The true Democrat., 1857-01-27
Southern Pacific Railroad.

The first annual report of this company has just been published. The N. o. Pcayune has the following succinct notice of it:
 |" It is large pamphlet, containing detailed explanation of the principal provisions of the charter the laws of Texas in aid of construction of the railroad, and some elaborate calculation upon the profits of the work, and its estimated advantages.
 "The company consider themselves to be in very prosperous condition, and make herein avery encouraging exhib of their progress and prospects.
 "rhe company was charted in February, 1856, under the title of the Texas Western railroad company; but the name has since been changed to the Southern Pacific railroad company. It was authorized to build railroad commencing at some suitable place on the eastern boundry line of the State and running to Fl Paso on the Rio Grande.
 "The original charter granted to the com pany eight sections of land, of GAO acres each for every mile of railway completed, to which they became entitled whenever section of five miles or more should be completed and ready for use. Two years after, general act was passed for the encouragement of railroads in Texas; any charted company constructing with in the State a section of twenty-five miles or
 
 State grant of sixteen sections of land for every mile of road completed and put in run ming order.
 "'rhe land grants were made conditional on the completion of ten miles of the road within five years after the passage of the act. Its date is February 16, 1852, but it did not become law until sixty days after the ad jounment, so that the term of five years will not expire until the l6th of April next. large portion of the grading Is done, and the whole will be finished in time to save the land grants, and twenty miles more must be completed by the 16th of April, 1858.
 In addition to these grants of land, the Leg isature, during the present year, has passed an act whereby railroad companies compl ying with its conditions are entitled to a loan of sixty thousand dollars a mile completed, payable when twenty five miles of road are finished and twenty-five miles more graded. By proviso the benefits of this grant are extende to rail roads having connections with roads in other States when they shall have finished ten miles and graded ten more. The Southern Pacific road claims the benefit of this proviso which awards State loan of $60,OOO for every ten miles completed and ten more graded.
 "The inducements offered by the State for this enterprise are summed up as follows:
 "On the completion of every section of five miles the company becomes entitled to eight sections of land, or 25,6OO acres. When ten miles are completed and ten more graded, they are to be entitled to a loan of $6OOO per mile, or $6OOOO in all from the State, and when twenty-five miles completed, they will be en- titled to sixteen sections per mile for the whole distance, that is 346O acres, and 5000 per mile-say $l5O0OO.
 "The report goes into calculation by which the value of the lands are estimated to average at tho time when they must be available, five dollars per acre. The whole State endowment is therefore, $5l POO per mile in lands and a loan of $6OOO per mile in money.
 The cost of the road from the eastern line of Texas to Fl Paso-783 mles-is estimated by the company from the approximating reports of the chief engineer, at $l4,63l lS3 or about $2OOOO per me-a sum which is treated as in excess of the highest probable sum. The land grants will amount in the aggregate to 8,Ol7 500 acres, which, if sold at eight dollars per acre will produce sum of $i0080 ,60O and a surplus beyond the cost of the road of over twenty-five millions of dollars.
 "The cost, the results and the profits of the Illinois Central railroad, and its land grants, are made the basis of these estimates with very large abatement to make the cacua atons more reasonable"