The prairie news. [volume] (Okolona, Miss.) 1851-1875, 1859-03-03

the citizens of Columbus, Mississippi
The proceeds of the loans and sales {
Bonds at Mobile is to be applied in pay
ment of the cash part of the purchase {
iron, and the freight on the same, for tn
trunk line of the road The amount re
ceived and to be received at Columbus
Mississippi, is to be applied exclusivel
in the completion of the Branch Road [,
that place
BY those sales of Bonds and the loan
referred to, we have provided three hun
dred and thirty-fye thousand six hun
dred dollars to meet the cash part of on
purchases of rails and fastenings. On,
hundred and forty seven thousand dollar
of this has already gone to London
which is quite in advance of the obliga
tons of the contract.
The amount of cash means alread,
raised, with the aid of the Tennessee,
fund applicable to the part of the roat
lying in that State, enable us to pay the
foreign cost of all our iron including the
ocean freights and insurance. The iy0o
.to1 Ae @hole read, mcludiag tie Colum.
6as, Mississippi, BraacA IS, therefore,
| perfectly secure.
And now another step has to be taken.
we have the means to secure the iron
contracts and pay the foreign cost, in.
Guiding freights and assurances. but we
have not the means at command to
pay the duties, .bfniSh tie road bed. and
lay the rails in tie nack.
The deople at Columbus, AIississippi.
nave moved n0bly, and there seems to
be no doubt all the means necessary to
complete that branch will soon be pro-
vlded. Upon the main track line, too,
good feeling and generous confidence
seem everywhere to prevail. If our
friends up the line will take pencil in
hand and calculate what they have lost
by not having the road in time 70 take
their crops to market before the "fall in
prices and will let us have the amount
the road can be finished in quick time
VI II they will estimate what we will
save them on the coming cron
ana let us have Mat the result will be
the same. One thing is certain, thew
must help US to pay duties, finish tie Rad |
ted, and (ay dorm the rails.
1t has been the policy of the present
Directory to create no new debts until |
means OF payment are provided, 1t has
also been their policy to get back, as fast
rs possible, the Bonds of the COMPANY
which have been pledged as collaterajs
o secure floating liabilities. Tire mill.
on one ha4dred aud eighteen Mousaud
'oflafS OF these bonds have been reIeas-
ID from hyPothecatioa and delivered m
. the Company during the year
Inc Fodt'@g debt of the Company has
'een red4ced one million one hundred
no hIty-hye thousand five hundred and
IXty-two dollars and ffty-one cents. In ,,
ne remaining floating debt is inclined
l'y-thousand dollars borrowed and paid
yer on the recent iron purchase. The ,
f""ed aedt has increased one million six ,
undred and ffty-two thousand six Hmm.
re- tdeeidIagS. This increase hes been nv
t@d'@g the following items and amounts Z
early all of which had their origin in
revlous years, viz:
Expended in tennessee S21onoo
Settlement with DeIIinger. 10 000 e
taxing up endorsements at Mobile. 3Q6 600 o
NJ DO, 'l'n oooIs- -----.-.--.... $4,000 V
Moran Brothers. . ANN
/
.,,t Sl.652 500 !,
AT the commencement of the year we d
'uld only control $6Sl 900 of our ster. n
~ Mortgage Bonds. Wen have On lN
'nd Qncluding those set apart on ac- II
'uht OF the recent contracts in London) n
'e million seven hundred and thirteen a
ousand dollars I$l,7l4,0O0. After de IL
'c'i'g tue amount Necessary to complete
e purchases of rails and fastenings. we tt
II nave an ample amount, in connection N
tn 'he Tennessee fund, to complete and Il
up the entire road, including the Co. II
nDuS' Mississippi, branch. re
By resolution of the Board the Ster al
Z Mortage Bonds have been SET apa1t IL
d Sofem@fy pledged to tile comlpetion of Sc
road. Without a violation of GOOD
IN they cannot be diverted to any 9th. G
object. But for this pledge the Com. til
ay could not have funded their iron OF
Dts or purchased the iron to complete de
road. IL IS deemed qfhighea impor- 81
zee nat tbs poiicy should be steadily in
{ firmly uttered to. Il
he very able and satisfactory report a
he Chief Engineer and General Su-
and the accompanying ia tn
s. are referred to as showing The pro 70
s. OF the road and the details connec. re,
with the running department. in
/ Will be seen that sirty-eight miles We
rack have been laid down during the
F. and eighty-seven at the north end
ae road put in running order. This
OF the road has been in operation SO
t time that no reliable facts show
us earning power have been deyel- tv
|. The general superintendent how ore