64 
Transactions Texas Academy of Science. — 1906. 
tice of issuing stock without obtaining anything of value in payment 
of it. 
The amount of money actually expended in Texas did not exceed 
over $391,925.98. This seems to have been derived from the follow- 
ing sources: 
The amount collected from stock sales did not exceed $27,000. 
The following record of loans is available: 
King, Todd & Archer $ 4,000 00 
R. J. Walker 500 00 
Stillman, Allen & Co., about 20,000 00 
Parties in Marshall 10,000 00 
Total $34,500-00 
The balance of the amount expended seems to have been derived 
from donations by the citizens of Texas. 
By 1858 the company had become so burdened with debt, that it 
was sold out by the creditors under a deed of trust. 18 It was purchased 
for $40,000 in cash by Dr. Sanders of Marshall, and was in turn sold 
by him to the creditors. These parties effected a reorganization. 
They were soon involved in a controversy with the members of the 
old company who claimed that the sale was illegal. 19 Suit was 
brought by them against the new organization. At this juncture 
the State filed a suit for a forfeiture of charter because of the failure 
of the company to remove its general office to Texas and to file its 
annual report with the Comptroller. 20 
In September, 1860, another sale of the company took place. This 
sale freed it from encumbrances. All the difficulties were adjusted, 
and the original stockholders were again taken back into the com- 
pany. ' The State suit against it was dismissed, and the troubles of 
the Southern Pacific Company were over for the time being. 21 
23. Memphis, FA Faso & Pacific Railroad. 
Another of the companies called into existence by the agitation 
for a southern trans-continental line was the Memphis, El Paso & 
Pacific, chartered in 1853. 22 It was the intention of this company 
to unite with the Texas Western at some point in the interior. While 
the Texas Western road would thus afford connection with the Mis- 
sissippi at Vicksburg and New Orleans, the Memphis, El Paso & 
Pacific would afford connection with the Mississippi at Memphis 
and Cairo. 
The efforts to secure funds at this time proved unsuccessful, and 
