The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-26

| tcuhuCe, tuo support, tuo COtulal ana eafn6S
best wishes of our underwriters, and tina
they are proud to be identified with it.
If, gentlemen, you approve this view o
what we have advanced, then with your kline
permission and with all Difference, we asl
you for aid, IN the shape we think will mos
effectually promote the end we all desire t.
reach.
The cash payments to the contractor fol
grading and clearing the read from Alexan
dria to Natchitoches, will be about SIS, 600
May we be permitted to proclaim that oul
insurance companies have invested in the
stock of our company to that amount?
Again, gentlemen, before closing permit me
| to say that our great aim is to construct and
equip our road from Alexandria to Natchi.
toches without mourning a mortgage debt
| which will secure its early and successful
completion.
That to accomplish this economically and
uprightly, every possible saving OF expense
will be made. No officer, except those actual
ly engaged in field duty, shall get any pay
during its construction in its entire length;
nor shall single dollar in stock ever be
issued except for full value received in cash
or its equivalent. Hence, we confidently be
lieve our stock will be safe and productive
one for investment, and that the honor and
credit we expect to derive from having our
underwriters as substantial patrons of our
work. and in the front rank of its best friends,
will, in future times, be referred to in their
praise and commentator.
I desire to thank you, gentlemen, for your
kind attention, and to express to you the
great pleasure l have enjoyed by your pres
ence.
Mr.. James 1. Day, President of the Sun
Insurance Company, took the floor upon
Mr.. Wheelock closing and assured those
present that the enterprise had his moral and
personal support. In looking back upon the
commercial history of New Orleans he could
not but regret that the step which was now
being taken, had in earlier years escaped the
serious consideration of this business COM
munity.
The trade of the Southwest has, through
artif cial means, drifted into unnatural chan
nels, but it is not too late to retrace our steps,
An enterprise started on sound financial
principles is before us for our consideration,
and its success will enable us to regain much
that has been lost.
The insurance companies, remarked Mr..
Day, are somewhat restricted in their invest
ments, but he felt assured that in stretching
point the directors would be carried out by
the stockholders
Judge Burwell, on being called upon, took
up the subject of railroads in general and
clearly defined the secret of success in such
enterprises.
At the request of Mr.. Jones, the President
read portion of the contract, which has been
drawn up before Mr.. Eustis, the notary, be-
tween the company and s. L. James, all 60
ing to show the favorable terms, less twenty
five per cent than the company could have
made with any other contractor.
Mr. Raymond advanced few suggestions
and propounded few questions, the princi-
pal one of which was: Why do you com.
mence your road from Alexandria instead
OF New Orleans? Mr.. Wheelock replied ::
"When the Directory first had in view the
construction of a road to Texas, it was ascer-
tanned upon inquiry that no arrangement
could possibly be made in the immediate
future with either of the two lines now par
TALLY completed in that direction. You will
find by placing a string on a correct map of
the States of Texas and Louisiana, one end
on New Orleans and the other on Dallas, that
any road projected from New Orleans to Dali
las must necessarily pass through Rapides,
Natchitoches and DeSoto parishes.
Marshall will be found to be but twenty
five miles north of this line. and that at Mar
shall we connect with the Texas Pacific rum
ming west through Dallas. Consequently by
commencing at Alexandria, we hold the key
to the position. It is but fair to suppose
that by the time that we could construct
our road from Alexandria to Texas, that
one or the other of the incompleted roads
will have reached US. In the meantime
Alexandria is at the head of low
water navigation during the entire year, and
we have the best authority for stating that
the lowest average depth OF low water for the
past ten years has not been less than three
feet, and that there are plenty of steamboats,
that can carry from fifteen hundred to twenty
five hundred barrels of freight on from
twenty -four to thirty inches Of water.
The meeting adjourned upon Mr.. Ray
monds expressing himself as entirely satisfied
with Mr.. Wheelock's explanation.