New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-10-17

will furnish it with pleasure, or would be happy to
afford you the opportunity for personal examina
ton. -
The condition Of affairs is somewhat thus; --..f
The authorized capital is $4,000, 000 and the snb
scriptions as follows: e'-' 40 Do
State Tin Bonds)...... 81, 200 900 -.r
Parishes and Individual sub. -''00'O0O
scrptions and City Tax. 15s0,O00
onsuoscfiOeo' '.'''.''''''''. 1,77ooOo &C. ooo mn
OF the subscribed stock ..... 42sOGNO "''oV''00'
there is yet unpaid. IN vi VIZ +,'Fs|
State which issues Bonds only ,i.sSs -.s4s... . IT,.
in proportion to other pay ~. H.. ....
CITY enneoiiectei taxes etcj s' ssoo ~
Parishes and individuals 100000 ,, h, . Co. d.
D ciy Bsn dsw Snd a Ras xaq So Ct
rowed on them, about....... $4,000 -.s - H"-
sll, a. - 100000 f..
Less than one-hai the authorized Capital '-0VO'0''
The sum borrowed on pledge Of the City Bonds
constituted the whole debt of the Company, at the
date Of the last annual report with the exception of
about $50 900 on mortgage and some ten or twelve
thousand dollars, current debts. Our increased bust
ness has, however, compelled to provide increased
Of an old claim Of. some $4,000, have added con
siderab1y to our debt We hope, however, to clear
off the whole of this during the current year, from
our collections OF balances due, and increased re-
cepts.
Progress.-The road from Algiers to the Texas
line is 257 miles in length. 1t is completed to Ber
wick's Bay, so miles, and is there connected with
Texas by line of Steamships running regularly
selnl-Weehly, duu duultlOua snip 10 De on IN
November. The earnings of the completed section
were unfayoraby affected by the short sugar crop of
the past season, but the summers business shows
large increase. The receipts from passengers and
freight in June, July and August, of 1856,
And the same months in 1851. ....... s2213 81
Difference s23 697 40
Or e2a per cent. The increase freight, separately
was 50 per cent. The receipts for the year 1856
amounted to $206 900. Notwithstanding the draw
back referred to, they may reach $275,oOO at the
close of the present year, and we think $4,000
perfectly reliable estimate for 1858. g.- r,..
The road is now in running order to Berwick's
Bay, but considerable OUTLAWS yet necessary to
place it in perfect condition. and erect some ware
houses at the Bay.
Our total receipts from subscriptions are exhausted
in the construction of the so miles of the road to
the Bay, including bridges, depots, etc. ....
Prospects.-We have now to cross Berwick's Bay
and continue the construction to the Sabine, III
miles,. The Chief Engineer after careful calculation
estimates the entire cost, and the Bay Bridge, at
$3,000 0O0-and for this construction our principal
reliance is the proceeds Of the public lands, con-
ditonaly donated by Congress. These lands, and
the means to be raised for securing the Donation are
now, subjects of vast Importance to the State and
City The line of road has been recently run out
to the Sabine, and the report of the Chief Engineer
is very favorable, both to the value of the lands
and the facility and cheapness Of construction of the
road through them.
We will be entitled to six sections per nile equal
the whole line of 257 miles, to 9S6,ssO acres.
Making liberal allowances for entries, ETC.. we can,
we think calculate on 10000 acres amply sufti-
road from Berwicks Bay to the Sabine, including
the cost Of the Bay Bridge. S .5s
To comply with the conditions upon which these
lands were to be acquired, the Company has issued
eight per cent Bonds to amount of $4,000 900, pay
able in ID years, based on mortgage of the COM
pete and separate road to the Bay, in full opera
ton-and redeenable from the proceeds Of the lands
beyond Opelousas specially pledged for that object.
Were it not for the existing difficulties in monetary
affairs, it is thought that these Bonds SO perfectly
well secured, and the means for the payment OF
which, at maturity, well provided for, could be
negotiated for funds to be furnished from time to
time, as might be required for the continuation of this
great work to the Texas line. We fully expected to
have commenced operations in October, but we are
now met with difficulties not anticipated.
1t will be apparent to you, that it is matter of the
utmost Importance to the business OF this City, that
the Opelousas Road should be continued to the
Texas line, within the shortest practicable time, and
that the munifcent donation Of Congress should be
secured This sum of $4,000, 900 in Bonds, the pro-
ceeds Of which will be required in moderate amounts,
extending over period of two years, could be very
easily managed by concert of action among our
Banks, Insurance Companies and capitalists, and the
vast benefits of this enterprise be almost Immediately
realized. set'
The means for effectng this object are here pointed
OUT these are mainly the negotiation of the Bonds.
we are very anXlous to go on, and rapidly.,.but
taught by the experience of similar undertakings
elsewhere, this Company will not enter into any en-
gagement or contract until the prompt and full salts.
faction of such obligations can be made matter of
certainty but we shall make every exertion possible
with the limited means actually at our command, to
push forward the work of preparing the road-bed
from New Iberia to Opelousas.
in the meantime we must be content that the road
so far as constructed, is doing good business will
pay. expenses, and probably small interest on the
outlay.
We believe that the road can be finished to the
Texas line for So 000 000-that the lands will bring
at least that sumthat the Bonds if negotiated, can
therefore be punctuay paid from the proceeds of the
lands, the existing mortgage on the section to the
Bay, cancelled, and the subscribed stock of the Com
pany remain untouched. r
Referring to some documents herewith,
lam, very respectfully, your most obit serv't..
WILLIAM G. HEWES President.
Hon. Chas. nj. IPatefman Mayor of Neac Orleans
SRI have the honor to acknowledge the re-
ceipt OF your communication asking for brief state
ment OF the condition of the Railroad Of this Com
pany and, IN conformity with your request, respect
fully submit the following
The whole leRgth of the road between this City
ana canton, Mississippi, where it connects with the
MISSISSIPPI Central Railroad, is FOG miles. One hun
dred and sixty five miles entirely completed, viz
| lS5 miles from New Orleans, North, and 80 miles
from Canton, South, leaving gap OF Al miles, on
which the grading and bridging are nearly finished
and sulhceut iron, chairs and spikes have been pur
chuseu W lay tne track Inc falis are peihS lalu
| from both ends-those which are put down on the
Northern end being sent to Vcksburg by steamboat
and thence over the Vicksburg Railroad to our roat
at jackson. Should the weather not prove unusually
bad during the coming winter, the entire road be
tween New Orleans and Canton will be completed
by March next, or before. i
| Several trains gre now run, daily between New
| Orleans and Brookhaven, l29 miles--and between
jackson and Canton, "a miles, The track is in ex
eellent condition, and will compare favorably witt
that OF any other road with the exception of few
miles in the swamp near the City, which have becom
somewhat rough in consequence of the recent heay.
rains, but will soon be in good condition as TIN
! rest.
The rolling stock on hand and at present in use,
| as follows:
/ Is Locomotives
1 10 first class Passenger Cars.
| l second do. do. do.
! l Awning Car.
4 1873 Platform Cars.