| From the New Orleans Times Picayune |
| |
| April 23, 1861 |
| |
| Southern Pacific R. R. Company |
| We call attention to the last
card of Gen. Richardson, agent of this company. He will keep books open
for one week more, for the stockholders to subscribe; after that time
his agency here will will be closed. He gives a faithful warning to the
stockholders; and if they do not respond to it, the consequences that
will follow, are justly chargeable to them, not to the officers, who
state faithfully the wants of the company, suggest the mode and measure
of relief, and show plainly the results of a failure of the
stockholders. |
| The
{Houston &} Texas Central road has been lately sold out by its
creditors. In Texas, it is an easy process, the law making the
franchises and property of a railroad company liable, for its debts, and
requiring the whole to be sold as an entirety, when the road is sold.
The object of the law is apparent. It is that if one set of owners shall
fail to build the road, another may acquire it, who can and will
succeed. Thus the State obtains the object of her solicitude, and for
which she makes such liberal grants of land, that is, the construction
of her railways. This is as it should be. If one set of owners, after
having invested, will do no more, either by loss of confidence in the
enterprise or those who manage it, but will suffer the whole investment
to be lost rather than advance enough more to protect what has already
been put in, the law should provide an easy mode by which what is thrown
away by one set of men may be acquired by another. A sort of railway
salvage by which what is thrown overboard or entirely abandoned to the
mercy of the tempestuous times, shall be gathered up by brave wreckers
and appropriated as the reward for their risk and toil. |
| These are most extraordinary
times. The country is precipitated from a state of quiet into civil war;
and there necessarily results a suspension of financial matters. This
company in the late quiet times was at work building its road, pressing
forward its construction, making financial arrangements in Europe and
America to meet its engagements. All at once the sky is overcast, the
tempest falls upon the land. The company is caught out at sea; it wants
to reach the shore. It cannot do it unless it friends and shareholders
will help. Debts have accrued for work done; they must be paid, or the
process of the law will sell the franchises and property of the company.
This is an emergency that must be met, or the enterprise is lost to all
who refuse. Money can be had to buy the property in combination with all
stockholders who now help, and upon the express condition that those who
don't help shall be cut off by the law of Texas. All then who would
preserve their interest had better make an extra effort and call upon
the agent at No. 84 Common street, before this week shall expire. |
|