Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-22
THE MEMPHIS AND EL PASO
RAILROAD.
It's Present Status and Future Prospects,
A Final Showing by the late Presi-
dent, Ar. Epperson.

ldte President OF Lhe AiemphiS and III
Paso Pacific Railroad Company published
in the Jefferson (Texas) Times and Repab-
hcdR, we take the following statement.
Mr.. Epperson sets out with the statement
hat the company was incorporated by the
State of Texas, in February 1856, to build
a railroad across that State, on, or near
the sd parallel, a distance of 8I3 miles.
It's charter made provisions for the
acquisition of or consolidation with other
roads, or companies, 50 as to bring under
the management of one company a con
tinuOus railway across the continent.
It has availed Itself OF these provisions
and has acquired the San Diego and ella
Southern Pacific and Atlantic Railway
Company, organized under the laws OF
California, to build a road from San Diego
TO Fort Yuma. With this, it has acquired
a large tract Of land at San Diego, which
will DO ample to reimburse the ompany
in the cost of the construction of that d.
vision.
1t has also acquired the Arizona Rail-
way Company, and complied with all the
terms of its charter. BY the acquisition
of the stock, franchises and property Of
these two companies, it not only secures
the right of way through California and
Arizona. but the crossing Of the Colorado
at Fort Yuma, the only place where the
river can be bridged for a great distance.
1t has also acquired the controlling
stock OF the Memphis and Little Rock
railroad, which becomes the first link in
the main through line west Of the Missis-
sippi river. OF this road 100 miles are
completed, and 81 miles are vet to be
built, to complete the connection of Mem
phis with Little Rock. the capital Of Ar
kansas. This is now in the course of con-
structiOn. Iron rails for II miles have
been bought and paid for, and viii soon
be laid. The assets of the Memphis and
TfffIa RCoE road arr amDIa ~ aOvn pIafa -
without drawing upon the resources Of
this company. When completed its net
earnings will exceed half a million ofdoI-
lars per annum
In the acts of incorporation, the State
of Texas granted to the company land to
the extent of sixteen sections of $40 acres
tor each mile, or over eight millions of
acres for the whole line of the road
throughIhat State. The company has
the right TO select from that vast public
domain of the State, consisting Of nearly
one hundred millions of acres. The com
pany has complied with every condition
OF its charter, from which it has not been
relieved by legislative e~nactnlents, and
thus secured vested rights. 1t mas located
its line for three hundred miles through
the State, surveyed its and situated in
the designated reservation Of eight miles
upon each side of the line and filed in the
proper land Office maps thereof, as required
by It's charter.
The citizens of Texas, residing along
the line, had before the war subscribed to
the capital stock one million of dollars,
and made payments upon this sufficient to
completely grade and prepare for the
rails fifty miles Of the road bed. Iron
and rolling stock for this were purchased,
but were seized by the military authOri-
ties and lost by the company. The war
interrupted work on the road in 1861, and
n .
State of Texas. The validity of the acts
of the legislature of Texas in reference to
such subjects is distinctly and specifically
recognized by the new constitution. as
well as by various Judicial decisions of
the highest authority.
In May, 1866, the company was re-Or-
ganiZed for the resumption of work, and
the speedy completion of the road. The
original stockholders almost unanimously
transferred it to Mr.. EppersOn, in trust,
to be transferred to such persons as would
build the road. Thus authorized by the
stockholders, and resolutions of the board
of directors, Mr.. Epperson has entered
into various contracts, all of which have
the formal ratification of the
board. which have brought into its man
agement and control new parties, who
placed the company in its present
condition, -natiOnalized it, and give it
standing at home and in Europe.
During the past summer the company
consummated an arrangement torthe sale
of ten millions of dollars of its six per
cent. land grant bonds upon satisfactory
terms, in Europe, One-half of which has
been taken, and a large part of the money
realized-the remaining hall, in due time,
will be AIKEN. Steps also have been
taken, which it is believed will succeed,
for the sale of other securities. With the
proceeds of these sales the company
has purchased and paid for 1850 tons OF
iron rails, and rolling stock for $50 miles
of its rOad-a part of which has been re-
ceived in New OFiesns, and will soon be
upon the road. Contracts rave been en-
tered into With Messrs. Campbell, Gentry
Il Co. for the completion Of the road from
J Jefferson to Paris, in Texas, and the work
is rapidly progressing.
Contracts have also been made'fOr 5000
Of iron rails additional, and other
stock.
During the past year three large con-
in which were represented all the
Southern. and many OF the Middle and
States. Endorsed its line as the
true one, and appealed g~Congress TO give
.t national aid. But wfZbut waiting for
this. the company, relying upon it's own
has gone on with its work.
Since July, 1863, it has had two corps Of
engineers in the field, surveying and To-
eating its line from the eastern boundary
Of Texas 10 the Pacific coas-, and a large
in Texas engaged in grading and
preparing the road bed for the rails. The
terms Of The contract with General Ere
and others were that Nh. EppersOn
resign the Presidency Of the road,
when its construction become reasonably
and he has acted accordin -ly.
are not apprised if a new organization
been effected.
Visitors to Mardi Gras can nave no
luxury Than bv travelling on the
steamer Mississippi. to New Orleans
of this SPIN. !
Herzog & Bro. s, Z9i Main street, ex-
~raOrdinary notice of yesterday deserves {
call Of the ladies and all buyers of dry Z
FOODS. Go there, for goods are sold at as
onishing bargains. !
ONE THOUSAND Remnants at B LoWen-
.tein & Bros. this week.
FULL Marble Chamber Sets, in oil =
vanished walnut, oak and rose,
or $50 per set, at l.. EEGAN'S,
Ocn Go.orH gfr1at Y