EARLY ISSUES OF CAPITAL STOCK (continued)
Elinore McDonough
Galveston, Texas
May 25, 1927
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 increased 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.
|
