The prairie news. [volume] (Okolona, Miss.) 1851-1875, 1859-01-06

and Ohio Il. II. Go. submitted to those
present at meeting, called for the pur-
pose of consulting upon the best method
! of procuring the amount necessary to
complete the entire road, the following
statement of Milton Brown, President,
and it was proposed to refer the state
ment to committee of three gentlemen,
not connected with the Board, for exami-
nation. The proposition was agreed to,
and Messrs. II. A. Schroeder. Chas
Walsh and G. G. Dickey were invited to
act as that committee. Their report is
appended to the statement of the Presi-
dent: and the whole is respectfully sub
mitted to the public:
OFFICE OF THE NJ. Il O. r. r. Co.,
| MOBILE, Dec. A, 1858.
At the opening of the present year of
the six million Sterling Mortgage bonds
the
Company had sold. d...-............$ $4,000
And there was hypothecated. ......... 1921 900
Leaving at the control of the company $4,000
e6OOOOOO
During the present year two million
one hundred and eighteen thousand dol
ars ($2,11S,O00) of these hypoAecated
bonds have been taken up, and one mill
ion and twenty-six thousand dollars (sl,
O26,OO0) of them have been sold:
OF our floating debt one million two
hundred and seven thousand one hundred
and twenty dollars and forty-eight cents
(Sl,207,l2O 4S lOOO) has been funded
and paid by the sale of these bonds
We now have on hand Including those
set apart on account of the recent pur
chase of rails and fastenings) one million
seven hundred and thirteen thousand
dollars (S1,713,0O0) of these Sterling
Mortgage Bonds OF this amount, five
hundred and eighty three thousand dol
lars 1853, 3,O00) has been set apart to pay
the bond portion of the purchase above
referred to, leaving in the hands of the
Company, after paying the one-half for
all the rails and fastenings required to
complete the entire road, including the
Columbus Branch, one million one hun
dred and thirty thousand dollars ISL, ,l3O,-
900.
| 1t is to be observed that the five hun
dred and eighty three thousand dollars
($5S3,000) of bonds above referred to
pays the one half of the foreign cost of
the rails and fastenings for the entire un-
completed portion of the road, including
the fifty miles in Tennessee. This saves
about one hundred and five thousand
dollars (105,000) of the Tennessee fund,
to which, if the contracts is carried out,
the general fund of the company will be
entitled. This, added to the remaining
sterling mortgage bonds, gives one mill
ion two hundred and thirty five thousand
dollars (sl,235,o00) applicable to the
payment of tho cash part of the contract
for rails and fastenngs, the payment Of
freights and duties and the laying down
of the track through the State of Miss
issippi; as the remaining fund applicable
to the Tennessee portion is ample to
finish the road in that State. In this
view of the case, no one can doubt the
snfiicency Of the means to finish the road
at an early day, if they can be made
available. This depends on the sale of
sufficient amount of the sterling mort
gage bonds TO pay the cash part of the
contract for rails and fastenings, to pay
freights and duties and to lay down the
rails through the State Of Mississippi.
That these bonds are perfectly secure
investments and deserve to rank-and
when the subject is properly understood
will rank-wiill the first class American
securities is capable of the clearest de-
monstration.
Facts are the best argument -
There are six millions of dollars 1885,
600, ,O00) Of these bonds, holding for their
security The first lien on the road in Ala
bama, Mississippi and Kentucky, in
Guiding rolling, stock, equipments, mach
ine shops and every thing belonging to
the road. In addition to this the mort
gage covers all the lands donated by the
general government to the Company,
embracing about one million one hundred
thousand (l,l00,000) acres.
The bonds can never be increased in
number or amount, but are on the de-
crease. The sales of the lands are now
going on more rapidly and favorably than
at any former period. The proceeds Of
these lands are being invested in the
bonds, as the mortgage requires, and the
bonds cancelled. Already sixty thou
sand dollars (S6o,O00l ofthem have been
paid off, and the process has but just be-
gun. The lands are coming into market
rapidly, and most effectual sinking
fund is already established.
Two hundred and thirty-two (232)
miles of the south end of the road are in
operation, This portion of the road, in
cluding machine ehope, rolling stock and