The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1866-04-13
Condition and Prospects Of the South
crn Pacific Railroad Company.

inent Of the present condition oi the
southern Pacific Railroad, So far ne re
gard. It's construction.
The MEETING Of stockholders in New
Orleans on February 22nd was most
harmonious. and approved the policy OF
the preseu, Board OF Directors, relative
10 the admission Of stock At that
meeting, los, 900 shares Of stock held ia
kentucky aud New York, was repre-
sentsd All believed the policy 10 be
Just, and well adapted to the success Of
the eutcrprizc.
In stating to YOU the condition Of the
Road viii speak first of the section
between Shreveport and Marshall This
section will be- completed by the II OF
August next Iron, chars spikes.
switches. and every other material for
the track were purchased, and viii be
in New Orleans hy the 1T of May
car very energetic and 1calru- Prcsi-
dent has secured. in Louisville, Ken
lucky. money sufficient 10 pay for them,
aud have them delivered at Shreveport
Proposals for cross ties are alrendy nd
yertised and the work of completing
this section commences Immediately
This portion Of our Road j. safe There
i, no doubt oNerhsnsiu. It
vii, give sou also the information
IN pas-e--iuu Of the company concern
ing the Read West Of Marshall Ia the
month OF September, 1850, Y X ste
,rusou. Of \ Vile. then President OF
the Company, conrluled contract with
VI VI Bcllut des Mlnerers Brothers, a
Co. ot France. for the construction OF
the Road westward - III faso on the
Rio Grande This was u most ad,auta-
gcons contract for the company. The
war occurring issi at that time. made II
impossible for these parties 10 even en-
ter anon the work Mr. Stevenson Wis.
tied Paris at that time To desi sna;e the
quality OF rails, locomotives Ac., 10 be
used in To- construction and operation
OF the Road. A. these al had to Sc fur
nisbed hy the contracting party lie
reported the parties to be able To do all
they had undertaken. but that the hos
tile attitude Of the North and south
deferred them from investing money in
the enterprise During the war, how
ever by some means, these contracting
parties succeeded IN getting several
communications to the company, cN.
pressing u strong anxiety to continue
tho contract
Their last proposition. received since
hostiiitics yeas,i. sas t. renew tlc con
tract with a few notifications which
are not material 60 the company The
changes proposed more cuncrrm them
selyr. An agent has, therefore, been
empowered 10 proceed 60 lmucc 10 t..
pcN the contract. he Is doubtless
there hcf,r, this time and know Vt no
obstacle % .ho contamination of his
mission
ha~. stated Chat thi. contract WA.
highly favorable to the company Is
sp tp thr contractors. a,-o Is much
inquiry has been made as 10 is terms, it
may be wei TO state lbs important PRO
vision.
The contractor, asrrc, frat, o. take
oue uilIi,u dollars ii the stock of the
Company. a, pnr thl-o' To g. paii in
twelve months ShNtVn at shr begiu-
ming Of each three months. a.',. 'he
contract is modified and renewed The
contract defines maney To mean gold
( or exchange, any currency of the uited
states a. the contrary u"t~ithstAnd-
ing aud the first payment - 70 he con.
sllcrcd y COMMENCEMENT OF the work
They are secondly required to do nll
the grading, ou -nch grade, a. shc Com
pRuy may determine 30 Dee proper ald
reasonable for q first class Road To- fur.
uish all tae labor, materials Of every
description ucccs.ury for bridges cu!
tcrt-, and >upcrstructurr TO build all
machine shops, and supply them with
machinery all drputs, water stations
tar Iut-. side track, to build iron
bridge, over nrgo streams. and to place
upon each hundred miles Of Road SO
completed by them, sixteen FIRST class
passenger cars, sixteen first class ln.-s.
notitc. and one hundred AMI thirty.
two box and platform cars
inl thirdly when each section of
one hundred miles Is thus finished, and
the rolling stock placed upon It, upon
its approval and reception by the com
pany payment l. 70 be made to them a.
the rate of SjOODu per mile OF track,
(this amount covering NIL cost iu the
bonds of the company payable ai 80
years, and bearing seven per ccut inter
est
These contractors are also made the
land agents for the Company They
will, a. the work progresses, and the
Company becomes entitled 70 lands
from the state proceed to survey and
locate the same, for which service they
are IA bee paid ton per cent They are
required to keep land Offices at couyc-
nlent points for the sale Of those lands,
~ not less than price 10 be fixed hy
the Company, and when land sales are
made by them according to these terms,
the proceeds are To go Ia the payment
Of interest on the bonds and tho over.
plus, II any, 10 be entered as pay
ment on construction account, in lieu Of
coupon bonds These are the main
features Of the contract, and | believe
most confidently it will be carried out
by the contracting parties
Under t.e existing state Of facts, the
Company have the most encouraging
hopes Of triumphant success Our
stockholders are unit in purpose
(there is no possibility Of litigation J
Nit'F N"'' 'hAli' NNAHN'i'' III tilt lii'N
ent management of the affairs Of the
Company they believe tho present
Board of Director. to be just, aud dis
posed 10 do right, and were | not one Of
them, | would say this confidence is
merited The Indebtedness of the Cor
roration is very small the amour, Of
stock liability is far below the value Of
the property, and is not likely to bc.
come equal to it before the time limited
by the stockholders for its being saved
That time is the 18th Of April and =,
Of June--onc-half the amount due to DO
paid at each of these dates
avn, NEST truly, Your Friend,
+. A. BLANCH,
Chief Engineer : + X Il Co