As the financial affairs of the Railway Company were far from flourishing, the Board of Directors, at a meeting held on August 14, 1878, and the Stockholders, at a meeting held on September 16, 1878, voted the issuance of $2,700,000.00 in bonds and the execution of a mortgage on the entire property of the Company to secure the bonds. The mortgage named George Mosle and Charles Meriwether Fry, both of New York City, as trustees; and a contract for sale of the bonds was entered into with Dennistoun, Cross & Co., Bartholomew Lane, London. The Stockholders also adopted the following resolutions:
"RESOLVED, That the capital stock of this Company be incresed to Three Million Seven Hundred Thousand dollars and that Twenty-seven hundred thousand dollars of said capital stock be reserved to be issued in exchange for the bonds of this Company this day authorized to the extent of Two Millions seven hundred thousand dollars".
At the Stockholders' meeting, roll call showed 6565 shares of stock represented. The meeting, which had been called to order at ten o'clock in the morning, was kept open until three o'clock in the afternoon, to permit all stockholders to vote. The result showed the following in favor of adopting the resolution in favor of the issuance of the bonds and the execution of the mortgage:
Galveston County -------------------------------------------- 5,000 shares
Galveston Wharf Co. ----------------------------------------- 200 "
Southern Cotton Press & Mnfg. Co. --------------------------- 150 "
Union Marine & Fire Ins. Co. -------------------------------- 50 "
Merchants Insurance Co. ------------------------------------- 50 "
Home Insurance & Banking Co. -------------------------------- 32 "
National Bank of Texas -------------------------------------- 25 "
Galveston City R.R. Co. ------------------------------------- 25 "
Island City Savings Bank ------------------------------------ 12 "
Ayers, D. Theo. --------------------------------------------- 20 "
Arnold, A. L. ----------------------------------------------- 5 "
Ball, Hutchings & Co. --------------------------------------- 100 "
Belo, A. H. & Co. ------------------------------------------- 100 "
Blum, Leon & H. --------------------------------------------- 50 "
Brown, J. M. ------------------------------------------------ 10 "
Brown, J. S. ------------------------------------------------ 10 "
Brandon, J. M. ---------------------------------------------- 10 "
Baulard, V. J. ---------------------------------------------- 7 "
Ballinger & Jack -------------------------------------------- 10 "
Burck, S. B. ------------------------------------------------ 5 "
Brockelman, Jas. -------------------------------------------- 5 "
Brock, E. M. ------------------------------------------------ 1 "
Bartlett, L. J. --------------------------------------------- 1 "
Beers, W. F. ------------------------------------------------ 1 "
Crawford, A. C., & Sons ------------------------------------- 10 "
Chapman & Duffield ------------------------------------------ 5 "
Davis, B. R. & Bro. ----------------------------------------- 15 "
Darragh, J. L. ---------------------------------------------- 5 "
Davis, J. P. ------------------------------------------------ 5 "
Delesdernier, Geo. N. --------------------------------------- 3 "
Erhard, Peter H. -------------------------------------------- 6 "
Flournoy & Scott -------------------------------------------- 10 "
Focks & Wilkins --------------------------------------------- 7 "
Fitzwilliams, P. -------------------------------------------- 5 "
Folte, T. W. ------------------------------------------------ 5 "
Freeman, D. ------------------------------------------------- 3 "
Fischl, Joseph ---------------------------------------------- 2 "
Flatto & Bro. ----------------------------------------------- 2 "
Flake, A. --------------------------------------------------- 1 "
George, R. F. ----------------------------------------------- 15 "
Gengler, Peter ---------------------------------------------- 12 "
Girardin, V. ------------------------------------------------ 10 "
Gregory, W. R. ---------------------------------------------- 1 "
Hendley, J. J. ---------------------------------------------- 20 "
Haley, A. J. ------------------------------------------------ 10 "
Hawkins, T. K. ---------------------------------------------- 10 "
Hurley, C. W. ----------------------------------------------- 10 "
Halff, Weis & Co. ------------------------------------------- 5 "
Henchman, Geo. H. ------------------------------------------- 2 "
Harlan, Duffield & Co. -------------------------------------- 5 "
Hendley, Wm. & Co. ------------------------------------------ 4 "
Hughes, R. J. ----------------------------------------------- 2 "
Irvin, R. --------------------------------------------------- 5 "
John, N. N. ------------------------------------------------- 10 "
Jones, John M. ---------------------------------------------- 10 "
Jones, Stan S. ---------------------------------------------- 5 "
Jansen, Peter ----------------------------------------------- 2 "
John, R. J. ------------------------------------------------- 1 "
Kopperl, M. ------------------------------------------------- 20 "
Kaufman & Runge --------------------------------------------- 10 "
Kaufman, J. ------------------------------------------------- 5 "
Lufkin, A. P. ----------------------------------------------- 25 "
Lufkin, T. D. ----------------------------------------------- 10 "
Lufkin, W. E. ----------------------------------------------- 10 "
Lee, F. L. -------------------------------------------------- 10 "
Lee, McBride & Co. ------------------------------------------ 10 "
Labadie, Joseph --------------------------------------------- 10 "
Lynn, A. T. ------------------------------------------------- 10 "
Landes, H. A. ----------------------------------------------- 5 "
Levy, I. C. ------------------------------------------------- 1 "
Lubbock, F. R. ---------------------------------------------- 1 "
Lang, Henry W. ---------------------------------------------- 1 "
Marwitz, H. ------------------------------------------------- 30 "
Moody & Jemison --------------------------------------------- 50 "
Marx & Kempner ---------------------------------------------- 13 "
Mass, Saml. ------------------------------------------------- 10 "
Muckle, A. -------------------------------------------------- 5 "
McDermott, M. ----------------------------------------------- 5 "
Moore, C. H., & Co. ----------------------------------------- 10 "
Mason, J. E. ------------------------------------------------ 5 "
Martin, Sidney ---------------------------------------------- 5 "
Magale, J. F. ----------------------------------------------- 5 "
Miller, G. B., & Co. ---------------------------------------- 5 "
Ogilvy, Thos. H. & Bros. ------------------------------------ 5 "
Owens, Joe A. ----------------------------------------------- 1 "
Park, Lynch & Co. ------------------------------------------- 5 "
Pierce & Terry ---------------------------------------------- 1 "
Richards, C. E. --------------------------------------------- 20 "
Ranger, G. -------------------------------------------------- 20 "
Richardson, W., Estate of ----------------------------------- 20 "
Rogers, John D. --------------------------------------------- 10 "
Romanet, L. ------------------------------------------------- 10 "
Reymerschoffer Sons ----------------------------------------- 7 "
Roemer, A. -------------------------------------------------- 4 "
Rice, Joseph W. --------------------------------------------- 2 "
Sorley, James ----------------------------------------------- 12 "
Somerville & Davis ------------------------------------------ 15 "
Sawyer, J. N. ----------------------------------------------- 10 "
Sears, H. M. ------------------------------------------------ 10 "
Shaw, M. W., & Bro. ----------------------------------------- 10 "
Strickland, M. ---------------------------------------------- 5 "
Schulte, Henry ---------------------------------------------- 5 "
Schneider, Geo., & Co. -------------------------------------- 5 "
Steele, Wood & Co. ------------------------------------------ 5 "
Sweeney, C. C. ---------------------------------------------- 5 "
Swymmer, W. S. ---------------------------------------------- 3 "
Stone, D. C. ------------------------------------------------ 3 "
Seeligson, H. ----------------------------------------------- 3 "
Sydnor, S. W. ----------------------------------------------- 3 "
Staffacher, A. ---------------------------------------------- 2 "
Skinner, J. D. ---------------------------------------------- 2 "
Seixas, E. E. ----------------------------------------------- 1 "
Stafford, W. M. --------------------------------------------- 1 "
Schwarts & Burgower ----------------------------------------- 1 "
Steiger, Emile ---------------------------------------------- 1 "
Schultz, Mrs. Sarah E. -------------------------------------- 1 "
Trueheart, H. M. -------------------------------------------- 10 "
Thompson, T. K. --------------------------------------------- 2 "
Vogel, P. --------------------------------------------------- 3 "
Wilis, P. J., & Bro. ---------------------------------------- 100 "
Wells, C. H., Agt. ------------------------------------------ 20 "
Wolston, Wells & Vidor -------------------------------------- 15 "
Wallis, J. E. ----------------------------------------------- 10 "
Wolston, John ----------------------------------------------- 3 "
White & King ------------------------------------------------ 2 "
Yard, N. B. ------------------------------------------------- 1 "
Ziegler, J. ------------------------------------------------- 1 "
_____________
Total --------------------------------------- 6,748 "
The vote against the resolution was as follows:
Galveston Real Estate & Loan Co. ---------------------------- 6 shares
A. Allen & Co. ---------------------------------------------- 5 "
H. C. Drew -------------------------------------------------- 10 "
Mills & Tevis ----------------------------------------------- 5 "
A. P. Luckett ----------------------------------------------- 2 "
_____________
Total --------------------------------------- 28 "
The total vote has been recorded here to show the overwhelming sentiment of the stockholders in favor of the necessity for raising money in this way if the road was to be extended. It was intended by this means to complete the line to Belton.
It is also interesting to note that not all those who voted at this meeting were stockholders of record, as will be discovered by comparing this vote with the supplement of nineteen pages, hereto attached, listing all stock which had been issued prior to the Trustee's sale of April 15, 1879. It is possible that some of those who voted were subscribers who had not yet paid their subscriptions in full.
To the dismay of everybody connected with the road, the trustees under the mortgage declined to act, and all arrangements were afterwards canceled. This was the more serious because much indebtedness had been incurred for rolling stock and other equipment, construction contracts, and even engraving of the bonds to be issued. One of the first steps taken by the Directors, at their meeting of September 28, 1878, was to instruct the Company's attorneys to take the necessary means to enforce the collection of delinquent stock subscriptions, Promissory notes, payable in thirty and sixty days, were given to meet the most pressing obligations.
Volume 7 Splinters pages 64-68 transcribed in altered form for the web by Johnnie Welborn, Jr.
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