The Beginnings of the Texas Railroad System. 61 
Ebenezer Allen to the presidency, visited the Eastern States and 
Europe for the purpose of securing capital to carry on the enterprise. 
In this mission he was unsuccessful. After the first section of the 
road was built, some northern capitalists were induced to buy stock. 
The amount realized by the company on the sale of stock was 
$778, 675. 00. 5 512,000 acres of land were received from the State, 
but up to June 1, 1860, no money had been realized from its sale. 
$450,000 was received in the shape of loans from the school fund. 
In addition to the above the company owed $125,000 in the form 
of seven per cent, bonds, which had been created in favor of J. H. 
Wells & Company to replace an original mortgage of $1,000,000; 
and in the form of bills payable, $224, 430. 6 
These sums aggregated $1,578,105. 7 
19. Galveston, Houston & Henderson Railroad. 
The Galveston, Houston & Henderson Railway was chartered in 
1853 to connect the cities designated in its name. 8 It was begun 
at Virginia Point, on the northern shore of Galveston Bay on March 
1, 1854. The first section of twenty-five miles was completed in 
1858. The charter required the construction of forty miles by the 
1st of November of this year. This the company failed to do, and 
the franchise was in consequence forfeited. It was revived by the 
Legislature on the condition that the forty miles be finished by the 
1st of November, 1859. The terms of this condition were complied 
with. In this same year a bridge was built over Galveston Bay by 
the city of Galveston, and donated to the company. A junction was 
effected with the Houston & Texas Central at Houston, and the line 
was opened between Galveston and Houston in 1860. 
The only aid received by this company was' the bridge across 
Galveston Bay. The city of Galveston issued bonds with which to 
construct this bridge, and permitted the company to use it. The 
corporation agreed to pay the interest on the bonds as it became due, 
and the principal at maturity. When these obligations were dis- 
charged, the bridge became the property of the company. 
The amount received in the form of subscriptions to capital stock 
was $32,363.29. The indebtedness of the company at the time of 
the opening of the line was $387, 969. 24. 9 
20. 8 an Antonio & Mexican Gulf Railroad. 
The San Antonio & Mexican Gulf Railroad Company was char- 
tered in 1850 to connect - San Antonio with the Gulf. 10 In the 
spring of the year 1852 a survey of the road was made, and in 
