Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-13
THE JACKSON RAILROAD
Opposition 10 the Sale Of the New Orleans
Stock TO MccOmbs & Co, Of the
Southern Railroad Association.
Letter from General Bsauregard.--Stats.
ment of the Condition Of the Road.

Letter from General BeauregaFd State
ment Of the Condition Of the Road.
The Southern Railroad Association
is composed Of many gentlemen o
experience, full of the conviction tina
the railroad system of the Mississippi
Valley will in the near future be {
means of as great wealth as that 0
New York and Pennsylvania. They
are, therefore, desirOus Of securing 1t
and to that end nave invested largely
in the Mississippi Central and Other
roads. They desire the Jackson road
as necessary to complete their through
route from the Ohio into New Orleans
they have therefore sought 10 pur-
chase this controlling stock in that
road Owne,l by the city of New
Orleans As we leagn from
the New Orleans Bee of Sunday:
On Saturday last st y m, II. Z.
WarmOth. Governor Of the state, IN
accordance with the act OF the Legs
lature. empowering him TO sell the
stock (3j, 800 shares in the jackson
Railroad belonging to the state OF
Fauisiaus, proceeded TO open the Dds
whs9b had been made for the same
and 10 .odjudieate the same. lie found
The foIIowiHC bids: II. 5. McComb,
four dollars PSF snare r >. fFatl, ats
two dollars and sixty-tlve, cents per
share Kimbgsill, three "oiiai' e'
share.
II. S. McComb being the highest
bidder, Governor WarmOth declarec
him to be the owner of the STOCK on
his complying with the terms OF Ihe
sale, four dollars per share. The con-
ditiOns being fulfilled, Governor War
moth and Mr.. McCOmb proceeded 10
Lhe office of the Jackson Railroad and
requested to have the stock transferred
an .he books of the company.
What occurred there, the President
of the company states above his own
signature, and We append hls state
ment hereto:
OFFICE \. O., J. s, G. n. r. R.,
NEW ORLEANS. April 9, 1870.
AZ 2:5j pm. i returned TO the Jack
-.0n Railroad office, having heard that
the Governor of the State of Louisiana
and Mr.. II. s, McCOmb desired 70 see
me. ON entering my Office with
Messrs. John Roy, G. 4. RaOul, {. IL.
Ringgold and L. 4. 9uyOl, l found
sheSe other gentlemen awaiting me.
II
eruOr informed me that he had called
With Mr.. McComb to tell me that this
gentleman had Just purchased the
state stock IN the Jackson Railroad,
and that they desired said stock to be
transferred on the books Of the COM
many to Mr.. WcCOmb. I gHSWered
r., at it could not be done, IS 1 did no,
,.o1,s,, Ter the sale OF said stock binding
Great Nortf.e.!rn Railroad, and hence
refused to make sid transfer.
JSigued) q. T. BEACisT71S : .Aio, a NJ
Witnesses: John Roy, @. 7. h%ouI' I.
II. RinggOld and +. \. GuyOi.
OF the movement thus 50 promptly
opposed by General Beauregard, the
Bee has the following:
We publish to-day the Annual Re
mort of the President of the Jackson
Railroad, addressed to the stOekhold-
rrs thereof, who viii shortly assemble
In this city for the purpose of holding
an election for directors for the ensu-
ing year.
Tfe stockholders viii learn at the
saB,s time that their road is passing
through a crisis, brought about by the
action or the Radical politicians OF
this State, who desire to bring about
a change in the administration of the
road, take 1t from the control Of the
experienced and efficient officers who
have, for some years, directed is AZ
fairs. and so manage as to make the
road contribute to the success Of the
Republican cause in this State, as well
Ss contribute to the personal aggran-
dilement of Governor Warmoth and
his colleagues in the State govern
ment.
We learn from General BeaUregaFd's
report the following facts:
l. That the earnings OF the
vear ending February Is, 1870,
. 'Sht, passengers and mails
IRE. ~tto................... ,s94, ID IS
: @ulCni- tie expenses for the
= 1haI we been -....-....... So2,467 Il
same time h..
................s h9l ,4;.5 IL
Net earnings. ~assa In
3 That this is an inci tbE
the gross earning over 950OS9 OI
previous year tls6gl Of...........-, t.iudeI
!. That there remains to be 80
of the old Indebtedness only the
of So $50.
3. That the road is worth eight
millions Of dollars, but would not, if
sold at forced sale, probably bring
more than 81, $4,000.
6. That the road bed is in fine con-
dition.
7. That the rails on some portions
Of the road need renewing.
s. That the road Is well stocked
with motive power, and the business
Of the road progressing favorably.
II is in these circumstances that the
corrupt Radical rulers Of this State
have attempted TO effect a sale of the
stock belonging TO the State OF Lou
isiana and the city of New Orleans,
and TO impose on the Taxpayers of
Louisiana loss, as we have hereto
lore shown by figures, of eight mil
lions Of dollars. There is no neces-
sity for the sale. What possible in
ducemeut other than party interest
and pecuniary bribes could have in
sthced the members Of the Legislature
and the Governor of the State to bring
about a sale Of this stock, and to incur
20 heavy a luss2 This is not the time
tg s.,lI, when the road is just begin
npg 10 recover from the heavy loss
sustained by the events Of the war.
Especially is it indefensible to hand
over 10 strangers the control Of a
work 80 important to the CONNER
cial interests of this city. There
is no local capital here in New
orleans TO invest in this enterprise, or
at all events, no dispotion TO do so on
the Part of capitalists. The jackson
railroad enterprise we consider to be
veg in its infancy. Like the OpelOu-
Sas road. it is only the first division Of
the originally contemplated line,
which mas been constructed, and none
az the branches have been built which
were expected to be the feeders Of the
main artery. Let the road be extend
,.J TO Dacatur, Tennessee, and branches
10 Baton Rouge, and the productive
counties in Mississippi, lying between
fbe road and the Mississippi river,
and a new era will dawn upon the
fortunes of our great railroad, always |
crowded that il shall not have to |
hear the dead weight Of an adverse
fBagitical influence.
Tie principal objection to a sale
u OF the Slate and city stock, be
no. .he legal difficulty in the way, is
sides A. ,-e In danger of having the
that we IA. ~ged as to turn away trade
road so mana, Sew Orleans, and send
ON the city OF 4, Possibly II might /
{ 70 Atlantic ports. he people OF /
De advantageous 10 4. = and city 1
New Orleans were the Stat, Stizens,
itOck to be sold TO our own {. ~de
who are interested in bringing H.. y
iere, but it is perfectly suicidal to set
{ tc those who are not identified with .
his city, and who, perhaps, are mere
pesulatOrs ia railroad stock, or more I
DIRECTLY speaking mere tcreckeg's q \
trgnded property. The jackson Rail-
DAD, we are glad TO say, is not {
trdHded by a great deal, and Is not