The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-04-09
THE SOUTHERN PACIFIC RAILROAD.

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THE SOUTHERN PACIFIC RAILROAD.
Intelligence was received here few days
ago that all the difficulties which have
for some months embarrassed this company
have at last been removed. Ne presume
therefore that the deed of trust which was
given few months ago has been cancelled
and that the company is now free and In the
full enjoyment of the muniicent provisions
of the State of Texas, which were secured by
the completion Of the first twenty miles of
the road within the time prescribed by the
charter. The following remarks of the New
Orleans Picayune in regard TO this enterprise
will interest stockholders and show how
valuable the stock must soon become
Ii is less than year since the seat of this
great enterprise was transferred to New Or
leans and the books were opened for new
subscriptions here. The company was sur
rounded with difficulties, and met, unexpect-
eddy, with many more in the prosecution Of
their labors. They have the greatest reason
to be grateful with the results OF their eleven
months work. By reference to the report
of December last, the promises held out to
the stockholders will be seen and their veri-
fcation up to the day fully tested. Provis-
ions was to be made TO free the company
from its floating debt--the charter was to be
secured-and the land grant OF 256,900 acres
perfected. These have been done. The rights
of the company are irrevocably vested, the
debt is in n way to be fully provided for, and
the lands have been carefully selected and
surveyed, and are represented TO be OF great
value.
The adjustments and settlements Of the
new eOfnpnnv have had, too, q very important
influence on the character and amount OF
stock. The amount issued was, by the books
in April of last year, when the subscription
was opened here, $2,474790. The New Or
leans subscription added to that sum, 1922
1888. When the measures taken by the com.
pany are fully completed, the capital stock
will have been actually reduced in amount by
:he sum OF S470,0G3 since April 1857
1t is not the policy of tho company to con.
struct the road by the proceeds Of sales Of its
stock. The amount issued must be COM
paratively small one, and the number Of pro-
prietors necessarily limited, and, rs the whole
profits and the great resulting interests will
all belong to the proprietary-the share hol
ders of the stock-it has a great intrinsic
value, and must at no distant day, when these
things are all rightly understood, reach high
figure in The market. The utmost confidence
prevails that wise Administration of the
land grants, which are part of the best public
domain Of Texas, will suffice TO pay off the
bonds for the construction of the road, for
;,.b tbn,y az ID ha nurit
and to leave large surplus for distribution
among the owners of the stock, which now
stands below three millions, and will proba-
bly, never reach five millions of dollars. The
amount is the utmost limit to which the sub.
scrptions will ever 90, before the company
will have 30 established the road and its own
credits that thenceforward il will proceed
with ample means, derived from its own abun.
dant and annually increasing resources. We
urge this more particularly for the benefit of
those who, being subscribers accidentally or
from transformation, suffered their stock to
be sold, and who have it in their power to
re. possess the same blythe nineteenth of this
month.
The last Legislature of Texas increased the
price Of her public domain about one hundred
per cent, fact which adds greatly to the
value of railroad grants. Higher rates still
were attached to her own railroad reserva-
ton.
We may add as items of public informa-
tor, that the arrangements for the adjust.
ment of the floating debt of the company are
going on satisfactorily, and that they are nc.
lively engaged in providing for the complet-
ing of the contract with the Messrs. Grant g.
Co., for the unfinished portion of their seven