, 1873-11-09
RAILROAD NEWS
Suspension Of the California & Texas
Construction Company.
History Of the company.-.The Work It
Has Accomplished.
4 Big Transfer Boat at Cairo...Con.
struction and Consolidation.

Business on tho various railroads In this city
is exceedingly dull at present. Not road in
tho city, with tho exception Of tho Chicago /
Alton and tho Chicago d paducah, il carrying
on any construction at proaent, and, besides
making rotronchmonts whorovor possible, ths
wages OF all the employees On our roatls ha7a
boon reduced. The suspension OF the California
4 Texas Construction Company added groatly to
tho depressed feeling alroady e1iatng.
Tho abovc Company was organized for the pur-
poso Of constructing tho Texas g. Paci1o Rail-
road, from Shreveport, La., to San Diego, Gal.
The road is already completed to noar Fort
Worth, a distance Of 800 milca. The
uompany's heayy lines Of discounts, mado
to prosecute tho work On tho road,
in anticipation Of tho negotiation Of loan in
Europe. proved too heavy for oven combina-
tion Of tho Htrongcst 1nancial men in tho colln-
try to carry through tho prosont uncxampled
etringency Of tho money market. Tho notes Of
tho Construction Company arc indorsed by Col.
Thomas 4. Scott, Mathew Baird, John McNa-
mara, and other capitalists, to tho amount Of
about s4.5oo,o0o, all Of which will mature within
q few dnys. In addition, the Construction Com
pany has 100000 Of unsecured obligations in the
shape Of drafts, and 81 GOO, 900 Of loans on col
aterals and individual accurity, and $780, 900 OF
aoating debt, making an aggregate Of 81, 900 600
in liabilities. The amount thus raiaod, nnd
s4o0o,000 paid in cash by tho stockholders Of tho
Construction Company, ,makoB altogether Sl1 ,000,-
o00 that las been expended on tho construction
OF tho Texns L. Pacific Railroad. For this
amount Of money tho CONSTRUCTION Company has
to show 800 miles Of completed, equipped, and
operated railroad, from Shreveport to Dallas. !;
from Marshall to To1ana, and from sher-
man toward Paris, aud lao miles in addition ara
graded, bridged, and supplied with ties ready
for the iron.
Tho fact that, the Company suspended
payment, and that Col. Thomas A. Scott is tho
indorsor Of novoral millions Of tho notes, as well
as the President Of tho Texas Il Pacific, gave
riso to tho ru1nors about the failure of Col.
Scott. As yet Col, Scott has not failed, but
whcthor he will be able to weather tho storm is
matter Of groat doubt among our leading rail-
way mon. Should he go under, then there is no
doubt that every railroad company in tho coun-
try will suffer moro or less, and for this rca aon
panicky feeling exists among railway magnates
in this city.
THROUGH TO NEW ORLEANS.
Tho Illinois Central Railroad Company has
constructed tho finest transfer boat in tho Vest
crn country. It will bo used to carry trains over
tho mississippi at Cairo, to connect with tho
AissisBippi Central, soon as tho latter road is
completed to q point opposite Cairo, which is
expected to tako place about tho middle Of this
mouth. Two weekB, therefore, will probably
find tho Illinois Central with d line OF through
freight alid passenger cars in operation between
this city aud New Orleans. The change Of gauge
will ba provided for by changing tho trucks
under tho cars, as is successfully done by SOW
ernl Eastern rondB. Tho new boat is provided
with double track, and is capable Of transfor-
81 &Srn13 Inn fnA -.T.&
ten hours 1875 loaded cars either way.
CONSTRUCTION AND CONSOLIDATION.
It is reported tint officers Of tho Eric and
Atlantic & t}rcat Western Companies are making
Logansport l. Chicago Railroad. It is proposed
to build tho road on limo nearly parallel to the
Pittsburgh Fort Wayno l. Chicago, from Gallon
to this city. The Company was organized in
Ohio few months since.
The CINCINNATI, Lafayotto l. Chicago Railroad
has recently made an agreement Of consolidation
with tho indianapolis, Cincinnati j. Lafayetto
Mallroad. Tho road il now 81 miles long, from
Templeton,. Ind, northwest to tho Illinois Con
tral at Kankakee. Ill. 1t ID eaid that, as result
Of tho consolidation, tho road will ut onco bo ox-
tondcd from the proscnt terminus ut Temnloton
eastward 18 miles to Lafayette. 1ts trains now
use tho track Of tho Lafayette, Muncio l. Bloom-
ington Road, botween To'npleton aud Lnfayetto.
Tho Indianapolis, Cincinnati Il Lafayette Com
pany will then hayn a road 253 miles long. from
Cincinnati to Kankakee.
GOING INTO IRON.
Tho officers Of tho Louisville Now ALBANY e.
Chicago 1lailroad nro considering plan for ox-
tending tho business of the Company, aud also
entering tho iron businese According to tho
plan. several short branches are to be built from
tho main limo to coal-ninos in Martin, Owen,
aud Greene Counties, in Indiana, and to tho iron.
deposita in Martin, Monroe Putnam, and Greono
Conntics. In connection with tlosc, BLAST
furnaces will bo built at New Albany, Ind and
extensive coal dopots established in New Albany
and Louisville.
THE LAnE SUPERIOR IRON REGIONS.
Tie largely increaeed issue OF mining scrip in
tho Lake Superior region ia croating serious
embarrasssmcnts:. Orders are filled By Chicago
aud Eastern merchants, md payments made in
money is decidedly at discount. It ia one Of
IT, tlat this region, so boqpdlessIy rich
IN natural resources, is suddenly impov-
. drug upon tho markot The Marquette. Hough-
ton d Onsonagon Railroad has, perhaps, lu-
creascd the cNnbarrassmonts BY Issuing its own
sight drafts, payable In New York, whithor they
will DO Hout for redemption before tho Company
ded to tho gcnoral depression is tho incouven-
ionce caused by tho unexpected petoriug out Of
the iron orc business, When GOV. Bag1ey, 1aat
summer. announced TIM. the sault Ste. Mary's
tcrrltlc howl throughout tho PoninHula, and loud
throata OF secession from Michigan woro made.
Since the panic and the doollno Of iron, their iu.
llgnation has vanished with the business. aud
thoy would not now object were tho canal to be
closed noxt woek The total shipments of ora
and pig-iron thus tar this season are; From
Marquette, $4,000 tons; and from Escanaba.
i70, 446 tons, making a total Of about ono-half
:ho amount the mino-owncrs last winter cor
ldontly predicted would DO shipped this season.
Despite this unproatablo aspect, the mania to
'ccilo IMMORAL lands suffors little abatomont. md
prospecting parties aro az keony on tho look-ont
or naW discoveries as they wcro ono yoar aro.
yhon q lard-oro voin was q mino Of wealth
'lany Of tho mining companies hnvo largely Yo~
lucea tholr working force, and ali have jossonod
ho wages OF those retained 20 to as per cent.
FROM TIE COPPER REGION
moro encouraging reports arc received, AL
hoNgh colrer has declined considerably, tie
ng tho winter without materially reducing e1-
'onditurcs. Tho October product Of tic lareest
nno-tho Calumet and Ieola-waa j. .2n0 tons