New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-20
Railroad Meeting.

nent gentlemen met in the room OF the
Chamber Of Commerce last evening to con
slider the various projects of the railroads
| to Texas. Ii was evident from the star
that there were divers interests represented
although all were sure to agree on one
thiDg-that a railroad to Texas must be
built somehow.
The meeting was organized by the elec
ton of Mr. S. II. Kennedy as chairman, and
| Mr.. Z l.. Ranletr as secretary.
Judge w. w. Howe called on Mr.. Duncan
+. kenner to state what the result was OF
his interview with Mr.. Ames.
Mr.. Kenner stated in substance that the
interests of the bondhoders represented by
Mr.. AmeS, consisting of the road, fran
| chises, etc, SO tar as built west Of the Mis-
sissippi, were rendered to the new com.
pany to be formed tor $4,000, 900 OF stock
In addition, they would give $750,000 cash
These offers were 90 condition OF New Or.
leans raising 81 100000. If New Orleans
could only raise $1,000, 600 they would con.
tribute $500 600 The capital of the new
company to be ST 000, 600. At a high esti-
mate, the cost of completion would be
s. 2SS 900. On the road to be completed
! $4,000 Of bonds per mile were to be issued.
| Eight directors were to be allowed New Or
| leans and five to the New York parties, and
| the control of the road remain in New Or
leans till March, 1873 He did not propose
| to pledge himself to terminus Of either
Houston or Dallas. He considered the
| road, if built, a fulcrum for lever on either
Of them.
In response to question of Mr.. Kennedy,
he said the New York parties had selected
the following gentlemen as those they were
willing to turn over the Texas road to.
John Phelps, 7. H. Hunt. Patrick Irwin,
Joseph H. Ogiesby, J. II. Stautfrr, Auguste
Bohn, d. +. kenner and Louis Schneider.
There was some dispute as to whether
Phelps and Schneider had pledged them
selves to the scheme, but Mr.. Kenner stated
they had signed letter accepting the offer
of Mr.. Ames.
Mr.. Ranlett stated he had had converse
tons with gentlemen on all sides of the
question. II was understood that it was a
sine qua non with the Ames party that the
road must go to Houston. 1t was scheme
to animate their property that was not
worth one-quarter of what they wished to
pledge it for. The control of the road until
completion was nothing. What New Or
leans wanted was the control atterward.
The road to Houston went through
worthless timber and swamp Countrywide
other through thiokly settled and fertile
one. He wished general committee ap-
pointed, to whom could be submitted all
railroad projects.
Mr.. Bayley, without expressing prefer
ence, gave valuable statistical Information
on all the routes.
General Beauregard was in favor of wait
ing tor Mr.. Morgan. When he got back his
franchises he would build the road. He
always accomplished more than he pro
missed. The Northern parties had promised
everything, got s. 100000 of bonds and
done nothing. He wished to stand by Nor
gan as he had stood by us.
Mr.. w. b. Schmidt was called to the chair
by Mr.. Kennedy.
Mr.. Kennedy said he meeting had been
called to consider the two propos tions.
and he was not committed to either OF
them. He wished company of the people
of New Orleans, independent of everybody
else in the United States. We must take |
hold ourselves. Once the Chattanooga
railroad asked that a million be raised to !
help them and it was done, but the plan |
failed. He sympathized with those gentle |
men who had suk their money and given |
Us road to Mobile, and were now in a |
distre ssing condition. Whether it was best |
to take their offer or not he would not de-
termine. The best way must be adopted, |
and If corporation were organized they
would be ready. Itwould be the salvation
IF the Ames company if the road went to
Houston, for that part of the line was an
elephant on their hands. Neither could
New Orleans wait two years for Morgan.
rhe road must be bnilt Immediately, and
through as fertile aud thickly settled coun-
ry as possible. The profit of all roads
vas in local traffic. The business of the
Meeting was to organize and start to-day
General Thompson said the company
hGuld be organized, put up the money, and
hen let the stockholders say where the
Dad should run to.
Mr.. Joseph moved that the following
entlemen be elected board of directors
+ the Louisiana Pacific Railroad Company.
0 serve until the organization be com
leted: S Ii. Kennedy, Emory Ciapp, John
helps, John II. kennard, Cyrus Busy,
.ouis Schneider, George Jonas. w. b.
chmidt, james Gardner Julius Weis, E L.
.anlett, David Wallace, E b. Wheeiock.
The motion was carried and the gentle
len elected unar inc cusly.
Mr.. Joseph further moved that the board
onsider the projects of combin alton for
abroad communication with Northern
exas, aud the motion was carried
On motion OF Judge Howe, all plans were
irected to be submitted to the board