The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-04-18


ern Railroad nothward to the Tennessee river
and TO give sBch other aid and assistance as can
be afforded without detrment TO this company to
such company, and take pay for the same in full
paid capital stock.
To show in what favorable light the masters 10
chancery, appointed by the United States Circuit
Court, looked upon this proposed extension, they
state az follows in their report herewith accom-
panyiDg, marked "B :"
"Wben the road is extended by the wsy OF
Aberdeen to the Tennessee river, thus forming a
connection With Memphis and Charleston aud the
Nashville and Selma roads, ss originally designed,
the company will have one OF the most valuable
roads Ia the South. Traversing, as il would
country Of immense fertility and iDexhsustibe re.
sources It would bring new fields into cultivation
increase the commerce OF the South and vastly
Argument the trade of this city. We have no
doubt that as soon Is the political difficulties
\ which now paralyze every branch OF industry In
this section are settled, capitalists will take hold
OF this great enterprise and see that IL Is accom-
plished."
The cost OF the extension from Canton to Aber.
deem ara miles, is roughly estimated by the en-
gineer, Major b. II. Greene, In charge of the sur.
vey at about 81, 76o 600. and from Aberdeen to
Decatur Ql9l mies) at about 90, FAC, 900, or about
s60o0,O00, for the whole distance.
The decrease Of business on the road IN 1867 IA
accounted for very correctly, in my opinion. by
fhe general superintendent in his report of that
year. as follows:
4" First-To the extraordinary prostration of
trade which pervades the entire country.
Second-During three months Of the past
year the fever prevailed with considerable VIC.
lence in New Orleans, during which time the
business OF the road impeded by the estab.
lishment OF quarantine at Brookhaven, jackson.
Canton and Vicksburg.
Thirdly reference to tabular ststennents "a
will be seen that we have brought TO market ten
thousand two hundred and seventy-seven Q0277)
bales OF cotton, sDd have carried twenty. three
thousand one hundred and eleven (23IID pas.
seDgers In excess Of last year, Notwithstanding
which our gross earnings from freight and passage
have fallen short two hundred and eighty.two
thousand nine hundred and ninety-eight dollars
and seventytwo cents (2S2, 99S T2), caused BY the
necessary reductions on our freight and passeu-
ger tariffs. This deficit is more than eqused by
the reduction Of the expenses of operating the
road.
The average travel has paid rs but a 7-lO)
Tour and seven.tenths per mile, whilst the pre-.
vious year we received FIVE and seven tenth rs 7. I
7 10Y cents per mile, cay reduction OF one cent
per mile. This reduction OF fare was made with
the view to facilitate those locating along the line
of road and more particularly those whose busi.
ness connections in the city made IL necessary for
frequent travel: but by the statement herein re.
felred to- the fact is revealed that whilst the in
crease OF travel has been considerable il has not
yielded the receipts paid last year by eighty thou.
sand Six hundred and sixty-four dollars and twen-
fy cents $780, ga 20)."
The general superintendent states as follows, I'm
bis report herewith marked Il"
Statement No. 2-Shows we have brouQht
from connecting roads So ,647 bales cotton against
81 ,26o during the year ending February 30 1868
making an increase from connecting roads of 1884
bales.
"fhe receipts from local stations fall short 670O
bales. This decrease in the number Of bales from
local stations is attributable 70 an unusually rainy
season, making the roads almost impssssble.
thereby preventing planters from hauling to or
from 4ha OF For fboh oo s,Fo.
tanned, think there are upwards of twenty thous.
and bales Of cotton yet to come over the road
from the present crops.
Statement No. 3, Passage Departmeut-Ex.
bibits the earnings at four hundred and twenty.
eight thousand three hundred and five dollars and
sixty.two cents, against four hundred and sixty
five thousand five hundred and forty. -four dollars
and eighty cents from the previous year. making
deficit of thirtyseven thousand two hundred and
thirty mine dollars and eighteen cents.
statement No. Ais q comparative statement
Of the earnings for the three past years and ex.
hiOits decrease Ia the earnings of four Hundred
and eleven Thousand two hundred and twenty dol. |
lars and eighty-four cents.
"Ths decrease is Attributable TO q great extent |
to reduc ions made in the passage OF freight tar
Sfls as authorized by the board OF directors In |
their effort to meet the demands OF commerce and
benefit the patrons OF the road, confidently antci-
patiDg an increase in the amount OF business
offered, which would prove an equivalent for the
reduction. This statement shows that we have
been disappointed in our calculations, and / can
but think that there are Influences beyond our
control operating against the commerce OF the
city.
The decrease Of the earnings from freight end
passage (sl59 I'll sl) of 1868 and 1869, compared
with those of the year preceding must be attri
buted partly to the unusually wet weather Of the
past winter, which greatly affected the business
of the whole city and State.
Moreover, fears of political troubles In the South
A. s;.yo ro a..
deferred strangers from coming here until very
late in the yesr-too late to give much impetus
to the fall business, and many planters and coun
try merchants who were In the habit of coming TO
New Orleans annually, In October or November,
20 purchase their supplies, resorted to Northern
markets, where greater credit facilities were of.
fered which has made some OF them give the
preference since to those markets.
The list OF arrivals this winter at our principal
hotels show consequently very great falling Off
from that of last year and the year preceding.
With regard 10 the tariff rates OF the company
on freight and passengers, judicious system of
annual reductions has been carried out since 1866
TO meet the demands Of commerce and satisfy then
just reclamations of the patrons OF the road, but
at the same time the receipts and expenditures
had to be watched closely to prevent the road
from falling suddenly into the hands of the bond
holders and other creditors by not meeting at
maturity all lts pressing liabilities The track,
rolling stock and other assets OF the company,
which folly worth IS 900 OO0 sold by order Of
court, would not bring probably than the
amount Of It's bonds and liabilities, say about |
"a $50 Co., by which operation the States OF Lou.
isisna and Mississippi, the city OF New Orleans |
and private stockholders would lose their entire |
amount OF stock, say over s4,500.OOO, and the |
management of this important branch of our |
State improvements would pass irrevocsby into |
foreign and Northern hands.
To show more clearly what reductions have
been made in the tariff rates of the road, will |
state those made in cotton and passengers:
In 1855 the freight on cotton from Canton (the |
northern terminus Of the rosd) to New Orleaas
was 81 per bale. In 1866, IS per bale. In 1867 /