Department of Internal Improvements [pp. 584-589]

584 SOUTHERN PACIFIC RAILROAD CONVENTION.
INTERNAL IMIPROVEMENTS.
1.-SOUTHERN PACIFIC RAILROAD CONVENTION.
TIE New Orleans Picayune contains a full account of the proceedings of the
Railroad Convention held in Louisville, Kentucky, in obedience to a call upon
the stockholders of the Southern Pacific Railroad Company, of which we present
the following succinct abstract. The meeting was large, consisting of stock holders and gentlemen who felt interest in the success of this great enterprise.
Hon. James Guthrie was called to the chair, and Mr. James Shannon, of
Missouri, and Col. L. A. Whiteley, were selected as secretaries, when the Presi dent of the company, Dr. Jeptha Fowlkes, offered a statement of the present
condition of the company. A committee, to whom the paper read by the Presi dent was referred, made the following report:
Your committee, having examined all the facts within their reach, believe
that the report read before you this morning gives a correct account of the
present condition of the Southern Pacific Railroad Company. Notwithstanding
the resources of the company, its means are so much embarrassed by previous
bad management that there is nothing to pay pressing liabilities, prevent a sale
under execution, and consequently the entire sacrifice of the stock. [For resources and liabilities see President's report.]
As the only available means in the present emergency, we offer the plan contained in the following resolutions:
Resolved, That this meeting appeal to the stockholders in this State and
vicinity to contribute voluntarily fifty cents on each share of stock held by
them before the first day of October next.
Resolved, That A. D. Hunt be appointed a trustee of the fund so contributed,
who shall receive and hold it until he is notified and satisfied that a sufficient
sum is raised to relieve the company from its present embarrassment; until that
time no part of the fund shall be used; nor shall it be paid over until authorized
by a meeting of the stockholders called together upon notice given by the
trustee.
Resolved, That if a sufficient sum shall not be raised to relieve the company
from its present liabilites, the trustee shall return to each contributor the
amount of his contribution.
Resolved, That your committee have full confidence in the value of the enterplrise, and that the sum necessary to relieve it from its present embarrassment
is trifling, and that the contributors will be more than remunerated by the
immediately enhanced value of their stock.
Resolved, That your committee believe that if the necessary means are not
raised, the interest of the stockholders must be sacrificed, and the great enterprise postponed, if not defeated; and we, therefore, earnestly invoke the stockholders to come forward and protect their own interest.
Resolved, That as soon as the present embarrassment of the company is relieved, the road can, and will be put under such control as will secure its completion, and increase the value of the means already invested ten-fold.
Resolved, That in furtherance of these views, that J. H. Harney, chairman,
Rtev. James Shannon, and Col. L. A. Whiteley prepare a report of the proceedings of this meeting, together with an appeal to the stockholders of this company,
urging upon them the payment of the per cent. suggested in the first resolution
upon their respective shares of stock; also meetings of the stockholders in New
York, Cincinnati, St. Louis, New Orleans, Nashville, Knoxville, Memphis, and
elsewhere, be held to cooperate and aid our efforts to provide the means necessary to free the company from embarrassments.
We earnestly recomniend that stockholders, who are indebted on their subscriptions of stock, do pay up the scvernl amounts due by them forthwith.