New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-25

NEW ORLEANS, Dec %, 1858
The Mississippi Central Railroad Company DESTROYS Of sell
ing three hundred Thousand dollars Of its first and only
gage per coupon bonds enable complete
unfinished portions offs road.
The bonds of the Company secured by trust mortgage
all of its present aud future be acquired properly every
description. including the franchise Of the Company
ditton thereto the Directory by and with the
stockholders have apart forty thousand dollars year
annual Of the road sinking fund for The pay
of the bonds maturity The aggregate bonds
DO issued under the mortgage limited to SlS50000
about $1,000 to each mile of road.
The road 1853 miles in length extending from Canton,
terminus Of New Orleans jackson and Great Northern
Railroad north ward intersection with the Memphis and
charleston Road Grand Junction. Tennessee,
meets with line of railway in operation Columbus
Kentucky point the Mississippi river IS miles below
Cairo
The road will cost whenully completed equipped 49,
CO. something than 50 900 per ile One hundred
twenty miles the road operation. The
mining 66 miles Of nearly graded will
by next II the pecuniary the Company
able them continue the engaged the work The
bridging in Of erection and contracts have been
entered necessary the supersructure
including iron rails will be delivered by the time the
grading completed Twenty miles the unfinished road
track be laid down by May next and the whole be
pleted By November 1859 if the Company command the
funds necessary pay for the work and materials.
The Company has expended s265ODO for
equipments and possesses s20O01 Of reliable assets
elusive Of their unsod bonds and the prospective earnings
the ruRd Seventeen hundred and twenty dollars
Of the amount expended been derived from subscriptions
the capital stock of the Company by citizens on the lire Of road
and when their present available assets are realized the cap
will be increased to nearly two million Of dollars In addition
70 the amount Of capital supplied by citizens of Msgsip
they have taken SOO Of the mortgage bonds of the Com
pauy
1t Ia NOT now supposed that It will be necessary for the Com
many TO sell ali the bonds they are authorized 10 issue unde The
FIRST mortgage but should be otherwise the net earnings
the present finished portions Of the road more than equal the
amount of on all the bonds authorized to be issued and
each additional mile Of track WIN increase the revenue
without a corresponding increase Of traffic
It certainty Of the payment Of interest and the confidence
In that pRyment that gives value TO public security Was IL
otherwise the national debt of England would be worthless
That the Mississippi Central Railroad Gompa- VI after the
completion of their road will income tharefrom am
ply sufficient provide for the into their bonds for their
payment at maturity and large dividend to the stockholders
Is quite certain the productions of the district of country
travrrsed by it, and the population contains and
the present business of the finished porto Of the road are
legitimate basis of estimating future local trfic
tits estimated that the through and local traffic Of the road
will produce yearly income of from 81 OO0U0O to ST 200
90 but should lis gross earnings not exceed S5O1OUO THIS
sum will provide for the expenses of tho Compsv tho inter
es on all o lis Funded Debt for the payment Il the bonds
and an eigh. per cent dividend on It's cstiai
The Company are compelled to obtain or SUSPEND the
work new in progress and defer It's completion 10 an
ne od Thus fat the work has been prosecuted by local
The citizens on ifs line have maid literally towards no
ton The road il located in district purely agricultural II
penetrags no commercial poin It's protectors look IN
as It's legitimate terminus The inhabitants Of North Aissni
desire more speedy means of communication with New n
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