Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-07-08
MISSISSIPPI RIVER RAILROAD.


I
lanche of the condition Of the affairs
this embryo road, from which we make
few extracts. OF the directness of tn
route:
AS one evidence Of the fidelity of tn
engineer to his instructions, we ca
state that the line as building from Mem
phis to Covington, distance of thirty
six and half miles, does not excee
the air line between those points owe
726 feet; and the entire line Of one hun
bred and two miles to Troy Station, il
Obion county, possesses eighty-four pc
cent of air line. faua
OF the negotiations looking forward Il
the certain and early completion of thu
road, there is this explanation:
In December last the Board of Direc
tors came to definite agreement witt
an association of Eastern capitalists t
build and equip the entire line of theil
road from Memphis to connection witt
the Mobile and Ohio road and the Padu
cab and Gulf road in Obion county, 9
distance of I02 miles. These capitalists
agreed on their part to take our sub
scriptions as made and to be made, to
become themselves subscribers for 81,
000,000 of stock and to buy the first mort
gage bonds of the company at eighty
cents on the dollar. The agreement with
these Eastern capitalists, although re-
duced to writing and deposited in the
hands of third party has not been
finally executed, owing to hindrances on
their part that could not well be avoided.
Yet they expressed readiness to ad-
vance money to the Directors at the rate
of $4,000 per month, to enable them to
continue work on the road.
The financial arrangements are thus
explained:
Under the agreement above set forth
with McComb and associates, the Mis-
sissippi River Railroad Company had,
up to May 3lst (the date of this report,
received from McComb 4 Co. about &c.,
900, secured on county bonds held by
the company. On the 3lst of May, ac-
cordng to this agreement, these parties
presented a subscription of 81 ,000, 900 in
the name of j K Porter, guaranteed by
the Southern Railroad Association, ac-
cording to the terms of the written agree
ment aforesaid, and assigned $4,000 of
the amount that had already been ad-
vanced to the Mississippi River Railroad
Company as payment of 5 per cent. on
said subscription. This, of course, re-
duced the Indebtedness of the Missis-
sippi River Railroad Company to Nc
Comb and associates to about S26 900,
and released proportionate amount of
county bonds from their hypothecation
with McComb 4 Co. to secure the ad-
vances they had made. The rest was
placed as special deposit in the Mer-
chants National Bank, to secure adj
vances obtained from that bank and from
other moneyed institutions in Memphis,
and to await redemption by the counties
This statement, coupled with what fol-
lows, will give good deal of trouble to
the Upton County Record to substan-
tate its recent charges of foul play"
Here is the amount of money used up to
this time:
The entire amount paid by the coun-
ties of Shelby, Upton and Lauderdale,
and by individual stockholders in Dyer
and 0bion counties, to date, is as follows:
Upton county-Bonds redeemed, $22,-
000 coupons for interest, $l2 1000; total
from Upton county, $4,000 Shelby
county-Coupons for interest, $4,000.
Private stock in Obion county, 81, 262;
in Dyer county, 1905; advances on Lau-
derdale county subscription, $500.
Total receipts from subscriptions, $780,
O67. OF the 100000 of county bonds
delivered to this company, only $22, 900
Upton county .bondsl have been re-
deemed, leaving in the hands of the com
pany $l7S,0 900 of Upton county bonds
and the entire amount ($300,000 of
Shelby county bonds, unused and certain
10 be applied to the building of the road.
The receipts from the sources named
are $50, O67, while the expenditures have
been, for grubbing, grading, masonry,
ETC., 500, $40; engineering, right of way,
,tc., S37,9O7 30; contingents, printing,
ETC., S22, 1876 80; making total
If Sl6O, ls4 %. The maximum grade is
fifty feet per mile, and maximum curva-
ure three degrees per hundred feet.
The estimated cost to Cairo and Mound |
Jity, distance of l59 $40 miles is S4,-
1872, or S3O,sls 4s per mile There |
5 no explanation why terminus should |
'e at Cairo and Mound City both, there
,eing distance of 8 $40 miles required |
etween them-almost or quite a third
reater than on the north side of the
)hio river. But we leave that riddle for
be Upton Record to solve, while it is
notes between its odoriferous
harges and the statements of the Presi-
ent and Chief Engineer. Nor do we
ee why the road should be continued
eyond Troy Station, unless the connec-
on with the other roads passing through
'bion county should become too oppres-
i've to be desirable, and more intimate
with the Illinois Central and
afro and Vincennes roads should be
eemed indispensable The resources
{ the road are thus stated:
Last June the resources of the road
ppeared to be as follows: State aid, SlO.-
DO per mile to the Kentucky State line.
ny 10 miles, Sl,l0OOOO; State aid for
ridge purposes, 100000; total State
id, 81 100000 County subscriptions
helby, $500, 900; Upton, $500, 900; Lau-
erdale, $3.50, 900; total county subscrip-
ons, $650,000. Union City subscrip-
on rendered and conditional), $4,000.
subscriptions in 0bion county,
! cash, lands and labor (about), Sll0,-
70. The grand total Of State aid, county,
,wn and individual subscriptions.