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


they amounting to 81, 2l3 81, averaging
S95, 1851 l3 per Notwithstanding quite graft
flying increase in the receipts of the road.
The earnings from freight and passage
for twelve months have been 81. 800 $
Mails. 80 900 0C
The road expenses during tie
same period have been. 1856, $50 IS
Deduct amount Of material on -
3..is5 - soz's1 II
Leaving net earning of............. S63l. 425 Al
and showing the cost of operating the road
to have been q little more than fifty-three
per cent OF the gross earnings, which is
quite remarkable, in view of the recent
damaged condition OF the road and rolling
stock, and the known fact that this ratio is
usually over sixty per cent.
We have funded in this city and New
York. TO the twenty-eighth of February,
1870, IS, 300 coupons (amounting to. 1872. 000l
CT our first mortgage bonds, which matured
during the war, and the trustees in London
have funded to the extent of 600 coupons,
lamounting to S268 ,000) being all the ster-
ling coupons to be funded. There remains
still, Of the entire amount of coupons Sl2,.
$50 worth to be funded ia the L nited States.
We have now settled favorsblv or compro-
missed with the last bondholder who had re-
fused to enter into the arrangement made
wit ITO deposit with trustees the matured
coupons Of the FIRST mortgage bonds of
the company held by the bondholders, in
Guiding the coupons due first of July, 1866
and to receive in lieu thereof the second
mortgage bonds Of the company at par. In
case OF failure on the part of the company
to meet their new obligations in the payment
of the interest on the second mortgage
bonds thus Issued, or On the first mortgage
bonds, commencing with the coupons due
first of January, 1867, the. bond holders to
reclaim their first mortgage bond coupons,
and surrender the second mortgage bonds
which were issued for them-thus placing
them IN their original position with their
first mortgage lien on the road 1t is to
De feared, therefore, that should the man
agement of the affairs of the company fall
into incompetent or improper hands, intent
on miSappiying the receipts of the road.
they would not only iail to continue improv-
ing this main artery OF the commerce OF
New Orleans, but they would be unable to
meet the obligations of the said agreement
entered into with the bond bolders-who
might seize the first opportunity to have
the road sold ont 10 themselves to
of stock belonging to the city of
New Orleans, the 1854 900 to the
State of Louisiana, the S446,SS'5 to the State
of Mississippi, and over 81 600. 600 to private
stockholders. And should the recent most
extraordinary attempt to transfer the con-
troll of the road, by means Of forced and IL
legal sale of the city stock, to the hands of
prominent members of the association, who
now lease the Mississippi Central Railroad,
eventually prove successful, the loss of the
stock would be the least of the evils to be
anticipated. The whole of the energy and
influence of q powerful organization would
be interested adversely to the trade and
commerce of New Orleans whereas, if our
own citizens, or the European bOndholders,
who already have four millions of dollars in
vested in this enterprise, were to become
whatever may be thought of the policy of
parting with q probable source of future
revenue, at least no blow would be aimed at
the commercial prosperity OF this city. The
total indebtedness of the COmpany-hOating
and Notwithstanding all estimated inter
ests on personal accounts and bills payable,
does hot exceed 50, 800 900.
The following statements accompany and
form part of this report:
Abatement Of the receipts and expendi-
lures Of the company from its organization
20 February IS, 1870.
B-Statemept ofthe receipts and eEpendi-
lures of the company from March L, 1869, to
IS, 1870.
outstanding February Is, 1870.
D and E-Statements of the disposition of
three thousand first mortgage bonds OF the
company, redeemabc July l, 1886; also, of
three thousand second series mortgage
bonds OF the company, redeemable October
l, 1890.
F-Statement of the floating and bonded
debt OF the company on the twenty-eighth
OF February, 1870.
pAvar.E /,EI
for the year ending on the twenty eighth of
February, 1870, embracing the following
l. Statement of inward and outward
freights for the year ending on the twenty
eighth of February, 1870.
2. Comparative statement of cotton re-
ceived during the years ending twenty
eighth of February, 1869, and twenty eighth
of February, 1870
,. Statement of passenger earnings for
the year ending twenty-eishth OF February,
1870.
4. Comparative earnings from the first of
March, 1866, to February 2S, 1870.
S. Annual report of the etOrekeeper for
the year ending twenty-eighth of February,
1870.
s. General balsnce sheet Of the transporta-
lion department for the year ending twenty
eighth of February, 1870.
Z. Tabular statement of the number and
condition of different engines during the
year ending February %, 1870.
H-Estimate of chief engineer for con- |
structing extension from Canton, Missis- |
sippi. to Decatur, Alabama, via Aberdeen,
Statement IA" shows that the receipts from all |
sources from the organization of the company |
to the twenty eighth February. 1870. amounted |
So go, sos Y
While the expenditures for the same
period amounted to ................ q 2sl 4o4 so
Leaving balance on hand, February
1850 0f H6 000 N i