| From the New Orleans Times Picayune |
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| April 5, 1861 |
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| Prospects of the Southern Pacific Railroad
Company |
| We are pleased to learn that
the stockholders of the Southern Pacific Railroad Company, in this city,
are responding promptly to the call made by Mr. Stevenson, by
subscribing for the new stock equal to an advance of one dollar upon
their former subscriptions. They are, in our view, pursuing the right
course, and if their example is followed by the stockholders throughout
the country, as we have no doubt it will be, the future of this great
enterprise promises, to all appearance, to be as successful and
brilliant as the past has been seemingly unfortunate and disastrous. All
it seems to us that is necessary to achieve this result is for the
stockholders, and for those who regard with favor this enterprise, to
correctly understand the facts. Until recently many of the stockholders
have been inclined to regard with distrust their investments. They had
received vague impressions that the company had been badly managed, and
that the profits anticipated from the liberal donations by the State of
Texas were too uncertain and too far distant in their realization. But
the history of the management of this road for the last three years,
which was until recently imperfectly understood, has presented such an
exhibition of administrative ability, financial skill, energy, and
management, that the stockholders and the public of New Orleans have
begun to properly estimate the character of the men who have been
entrusted with the control of this great work. And, on the other hand,
the immediate benefits to be derived from prompt action by the
stockholders, has been so clearly and forcibly presented, that not a
shadow of doubt can rest upon the mind of any intelligent, reflecting
man, that it is their interest to furnish at once all the money required
to construct fifty miles of road this year in time to carry off the
growing crops. They will then be entitled to that aid from the State of
Texas, which will enable them to prosecute the work successfully, and
against every conceivable contingency. Hence it is that we are not
surprised that the stockholders are awakening to their true interests. |
| There are many and great
advantages derived from having a large list of stockholders scattered
over the country, and to the information disseminated through this
channel, may be attributed, in a great measure, the just recognition of
the superiority of this route for a railroad to the Pacific. But while
this is the case, the disadvantages are equally great. It is difficult
to reach such a body of men, so as to get them to attend to their own
interests. Who can doubt that if this enterprise had been in the hands
of a few men of wealth, energy and enterprise, that they would today
have two hundred miles of road constructed and in active operation? For
that much road they would have received a land bonus from Texas of
2,048,000 acres, and a loan to aid them in the construction, of
$1,200,000. These lands of the company would be worth five, and in all
probability, ten millions of dollars. Under such circumstances, the
Southern Pacific would be the wealthiest railroad company in the world.
Why cannot the present stockholders pursue this course, and reap like
advantages and profits? |
| Just look at the facts. The
Illinois Central Railroad Company received but six sections of land to
the mile, while the Southern Pacific has a grant of sixteen. The Texas
lands are intrinsically superior, in every respect, to those of
Illinois; for while the latter will only produce wheat and corn, those
of the former -- while they are superior wheat and corn lands -- are
among the finest cotton lands in the South. The report of the
Agricultural Bureau at Washington for 1859, represents the Texas wheat
as exceeding in weight that of any other wheat; a fact perhaps not
generally known. But the great superiority of these lands in the
production of wheat is found in this, that the crop is harvested five or
six weeks earlier than in Illinois and the Northwestern States. Then, if
the Illinois Central sold a million of their lands at seventeen millions
of dollars, is it not reasonable to suppose that the Southern Pacific
Company will get equally as much or more for theirs? The Illinois
Central Railroad Company received, in the aggregate, for 700 miles of
road, 2,688,000 acres. The Texas bonus for the same amount of road is
7,168,000 acres. In other words, if the Texas lands sell for as much as
those of Illinois (and we cannot understand why they should not sell for
more,) the Southern Pacific Company, under proper management, can pay
for their whole road with a little over a million of acres of land, and
be the owners of nearly six millions of fine cotton lands, and a road
seven hundred miles long, running through the heart of a State capable
of holding a more dense population than any in the South. |
| It has been the policy of the
Picayune to advocate all those works of internal improvement which have
been of late years so rapidly developing the resources of the South, and
which, if continued, are destined to make New Orleans the largest and
wealthiest emporium on this Continent. This road connects us immediately
with Eastern Texas. It establishes an intimate connection with a
district of country of greater extent than the State of Pennsylvania. If
prosecuted vigorously for seven years, it opens to our commerce the rich
mines of New Mexico, Arizona and Mexico. In all probability, before ten
years the gold of California and Australia will be brought over this
line instead of going to New York and Europe. Suppose that, in 1855,
when the merchants of New Orleans were so much embarrassed, from the
want of navigation, that a road connecting Eastern Texas with the
Mississippi river had been in operation, what would have been the effect
upon the commercial interests of this city? And when we consider that
Eastern Texas is filling up at the rate of from eighty to a hundred
thousand a year, and that the emigration is destined to be largely
increased by its railroads, who can estimate the result upon our
commercial interests in the next ten years, from this road? |
| No one doubts, or can doubt,
that the Southern Pacific Railroad, if properly managed, will prove a
profitable investment of capital. The history of public enterprises does
not present a parallel case, promising such munificent returns. It has
been shown that in the hands of its present managers the affairs of the
company have been managed with consummate skill and ability. The
reputation of Mr. Stevenson presents an assurance that such management
will be continued. |
| The plain, practicable views
announced by him in his recent speech in this city, is sufficient to
impart confidence as to his future course. All therefore that is
necessary, if for the stockholders to come forward and second his
efforts by subscribing for the insignificant amount asked for. They will
be richly repaid. The golden harvest lies out before them, awaiting only
the energy and exertion to gather it. |
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