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.
