| From the New Orleans Daily Crescent |
| |
| April 25, 1861 |
| |
| Southern Pacific Railroad |
| This, the greatest railroad
enterprise of modern days, has battled bravely against the difficulties
of the times up to the present moment. The value of its chartered
rights, to say nothing of its property, is incalculable; and yet, owing
to the exigency of circumstances, it must have money, or be sold, and
lost to those of its stockholders who refuse to assist in this hour of
need. There are judgments against the Company that will compel a speedy
sale of the road and its franchises unless they are paid. These
judgments are comparatively small in amount, but yet sufficient to
constrain a sale, unless they are liquidated. If every stockholder would
increase his shares one-fifth, and pay promptly for the same, the debts
would not only be extinguished, but the contract for fifty miles of
additional road would be completed, and the Company would then have
seventy-five miles of finished road, which would be self-sustaining and
self-extending. But, much to our surprise, we learn that enough money
has not been paid into the hands of the agent, Gen. R. V. Richardson, to
accomplish either of these results -- in fact not enough to pay the
debts, to say nothing of carrying out existing contracts. In consequence
of this unexpected state of affairs, Gen. R. has given fair and earnest
warning, through his card, published in the city papers this week, which
may be found in another column of the Crescent, of the necessities and
dangers which press immediately upon the Company. Of the five hundred
stockholders in this State, we are informed that only one hundred and
twenty have subscribed to the new stock, which, as yet, has produced a
sum far below that which was allotted to New Orleans and Louisiana. This
being the state of the case, we recall to the memory of stockholders the
positive and emphatic pledge of President Stevenson, that in the event a
sale of this road should take place, that all who had subscribed to the
new stock should be protected both in their old and new subscriptions;
and he assured all stockholders that he had the ability to make good his
pledge. Of this we have never entertained the smallest doubt. He is a
man of honor, and his character has never been assailed, much less
impeached. In addition to this, President Stevenson's great practical
experience as a railroad manager, having been uniformly successful in
the conduct of several large enterprises of the kind, enable him to
speak advisedly, and gave a surer guarantee to his pledge of honor, were
such a thing possible. |
| His reported policy of
reorganizing a new company from new elements, and such of the old
stockholders as subscribe at this juncture, is sound policy, such as is
required by the times and the circumstances, and will lead to an
ultimate success, which will display a vastness of wealth that will
astonish the world. |
| For these reasons, we trust
all the neglectful New Orleans and Louisiana stockholders will at once
come forward, subscribe, pay up, and save the Company with themselves.
If they will not do this, and the road is sold, its property and
franchises pass into other hands, and they lose what they had previously
invested, they will have nobody to blame but themselves. The office of
the Company is at No. 84 Common street. |
|