The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1869-05-06

IcoNcLuDED FROM FIRST PAGE


denying the Governors of those States ant
the Mayor Of New Orleans the right of vot
ing Tor dlrectros on the State and city stocks
and authorizing them in lieu thereof to APP
point three directors each, to represent il
the board the interests ofthose States and o
the city. This act has, therefore. becom,
now part of the charter of the company
and eau only be changed in the manner in.
Dictated therein.
We bave now settled favorably or com
promised with the several bondholders.-
| Mr.. ID. W. Withers excepted) who had re-
fused to enter into the arrangement made
with the English bondholders in 1866. Mr.
Nlthers Is still pressing his suit in the
1 United States Fifth Circuit Court for the
amount (S60000) and interest which be
/ claims to be due him.
The case is still pending, but the company
/ Is prepared to satisfy the judgment of the
| court should its decision be adverse TO them
| In July last the Honorable Judge of said
| MesSers Cohen and Weller, TO examine and
report upon the management and condition
| OF the affairs of this company.
Its books and papers were gladly submit
ted TO their examination, and train was
placed at their disposal to make a close in
spection of the whole road, from New Or
leans to Canton, which was done by these
gentlemen in a thorough and conscientious
manner take pleasure in calling your at
tention to their very favorable report, which
Is herewith annexed, marked 81"
Nearly all their pecuniary embarrass-
ments have grown out of the disastrous civil
war; which was recently waged on this sec
ton of the Union. The road was the victim
of both armies.
During the years 1853 and 1864 the Ioeomo-
tives and rolling stock, with very few eX
ceptions, were destroyed or damaged to
such an extent by the contending forces As
to render them wholly unfit for service.
son the 24th of June, 1865, under the or
lii
department, the company was placed in full
possession of the road. and they proceeded
at once TO repair the damages and put 1t in
running order. At this time it was in
pretty good condition as far as Ponchatoula,
a miles north of this city, and from that
point to Brookhaven, distant 81 miles, most
of the bridges had been destroyed. and the
road had not been used since the spring of
1868. In the meanwhile the luXuriant
vegetation of that section of the country.
with its shades and moisture, rotted the pine
timber used in its construction, and three
fourths OF the ties had to be replaced in or
der TO render it safe for the transit of loco
motives and cars.
From Brookhaven to Jackson, 30 miles,
the road though much dilapidated. was still
being used, with the exception of two and
half miles Immediately south of Jackson
from this last point to Canton, % miles, al
though much out OF repair, having been re-
peatedly torn up and seriously injured, was
still used.
The amount of rolling stock turned over
at the termination of the war. was as fol-
lows ) locomotives, two Of them damaged
and partly burned, two second class passen-
ger cars first class passenger car baggage
car, provision ear, box cars, ; stock cars.
IL flat cars.
The amount Of rolling stock turned over
by the military authorities of New Orleans,
consisted Of | locomotive car, box cars, 10
fiat cars, l baggage car, 20 cattle cars.
'-Of all the depot buildings and platforms
attached, wood sheds, water stations and di-
vision houses, which were in plete re-
pair in 1862, there remained only the build
in2s at Osyka. Magnolia and Summit, the
remainder having all, from time to time,
been destroyed by the armed forces in their
vicinity. Compare this with the stock on
hand in lSGl, and it will be seen how much
the company has suffered by the war: Is
locomotives, I of which had never been at
tachcd to a train, 81 passenger cars, IL
having never DeeG used, 10 baggage and eX-
press cars, SOB freight and hand cars.
binder these disastrous circumstances
with not dollar in the Treasury, the DiTec-
tors proceeded, with commendable energy,
To put the road into complete repair, and on
the 3Oth of October, being four months after
they had received it, their trains commenced
making regular daily trips over the whole
road.
ITO rebuild and repair seventy-eight
bridges, construct sixteen drains. measuring
BOO lineal feet, place on the road bed four
thousand two hundred ties, build depots and
stations, purchase the necessary rolling
stock tools ETC. with nothing but their in
dividual credit and the earnings of the road
to depend upon, and without increasing the
debt of the corporations, entities them to
the highest degree of praise.
"Having made these general remarks, we
proceed to speak ofthe principal losses which
have embarrassed the Board and prevented
them from extending the road.
They expended on the road north of
Canton. the sum of SG07 ,96I 10. The grading
and bridging were complete and ready Tor
the rails These rails had been purchased
and were in New Orleans, where some of
them were stolen and others seized and APP
propriated to the Federal Government. The
value of these rails was $l9964O.
AT the end of the war they found in their
Treasury. Confederate money or obligations,
which were of course entirely Valueless TO
the amount of 1888 COZ y.
I'm consequence OF the destruction OF
their rolling stock, they were compelled to
eNpend, for locomotives and cars alone, to
replace them, the sum of $523264 Al. During
the war they had purchased five hundred
bales of cotton, which were destroyed by
the ConfCderates when they were driven out
of Canton. This cotton was of the value OF
$4,000. The aggregate amount of these
losses is $24Qi,47l 03-quite sufficient to
cmbarrass any company
liams, is pre-eminently qualified for the
position which he occupies. and the Presi-
dent and Directors are laboring earnestly
for the permanent success of the work
This is railroad 206 miles in length, and
is the principal link in the chain connecting
New Orleans with the great cities Of the
North and West, and we are satisfied that
the interest of neither bondholders nor
stockholders would be promoted by the ap-
pointment of Il receiver. The present Dl-
rectorS and officers are practical men oil nlSn
character and standing, and well qualified
to manage the affairs of the corporation.
Tie road is now in fine order, and with
sufficient stock to meet all the demands OF
tie public, and we cannot we'll see how the
charge that their finances are crippled" can
be sustained. If there were any danger of
the company becoming iDsolvent because OF
the bad management of the officers, we have
no doubt that the members ofthe Board who
were appointed by the State of Louisiana ana
city ofNew Orleans would sound the alarm,
and take the necessary legal steps TO protect
the So, 100000 stock which they represent.
.Since the war several manufactures have
been established. and others are in course
reconstruction on the line fthe road, which
will add much to the receipts ofthe company i:
1t passes through some of the richest ana
most productive cotton lands of the south,
and it cannot be douhted that before many
wears clapsc, large manufactures VIII De
established to consume that staple.
I'VE are under many obligations TO the
President and Directors for the facilities
which they afforded us in discharging the du-
It's imposed upon us In the course of our eN-
animation into the financial affairs of the
company, We were compelled 10 verify the
correct:.ess of the annual reports, and OBJ
tanned great amount of information not
found in them; and to the able and faithful
Secretary and Treasurer, Mr.. X. ). Charles,
who has been Unidentified with the road from
its organization, we are especially indebted.
The company is certainly fortunate in hav-
/ ing the books and papers kept in the most
excellent order.s
As the speed and prorates of the railroads
/ are matters which exercise a great influence
| on the success or failure of railroad eompa-
/ mics, trust I win be excused for inserting
in this report the following extracts from