Shreveport semi-weekly news. [volume] (Shreveport, La.) 1865-18??, 1865-10-24
Southern Pacific Railroad.

IRON l'olIS iIut I'tIIi Oh lnt liin lh>l.
Pursuant to invitation extended
through the public prints of the city,
a number of the New Orleans stock
holders of the Southern Railroad
Company, assembled in the Ladies'
Parlor Of the St. Charles Hotel, last
evening. in order to hear what the .
resident and Secretary and Tr"aS-
urer of the Road had to say in regard
to its present condition and future
prospects. The number of stock
holders in attendance was not large,
although very considerable proper
ton Of the stock held here was rep
resented
On motion, Mr.. w. 5. Brown was
called to the Chair, and Mr.. II! :.
F'utkerson appointed Secretary. Ga
taking the chair, and calling the
meeting to order. the President oh
served that it was convened for the
purpose OF hearing reports and state
mentS from the President of the Com.
panv, Col. J. NJ. Waskom, and Of the
Secretary and Treasurer, DIR. \. J.
Smith.
After being introduced tothe meet
ing, Col. W. proceeded to make 4
clear, succiuct and lucid statement
of the affairs of the great enterprise
over which he preSideS. Ecmarking
that for four years the Directory, To-
Gated at Marshall, Texas, had been
cut off from communication with their
New Orleans partners, on account OF
the ~.c, !!= stated !Aat they haa heen
placed in a situation Of great Iel!ca-
cy and responsibility, but that they
had done the best they could under
the circumstances. a large debt.
-, Texas and been "3uida-
ly subscyil ueh, of the Com
pany, at the outside estimate, did
no, exceed fifty thousand dollars, and
this was in the hands Of friends in
terestcd in the preservation of the
road The expenses had been cut
down TO the lowest possible figure,
the cars kept constantly running.
and the receipts We're now largely in
excess otthe expenditures. In l>Gl
the Company leased from the Nicks-
burg, Shreveport and Texas Railroad
Company, its ronte from Shreveport;
to the Texas State line, on the mos,
reasonable terms, for a period of
Twenty-Five years. The road was
already graded, and only needed the
cross-ties and iron. From the Tex
as line, out towards Shreveport, ight
miles of iron have been laid and it
only requires iron for thirteen or
fourteen miles to make the councc-
ton with river navigation at Shreve-
port, which viii! throw an immense
and profitable business into the
hands Of the Company. This iron
will cost about $500 in currency,
and to obtain this money, and NEE,
their contract with the Nicksburg
road was the great difficulty in the
way BY the terms of the lease, this
portion of the roa /, if not completed
by the LIST of April, 1866, reverts TO
the ksbulg Company. it paying,
however, for the work done and ex-
pense incurred, at a fair valuation
All the stockholders could lose. in
the event of this disaster happening,
were the great prospective profits
which We're anticipated from the
lease. But should this gap be closed
up, they would have forty-two miles
OF railroad, running through an ex-
tremely rich country, and would be
able to transact business of at least
S250.00O per annum, At the lowest
calculation; and rs the road pro
crossed westward from Marshall
through the finest cotton region ON
earth, and became able t. avail itself
of its immense land donation. the
- - Il
upon it could hardly be over-e>tima-
ted. But, as matters stood n pres
ent, the Company owned more actual
property than the amount its out
standing stock called for, with every
dollar of liability paid. For these
reasons Col. Waskom advised his
hearers not to sacrifice their stock.
Throughout President W. was cX-
plcit and practical in his statements,
and his explanation gave general
satisfaction.
The Secretary and Treasurer, Dr.
A. j. Smith, then gave clear and
comprehensive review of the fnan-
cial affairs of the Company from the
record, in which all the general allu-
sions Of the President We're sustained
He, too, was listened to with marked
attention. The addresses of these
two gentlemen inspired most hope
full feeling among all present, and we
doubt not will tend greatly towards
putting this important work of in
ternai Improvement "on its legs
again
After thanking, by resolution,
President Waskom and Secretary
Smith for their able and Instructive