The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-04-02
THE SOUTHERN PACIFlCRAILROAD

III OOO IiEsINN L AOlf ~ RAtLNOAD.
This Great Southern Enterprise, which
many persons supposed would be impraclica
ble and had been projected as a mere specu-
lation, il seems is in fair way TO be built,
and that at much earlier day than was an
ticipatsd by its most enthusiastic friends
The following article from the Ne,o Orleans
True Della, will give our readers some in.
formation as to its present condition and
prospective progress:
"Ths Southern Pacific Railroad.-This
great undertaking, in which the whole cOun.
try is so interested, and the South so yitally;
which must, at date not far removed, be an
accomplished fact-the attained result of a
necessity; can now, by its managers, report
gratifying progress. II is now some eleven
menths since the headquarters of its direc-
ton were removed to this city, and within
that time much has been satisfactorily done
for its direct or indirect furtherance: the
New Orleans subscription has added 1922
1872 to the sum of S2,474,79O, which was
the amount of stock taken, that the books
showed when opened here, and, when the
measures in operation have perfected, the
capital stock of the company will have been
reduced S470,063, since April last. Provi-
sion has been made to free the company from
its floating debt, the charter has been secur
ed, and the land grant claim of 256,000 acres
established; the lands have been located and
surveyed, and are reported to be Of the most
valuable description, and are further appre-
ciated by act of the Texas Legislature, rails
ing the price of her public lands.
We presume there are few who conceive
that it is the policy of the company to de-
pend upon the resource Of subscription to
stock for the means of carrying out their 81.
gantic undertaking. The amount of stock
issued will be comparatively small, and its
proceeds, OF course, altogether inadequate;
but the immense and valuable real securities
which the land grants enable the company to
offer, will ensure successful negotiations,
and this donated means will pay off the bonds
for construction. Whoever takes stock in
the enterprise becomes also shareholder in
these valuable lands, so that the stock not
only represents its own proper par value but
the immediate premium of its proportioBate
share in the lands. This understanding of
the merits places the stock in the light of its
proper credit, and gives it the commentator
in the market which is its due"
In connection with the subject, we find an
article in the Knorrils Wing, over the sig
nature of the editor of that paper, portion
of which we subjoin:
"The undersigned, as we'll rs JOHN L.
Moses, of Knoxville, is duly authorized to
sell several thousand shares of the FIVE PER
CENT. STOCK of the Southern Pacific Rail-
road, and for our orders certificates of stock
will be given, signed by the President, GEO.
S. YERGER, and the Secretary and Treasurer,
GEO. c. LAwRAsoY. The land and money
grants will enable the Company to build and
eqnip the Road, for one half of the i'm
mense and valuable securities ensured
by Texas. FIVE DOLLARS will purchase a
share of ONB HUNDRED DOLLARS, and no
further call or assessment can or shall be
made on the stock represented by the said
certificate.
Whoever takes stock in the enterprise be-
comes also shareholder in these valuable
lands, so that the stock not only represents
its own proper par value, but the immediate
premium Of It's proportlonate share 10 the
TIC VI tHc SOUlpuii1 CHH OHIN
be bought with the construction bonds, and
hence the Importance Of owning stock, or
the means of purchasing the bonds of the
Company. This is no humbug, but rich
realty, far exeelIing in wealth and promise
the Illinois Central Railroad, as shall be
able to demonstrate at such times and places
as | may conclude TO address those interest.
ed and desiring to hear me.
WIN. 6. DRowNLow."
We have also an article from the New Or
leans Picayune, which we must defer pub
fishing until next week.
As the enterprise, if carried TO successful
completion, must result largely to the inter-
ests of the South, we shall refer TO 1t occa-
sonally, and endeavor to keep our readers
posted upon its importance as great public
enterprise, and of the inducements it offers
for investment in its stock and securities.