New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-10


So OOOooC N
Statement az gives the floating and
bonded debt of the company on the
twenty-eight February, 1870. as fol-
First and second series mortgage bonds So 900 900
Accrued interest on first mortgage
oouds in course of being funded in
second series mortgage bonds....... 1850 q
Total So 92 $50 Of
snnory obligations o, the company s02 sol 5;
Total 723 s5l 9;
In my last annual report to the stockhold
ers, remarked as follows:
1.-THE commerce of New Orleans being in
juriously affected by the heavy charges in
ireights, drayages and other expenses attend
ing the receipts or shipment of goods, it be.
hooves all transportation companies to de-
wise means of reducing those charges to q
minimum. The New Orleans, Jackson and
Great Northern Railroad company has
already made great annual reductions IN her
freight charges since the war, and will con-
tinue to do SO as rapidly as circumstances
will permit. A great saving iu drayages
alone can be obtained by-continuing the
road to the river either within the limits of
this city or of Jefferson City, thence down
the river front to the Pontchartrain Rail
road depot, at the foot of Girod street. A
river to the railroad depot, dis
lance of about one and a quarter
mile, costs about as much as the
freight on the railroad from New Orleans to
PontCbatoule, fOrty-eight miles, which is
nearly equal to one quarter cost of transpor-
tation over the whole length OF the road;
and drayage on fractional loads (Which con
stitute generally the orders of planters aud
private families) is nearly equal 20 the
fran Na-U ORLEANS N Caut1D y
"Ift this extension were made, We would be
able to connect with the Pontchartrain Rail-
road en- the river, and to establish Z depot
opposite Gretna for the receipt of cattle,
etc, from the Cpelousas Railroad. We
would also pass close by the grain elevator
at the foot of Harmony street, which would
enable us, as soon rs the Mississippi Central
Railroad shall have been continued to Pa
ducah, and a bridge constructed there
across the Ohio river (probably in about
two years., to bring down grain from Hi
nois and the West, when the Ohio and Up
per Mississippi are either frozen or too low
for navigation, which is the case several
months Ill the year"
After many fruitless attempts to obtain
from the Legislature and City Council of
New Orleans the right of way for the e&.
tension OF the road from the railroad depot
at the corner OF Magnolia and Clio streets,
to the river, and up Front street to the
elevator, We finally succeeded, during las.
summer, ID obtaining an ordnance OF the
Council granting our application; but after
the work OF extension had been fairly
started, and a great deal of the requisite
property and material had been bought and
contracted for, few obstructive and IN
progressive property holders on st. Joseph
street checked the further prosecution Of
the work by obtaining an injunction to that
effect in the Sixth District Court of the
State. We are now endeavoring to have this
IL junction removed. But to expedite the
extension, we succeeded at last in having
passed by the late Legislature bill grant
ing us the right of way, which will enable
us now to resume the work of extension,
without awaiting longer the action of
the court relative to the injunction referred
to.
AS to the extension of the road from
Clinton to Decatur, via Aberdeen, | remarked
IS follows in my last report to the stockhold-
ers: Upon examining the financial ques-
ton involved in the construction CT this
line of 1924 miles, it was found that the low
value of the stock of this company offered
almost insuperable obstacles to obtaining
the subscriptions of land, labor and money,
otherwise freely rendered along the pro-
posed line. The best disposed of cur friends
lesitated before paying SIS for stock that
Is worth but Sc or 81 In open market. It
was, therefore, decided that an independent
should be organized, under the
style OF the Decatur Branch Railroad,
Under the influence and auspices of this
to undertake the work, and TO
which this road would subscribe the amount
already invested in earth work, graduation,
ETC., north Of Canton, as well as such assist
lnce as could be afforded in the shape of
ETC." A bill was prepared
or the last session of the Legislature Of
louisiana, that the plan should have some
'orm and Conscience, which act is now be.
ore the State Of Mississippi, to be confirmed
and ratified. z corresponding bia has
Already been Obtained from the State OF
Alabama.
A resolution Las been prepared which lie
low submitted for your Consideration, by
which you authorize the Board of DireC tors
20 act IN the premises in the name OF this
company.
Be it resolved by the stockholders of the
New Orleans, jackson and Great Northern
Railroad Company, il an annual assembly
thatthe president and directors (
Il the New Orleans. jackson and Great
Northern Railroad Company are hereby au-
horned and empowered to subscribe the
AMOUNT Of the present value of the work
lone north of Canton, Mississippi, to the
capital stock OF any company undertaking
% build road IN connection with this road |
10 the Tennessee river, 20 dispose Of the |
lights, privileges, and franchises now held |
~ it in favor of such company, to turn over |
% such company the unpaid subscriptions |
% the capital stock Of this company depen- |
liant on the building of the line north of !
canton with the assent Of the subscribers, !
md to lease in perpetuity, or for such time |
and on such terms as may be agreed upon |
my such road, whether the same be CON- !
3leted or in progress of construction.
The cost Of the extension from Canton to |
Aberdeen, one, hundred and twenty-five and |
half miles, is>roughly estimated By the en-
ylneer, Major B. H. Greene, who was in
'harge OF the survey, at about 50 430, 900;
snd from Aberdeen to Decatur, one hun
ired and seventeen miles, at about So, H.
'UO, or about s5,S77 600 for the whole dis
anCe.
With regard to the tariff rates of the COM
,any, remarked as follows in my last an
lual report to the stockholders: '.Ajudicious
ystem OF annual reductions has been car
led out since 1866, to meet the demands Of
commerce, and satisfy the just reclamations
# the patrons of the road; but at the same
ime, the receipts and expenditures had to
e watched closely to pre- vent the road from
ailing suddenly into the hands of the bond
Iolders or other creditors, by not meeting
t maturity all it's pressing liabilities. The