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

course Of beng funded in second ,eres
mortgage bonds. ti72O co
slOIs so %
Notwithstanding the reduction of receipts during
the last year, and the continued improvements
made to the road and rolling stock. the floating
debt of the company has been reduced s73.O79 81,
as follows:
The floating 2sth February 1868 was 1888 54 IL
On 18th February. 1869 it was. 6lO44 50
Showing decrease during the twelve months. $1,000 81
The commerce Of New Orleans being njuriousy
affected by the heavy charges in freights, dray'
ages and other expenses attending the receipts or
shipments of goods, 1t behooves all transportation
companies to devise means of reducing those
charges to minimum. The New Orleans. jack
son and Great Northern Railroad Company has
already made great annual reductions In her
freight charges since the war, and will continue
to do so ae rapidly as circumstances will permit.
A great saving in draysge alone can be obtained
by continuing the road to the river, either within
the limits OF this city of Jefferson City. thence
down the river front to the Pontchartrsin Railroad
depot, at the foot of Girod street. A dray load
of fourth class freights from the river TO the
railroad depot "a distance of about IL me) costs
about as much as the freight on the railroad from
New Orleans to Pontchatoula (4s miles } whlchis
nearly equal to quarter cost of transportation
over the whole length of the road, and draysge on
fractional loads (which constitute generally the
orders Of planters and private families. is nearly
equal to the freight from New Orleans to Canton.
If this extension were made we could be able
to connect with the Pontchsrtran Railroad on the
river and to establish depot opposite Gretna for
the receipt Of cattle, etc., from the Opelousas
railroad. We would also pass close by the grain
elevator at the foot of Harmony street, which
would enable US, as soon as the Mississippi Cen.
trail Railroad shall have been continued to Padu-
cah and q bridge constructed there across the
Ohio river (probably IN about two years) to bring
down grain from Illinois and the West. when the
Ohio and Upper Mississippi are either frozen or
too low for navigation, which is the case several
months In the year. We have been trying In vain
for the last year to get the right of way TO the
river from the City Council of New Orleans. Be-
ing unsuccessful, we endeavored to obtain 1t from
the Legislature, which had granted il at its pre-
ceding session to the New Orleans, Mobile aud
Chattanooga Railroad, q new company In which
the State OF Louisiana and city OF New Or
leans own TO stock: whereas, they are in
terested in this company, the first to the ex-
tent of Ga 600 shares, and the latter to that
of so, 600 shares. Iregret to inform you that our
efforts in the Legislature were attended with no
better success than with the City Council, who
have our petition still pending before them.
The question Of the extension Of the road north
of Canton has occupied large share of the atten-
ton of the board during the past year. both on &C.
count of the charter obligations and the intrinsic
merits of the enterprise. The road has invested
north Of Canton s54l 900, which is at present ut
terly reproductive. and even deterioratiDg from
the action Of the weather.
The earnest desire of the citizens Of that section
of country through which this extension would
pass to see this road built, and their promise OF
hearty cooperation, together with the increased
general prosperity of the South. seem to render
immediate action advisable.
Upon examining the question the many sdvas-
tages of making Decatur the objective point rather
than Chickssaw Bluff on the Tennessee River,
were sef-spparent. Decatur is closely approx.
innate to an air line through to Washington and the
eastern seaboard, and is the terminus of the Nash
vile Road, with bridge already built across the
Tennessee River. Under the advice, therefore, of
the board, have caused preliminary survey to
be made by competent civil engineer Of the line
from Aberdeen to Decatur, with very favorable
fciertIy worked up to permit my submitting them
herewith as was my intention. Bot refer you to
the synopsis of his future report and estimate
marked "A.'
UPON examining the financial question involved
in the construction of this line of 2i2 5-l2 miles,
it was found that the low value of the stock OF
this company offered almost insuperaole obstacles
TO obtaining the subscriptions Of land, labor and
- ~
posed line. The best disposed of our friends
hesitated before paying s25 for q stock that is
worth but SO or 81 in open market. twas, there
fore, decided that an independent corporation
should be organized under the style of the 4" De.
catur Branch Railroad" under the influence aud
auspices Of this road, to undertake this work: and
to which this road would subscribe the amount
already invested in earth work, graduation, etc.,
north Of Canton, as well as such assistance as
could be afforded in the shape of transportation,
etc. A bill was prepared for the last session Of
the Legislature of Louisiana that the plan should
have some form and consistence. which act will
subsequently, have to be confirmed and ratified
by the Legislatures of Mississippi and Alabama.
And a resolution has been prepared, which is
submitted herewith for your consideration, by
which you authorize the board Of directors TO
this company when the work shall have been
done.
From the tenor Of the letters Of our friends ts
the several counties through which this line woue
pass. we have reason TO hope that, besides a con-
siderable subscription Of cash. labor aud mate
rial, we would obtain land subscription Of from
twenty-five TO fifty per cent. Of the area of counr
try traversed, which would be sufficient basis fog
an issuance OF bonds-enough to iron the whole
road aud meet the cash outlay required. The fos
lowing is the resolution referred to, which Is sut'
mitted for your adoption;
Be It resolved by the stockholders Of the Net
Orleans, Jackson and Great Northern halirosl
Company, In general assembly convened, That ina
President and Board Of Directors OF toe New orr
leans, jackson and Great Northern Railroad Com!
pany are hereby authorized and empowered To
subscribe the amount Of the present value OF th.s
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