New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-27
...a....II.I,I $3.50, N. rtAILRoAD.

There has been large amount Of the Bonds 81 ths
Mississippi Central Railroad Company onerng on u.
\ market, and though drawing per cent. per annnlL
interest and considered well secured capitalists DO no
seem TO regard them with favor and the ngnesl One
we heard was sixty cents Though the advantages e
our city on the completion OF this road Will pe great
yet the old stain of reputation hangs over MISSISSIPPI
and public securities emanating from the state are re
parded with very little favor by capitalists though
the securities may be really as good as gold mine
The foregoing is strictly true. In the commercial
as In all other departments we seek to arrive at accu
racy of statement both in the aggregate and in tn
detail Initwe know neither prejudice nor partially
ana our whole object is to present to the business work
OF New Orleans and the Southwest full and reliable
resume Of the transactions Of this metropolis, as they
occur. That our efforts have been attended with sue
cess, and that we enjoy the confidence Of the com
munty We have the very best reasons for believing
Yet the above paragraph is liable to misconstruc'
ton, and that miseonstruction may work injury to
great enterprise in which the property holders OF
New Orleans are largely interested, and which we
have ever regarded with an eye OF favor, FEooaoiy'
if our files were consulted and compared with those
of the city press running twelve months oaeA' -
wonId be found that we have written more and pub
shed more in behalf of the Mississippi Gentral al-
road than all of our metropolitan cotemporarles COM
bined. We regard the work as of the utmost I'M
portance and when it shall be completed to Canton
as we trust it will be in year or two and as 1t Will
be- if our citizens come forward literally and promptly
as they ought, it will prove mighty ADJUNCT and
bounteous feeder to our New Orleans, jackson and
Great Northern Railroad which is destined to branch
of enthusiastically from Canton and to keep on
progressing until it reaches the fertile and wealthy
valleys of the Tennessee river.
1t will be seen that our financial editor did not
state that any Of the bonds had been sold at sixty
cents on the dollar and right at this point is where
the injurious msconstructon may be drawn. He
only stated that the highest offer mot sales-he
had heard of, "was as sixty cents" From this
the unrefectng might infer that sales had been
or could be effected, at sixty cents. Nothing could
be further from the actual fact, We are assured by
the highest authority (Mr. Walter Goodman, Presi
dent of the Company, and DR.. Yaden) that no bonds
have boon sold at less than seventyye cents on the
dollar and that none will, under any circumstances
whatever, be sold under that rate Quite large
number of bonds, we have the pleasure of stating
has been taken by some Of our prominent merchants
and capitalists, at that price, and trust the re
mainder ($3O0,oOo is the aggregated will be sub
scrbed in a few days We shall be more than ordi
AhIllY huipI4eEu II any uNiaJ % o"i'SASA w
take place.
1t is true that the reputation, by Mississippi, o
the Planters; and Union Bank bonds, renders the
public securities of that State, no matter of wha
kind or description, distasteul to the capitalists
the world but as these bonds of the Mississippi
Central Railroad Company are amply secured, and
bear seven per cent per annum interest and as the
completion of the road at the earliest practical period
is of valuable moment to the commercial interests oil
the Crescent City, trust no such objections Will be
allowed to interfere and that the bonds will be pur
chased without procrastinaon. We say, after care
full elaboration and scrutiny that better securities
or safer securities or more reliable securities not
for sale at this moment in any market on earth.
Having now explained the paragraph above quoted
to the satisfaction of all the friends of the enterprise
we hope we will proceed to glance briefly at the road
ITSELF its present condition and the prospects it holds
out to the stockholders and the public The card Of MI
Walter Goodman, President of the Mississippi Cen
trail Railroad Company, which was published in the
Crescent on Saturday morning last, affords ample in
formation From it we learn that +" the road is ISIS
miles in length extending from Canton the present
terminus of New Orleans jackson and Great North
ern Railroad northward to an intersection with the
Memphis and Charleston Road at Grand Junction
Tennessee, where it connects with line Of railway
now in operation to Columbus, Kentucky, point or
the Mississippi river, Is miles below Cairo.
The road will cost, when completed, $500 900
1872 miles Of the road are now in running order the
remaining 66 miles are nearly graded and will be com
pleted by next June if the Company can command
the requisite means; the Company has already ex
pended 81 $50 600 for construction and have $3.50 O0C
reliable assets on hand while the earnings of the road
will unqestonably be large, and go on augmenting as
the road progresses 1t estimated that the through
aud local traffic of the road will produce yearly IN
come of from 81 900 900 to 81 100000 but should its
gross earnings not exceed 100000, this sum will pro
vide for the expenses of the Company the interest
all of its Funded DEBIT for the payment of the bonds
and an eight per cent. dividend on its capital"
The balance of the card Of Mr. Goodman is so plain
practical and full Of information, that suboin ii
for the benefit of the public;
The Company are compelled to obtain $500 600 OF
suspend the work now in progress and defer its com
pletion to an indefinite period Thus far the work
has been prosecuted by local means. The citizens on
its line have paid literally towards its construction
The road is located in district purely agricultural
1t penetrates no commercial point Its projectors
look to this city as its legitimate terminus. The in
habitants of North Mississippi desire more speedy
means of communication with New Orleans than any
that has heretofore existed Here they desire to sci
their productions without the expense ofintermediatt
agents, and here they wish to come to purchase ar
tiees as their necessities or fancy may require. II
accomplish this they have abored for several years
without one dollar of aid from the citizens of New
Orleans, the commercial emporium of the South
Shall they now appeal to them in vain for the com
paratiyely small sum Of $500 900, to complete rail
road in which they have as great an interest as hos
who have supplied the capital that has been expended
The completion of the Mississippi Central Roat
| places New Orleans within thrtysiX hours travel o
st. Louis, forty eight hours from Chicago and CinGn
natl, and eighty.tour hours Of New York.
| It will have tendency to invite back to New Oh
i leans, by speedy communication, the trade that ha
been diverted from the Northwestern States int
other and unnatural channels by system Of railways
| connecting the Upper Mississippi river with tn
4 Eastern Atlantic cities.
| have already stated that with 100000 no.
placed at the command of the Company, the roa
can be completed by November 1859, and-withor
this amount the work must be suspended and til
time of its completion indefinitely postponed.
Shall an appeal TO the citizens Of New Orleans |
made in vain for an amount so small that il obtaine
will, when expended connect the city by railwa
with all the Northern and Eastern States and by Il
increased business it will produce amply repay, in
short time, much larger sum than is now require
to accomplish an object so desirable to all T?
To the stockholders in the New Orleans, JaCkst
and Great Northern Railroad Company, the compl
ton of the Mississippi Central Road is an Imperial
matter as 1t will nn0uestOnahy throw upon it
amount of traffic that may render its stock Il
most valuable Of any in the Southwestern States.
The matter is now broadly and plainly before o
people. We feel confident they win appreciate it
fought to be appreciated and if they do, the sm'
amount asked by Mr., President Goodman will be So
piled without any unnecessary delay whatever.
n