| From the Nashville Union and American |
| |
| March 16, 1861 |
| |
|
The Southern Pacific Railroad |
|
At a meeting of the stockholders of the Southern Pacific
Railroad yesterday at the Masonic Temple, Mr. Jacob Swigert was
called to the Chair, and Messrs. Montgomery, Righteen and Harney
were appointed Secretaries. |
|
Mr. V. K. Stevenson, President of the road, took the
floor and gave an account of his recent visit to Europe with a view
to closing a contract with the French company to construct the road
across Texas and possibly clear to California, which negotiations
were suspended until the political differences in this country were
settled -- either by a reunion or permanent secession is
established. He spoke of the positive success of the scheme, and
stated that in interviews with the Emperor and his ministers he was
assured of their sympathy with the project and with the South. The
Emperor stated that the North seemed guided by England's influence,
and that France sought the trade and friendship of the South. He
purchased on his own responsibility 1,000 tons of railroad iron from
George Peabody, which was now in New Orleans, and which the company
could take or not as it chooses, not being liable for any part of
it. |
|
He also alluded to the work that had been done upon the
road, by which 20 miles of the 50 necessary to be finished before
the Company could avail itself of the guaranteed assistance of
Texas, had been graded and only required the iron work to be
finished, when the Company would have a paying line of 96 miles, and
800,ooo acres of land as a basis of credit. Mr. Stevenson said that
the Pacific Railroad bill would have passed Congress but for the
unfortunate secession of the South and her seizure of the Federal
property, and averred that at the next session a bill giving aid to
the road west of the Texas line could and would be passed. His
explanation of the condition and prospects of the road was lucid,
forcible and convincing. He closed by appealing to the stockholders
to come forward and subscribe the $1 per share -- half cash, half
six months hence -- and save the company from being crushed and
destroyed. He appealed to them to do this to save their present
investment and brilliant prospects for the future. Unless the debts
of the company were paid the road must be sold. The funds raised by
this new subscription would make a fund of $500,000, sufficient to
pay the debts and complete the fifty miles of road and put the road
upon a permanent footing. |
|
Speeches were made to a similar effect by Dr. Fowlkes and
Gen. Richardson, and the most favorable impression was made. Messrs.
Young, Dr. Newton, and others participated in the proceedings, which
were concluded by the appointment of the following committee: Wm.
Grady and Jacob Swigert, Kentucky; V. K. Stevenson and R. V.
Richardson, Tennessee; Dr. Newton and Mr. Young, Ohio; and T. W. G.
Fry, New York, who will report as to the method of raising the
subscription this morning at 11 o'clock, at the Masonic Temple. |
|
Louisville Journal, March 15 |
|