..
gwen to the company and though we fail
hnaily to have the contracts with Messrs. Z.
de Beliot des Minieres, Brothers, 4 Co., and
associates ratified. He, however, with Others.
still confidently expects Government assist.
ance and the ratification of the French con-
tracts referred to.
Nothing but the times has made this call
upon our stockholders necessary, and now
really Indispensable and has created an e1i-
gency not to be avoided. If the call is not
responded to our interests must be satrficed
This fact is verify so. A part of cur share
hoiderS refuse to advance money unless all
advance, and unless all DO the benefits of this
stupendors project must enure to "the few
well and able to meet its necessities Row
Many have their attention directed to the
sacrifice and purchase OF our road and fran
chises. There is no lack Of buyers. "The
few J" who do not pay require sale and re-
purchase for such shall pay, unless nearl~
all shall pay up. To this policy our President
and Directory are pledged, for without such
ced as whole. Now let us examine the eff
fects Of this policy to those who pay, and
when they are well understood, all oble to pay
will certainly DO so, think. We have 46O,-
600 shares of stock with S5 per share paid
making s., 300, 900 of capital stock
We have a large ana valuable property,
worth nearly this sum, and perspectively the
whole of it. Now suppose that only 200, 900
shares pay up the 81, making $500, 900 in cash,
and the balance Of stock be cut off, say 2e0,-
600 shares, out of the total AGO, 900, the effect
will be to give this property and all the rights
and franchises of the company to the zoo, 900
shares which have paid. The stock then be-
cCmes theirs at once, worth in property SlOa
share, and if sold for that will produce by s.
resale of the 260, 900 shares cut off the sum
of $2,e00,00o, leaving a company with all the
present property. and this fund to go on with
The work. But if sold at present prices it
will yield 1890, 900 as fund without more
stock than We now have out, and this fund.
n the judgment of President Stevenson, prove
sufficient to build the road to the Pacific
ocean, with the munfcent land grants of
Texas to aid it.
All who can ought to pay. All who are
tble and will not, ought not to expect 4" the
ew" willing to pay to incur burdens to give
hem protection. Money must come, and from
III, not part. Justice requires this. Justice
people de sss r.sles - - ...s. ano
The few cannot pay and progress. if their
associates refuse or neglect to meet this exi- !
'ency; they must, however reluctant and
'aintui, separate and unite with those who
an will aid to.'push on the column Once
'efore, this company became entangled, when ]
call OF fifty cents share was recommended
nd promptly responded to. 1t produced a :
nnd not exceeding the sum OF Sl50,OO0 to- |
Tards debt, increased by expenses to some
10000 This fund of $l5O,000 protected
he company from sale and sacrifice, the stock
hen largely exceeded the property of the
ompany, and it was reduced to a sum below
he value of the company's property, and by
ctive excrtions and perseycrng efforts
nough stock was then sold to liqpidate the
hole debt of the company ; sales Of somc-
hing like $3.50, 900 were added to the loan of
fly cents share. This was applied to cx-
ting debts, and no part of it was left, or
ould be appropriated towards the building of
ne road. The loan Of fifty cents share con-
ibuted to free and disembarrass the compaBy.
My small proportion, and now, those most
lady to pay and assist in the crisis, are those
ho bought the $650,0oe of stocks after it's
'duction. Those who paid or loaned the
fly cents per share generally seem to feel
lat to assist to Pay the then debts was to
instruct the road. To pay the debts then.
the few had to do;" to meet this crisis "the
"" must do it again the supine and in
ferent must give place to parties who have
e will and the means it is a delusion to
lspect or imagine that the Southern Pacific |
abroad will build itself, and the sooner
ose who expect it wake up to the fact. the
liter for the enterprise and their own in
rests.
The fewer who pay, the greater is their ad-
Intage pecuniarily. Before left New Or
ans the large holders of stock present at the ,
Getting on the 25th ult., became sensible of
e soundness, necessity, and benefit to them. ,
Ives and the enterprise of Col. v. K Steven.
ms policy; they were cheerful responding