Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-04-15
SOUTHERN PACIFIC RAILROAD.

We have been favored with some facts and sta
stics regarding the progress and prospects Of this
road, its magnificent land donation from the State
of Texas and the ultimate large profits its now as
sured completion will yield to the stockholders,
which take pleasure in spreading before the pub
lie. We doubt not the data furnished US is reliable,
for it comes from a reliable source.
The President Of the company, Geo. S. Yerger,
Esq, has but recently returned from the line of the
road of The company in Texas, whittier he proceed
ed on a tour of investigation. He reports very
satisfactory condition Of affairs. The progress Of
the road is much could be reasonably desired
and the feeling among prominent and substantial
citizens is eminently favorable Many of the diff
fculties that have embarrassed this mighty work
the only one at sill feasible to open railroad COM
muncstion between the Atlantic and Pscifo-haVe
disappeared before the active labOrs Of its immed
ate friends until the most serious obstacles may be
looked upon suTmounted. Further, we are in
formed that the road is becoming very popular in
our sister State and that it now receives the strong
support Of the strongest and most substantial peO-
pie there, who prepared 10 extend 10 it the fullest
aid their time, influence and means, will enable
them TO bestoW.
An office of the company will, we understand, be
shortly established at Marshall, Texas The annual
election of Directors, by the stockholders will be
held in the city of New Orleans on the first Monday
in June next, at which time a full report will be
made, which, We have good reason to believe, will
prise, and the State of Texas
The lands granted to this company are valuable
and munihcent beyond parallel, fast which seems
not to be duly impressed upon the public mind.
They consist Of eight millions of acres of the richest
and most fertile soil the surface of the globe,
unsurpassed in climate and production. When this
vast domain, belonging to the company, shall be
put under cultivation, as it will be as the
progress Of the road enables its products to reach
market its productive capacity will become supen-
dous. All it requires to become the Weslthiest and
heaviest producing section earth is railroad and
a population, and the railroad it will have in a few
short years, and population will flow in along with
the railroad. Of this there can be nc question.
Aud, Of course, the price Of the company's land
will be enhanced cOrrespondingly
Speaking Of these lands and their prospective
value, let Us assume by way Of illustration, the
Illinois Central Railroad a standard by which to
make our calculations, and then glance at the
mighty results to be realized by the stockholders Of
the Southern Pacific Railroad Company, from the
completion Of the WOrk-results Of infinite msgni-
tude flowing from comparatively trifing invest
ment.
Bssing our figures upon the statistics of the great
northern road referred to, which founded upon
realities, think prove that the land grants
to the Pacific Railroad superior to those granted
the Illinois road The Illinois Central Railroad cost
about $4,000 per mile. Its lands, sale, averaged
about Sl5 per acre. not to spectators, but to actual
settlers Now let US apply these figures TO the
Southern Pacific Railroad, and for a moment, con-
template the results. We opine they will prove as
founding to men who have not duly investigated the
matter. Eight hundred miles of road, it is estma-
ted, will cost the Pacific Company S24 600 OOO but
TO get TO the maximum Of COST let state it S4O
900 per mile. The cost, then, will be S32 000, 900
Now estimate the land donation Of Texas to this
enterprise according TO the values realized in Hi
nois-and the lands are infinitely more productive
Sl2O 100000 as the gross receipts from the sales
thereof True, these results not expected to be
realized within day year. but if we look at
what has been achieved elsewhere, we may approx
mate correct estimate Then, deduct the cost
Of the road, say S32 600 900, and the company will
possess the road completed to Ell PssO, eight hun
bred miles, With land or mOnied surplus of $685.
100000
There appears to be a misunderstanding in re-
gard to the issuance of stock It is the interest of
stockholders and the company to issue as little as
Ossbe-he smaller the amount, the larger the div
idends-and the policy adopted is to raise the neces-
sGy means by the issue ofthe bonds of the company
secured by mortgage upon the road and lands, the
lands to be sold only for the bOuds through which
process it is expected the bonds will soon be ab-
serbed, and the road freed from debt leaving the
company with something like the enormous surplus
above mentioned. Now, who will own this surplus, |
who will own this road, who will exclusively realize
stockholders and nobody but the stockholders. If
any doubts let him go to figuring at once, and |
then the doubts will be removed.
We have founded our estimates upon results known |
to have flown from a similar enterprise in North
srn State, from a land donation, and think them
worthy of consideration, in connection with the stu
pendous Texas grant to the Southern Pacific Railroad
which we view as of ten-fold more value. Hence
We regard investments in the stock, ct the present
oW rates, good to be laid away and realized upon
n due sesson-in a few years.
Occasionally we hear cries Of "mOOnshine" and
raised against this company. These
are evidently founded in misconception
md error Surely 0,240 acres of land to the mile,
md loan of So, 900 in cash per mile, as completed
rom the State of Texas, all of which is absolutely
guaranteed is not "mOORshine," nor does the ire
nendous donation of 100000 acres of splendid
errtory SAVIOR much Of "humbug."
With the submission Of these remarks, We here
axe leave of the subject for the presently. O.
Crescent April 3