| From the Richmond Dispatch |
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| April 4, 1861 |
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| The Southern Pacific Railroad |
| At a meeting of the
stockholders of the Southern Pacific Railroad,
held in New Orleans, Tuesday last, the President of the company, Col.
V. K. Stephenson, in the course of a brief history of the
organization, said if secession had been postponed for thirty days the
friends of the enterprise would have obtained from Congress all they
desired. The resource of the company for the completion of their great
work were thus stated by Mr. Stephenson: |
| 1. The Pacific Railroad
bill passed by the House of Representatives secured to this company
thirty-six millions of dollars and the right of way through the
Territories, with a grant of land amounting in the aggregate to about
fifteen millions of acres. 2. A contract had been made with a wealthy
French company, Messrs. E. de Bellot, Des Minieres Bro & Co.,
which secured the rapid construction of the road to the Pacific ocean.
These French capitalists, under this contract, agreed to furnish
$1,200,000 to pay for the fifty miles of road now being built by
DeGraff & Co., leaving a surplus to meet contingencies. |
| When, however, the political
affairs of the nation first assumed their present threatening aspect,
the Messrs. E. de Bellot & Co declined to engage in the
enterprise, but wrote that they were ready to confirm the contract
upon receiving evidence of the restoration of peace, and of a
permanent Government. |
| Mr. Stephenson proposed as a
relief for the existing embarrassments of the company that every man
who held stock in the road should subscribe for as much more as would
be equal to an advance of one dollar on each share of his stock; a
proposition which is said to be favorably entertained. |
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