The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-06-26
roe DALlAs Asb WionifA HtiL
0OAO
nepofi NJ the President ~ ihe '6mpn
49, Assets Hnd liabilities pfeseni
status Hnd rniHre Prospects ~ ihe
t0upang. Iie.


49, Assets and liabilities present
status Hnd rniHre Prospects ~ ihe
tompant. Itc.
nrrOnr.
DALtAs. TFSAa, June ~ l1i,
10 the Directors nf the Dnllna ana Wichita
Nnilfund Company,
GENTLEMEN-ln n report Of the busl-
ness done and progress made by tile
Dallas aud Wichita Railroad Company,
during the past year, due consideration
should he given aud allowance nude
on account Of the very unusual scarcity
aud high price Ol money IN Texas, and
the low market value aud lack Of de-
mand for southern securities generally
and railroad securities particularly.
The general pr0stration Of business,
aud lack Of confidence In all railroad
enterprises, which has followed the
crisis of 1878, has caused hesuspension
of work upon nearly every projected
road In the country, and made bank
rupts of many of the principal railroad
companies.
Our company Is the only one In
northern Texas that has done any
work within the past year, except two
or three, who have done less than we,
although they, unlike our company,
have received and are receiving active
encouragement and pecuniary assist
ance from the residents of the locali-
ties that will be benefited by the con-
structon of the several roads. In spite
of all these and many other difficulties
and discouragements, we have met
and complied with all the require
ments of our charter-located our line
and constructed our road-bed and
bridges to the crossing of Elm fork in
Denton county, nearly seventeen miles
from Dallas made survey of our
route through Denton, Wise, Mon
taguc, Clay and Archer counties, and
into Baylor, and filed the map thereof
in the General Land Office, as required
by law.
Since the present management have
had control of the affairs of the COM
pany, very valuable amendments have
been obtained to the charter.
The Thirteenth Legislature gave US a
subsidy of sixteen sections (ten thous-
and two hundred and forty acres) of
land per mile of completed road, and
changed our terminus from "a point
near the mouth of Big Wichita, where
it empties into Red River" to "any
point on the waters of Red or Canadian
rivers, within the territory of the state
of Texas, that may be determined on
10y said company"
The Fourteenth Legislature gave us
the option of changing the gauge of
our road to three feet. Also q bonus of
four sections of land per mile, for each
mile of completed road-bed, with the
right to survey and hold as ieserva-
ton the sixteen sections per mile orig
inally granted. Also, very valuable
branching privileges, which with our
exemption from taxation for the in
definite time given for the completion
of our road and its branches, gives us,
or will give, if we succeed in inducing
capitalists to invest in our enterprise,
the absolute control of the freight and
passenger business of the wheat, cot
ton, coal, copper and iron bearing
counties of the northwest, for we can
build a branch wherever road will
pay, and no tax-paying road can COM
pete with us, and the extension of our
road to a point of junction with the
Denver and Rio Grande railroad, which
will insure us an immense local and
through business.
Our right to build branch from any
point in Denton county to Sherman or
Denison may prove of value to the
company and of great benefit to our
city. These important advantages,
with the great superiority in location
that we have over many, if not all 9TH
err projected railroads in the state, our
route being through the best freight
producing, most desirable and thickly
settled portion of northern Texas, en-
courages the belief that we Will be able
to recommence work with the first
favorable change in financial affairs.
Upon the prompt payment of the in
terest now due upon the first INSTALL
ment of bonds issued by the city of Dali
las to aid the Dallas and Wichita rail-
road company, depends the value, to
the company, of the second Install
ment of fifty thousand dollars that will
become due on the completion of the
road to the county line. Our ability
to proceed with the work of construc-
ton and equipment depends very much
upon the rate at which we can pledge
those bonds; therefore, gentlemen,
you are earnestly requested to urge the
officers to collect and the citizens to
pay the tax levied TO meet said inter
est. The completion of our road across
Elm Fork this year--where it would
command the entire business of the
northwest-is of such vital Importance
to the city of Dallas, that its business
men and property owners cannot at
ford to discourage us in our efforts to
proceed with the work, for the sake of
saving the interest for u short time
on the small amount required to pro-
tect the city's paper from dishonor and
depreciation.
The following exhibit shows the
present condition Of the company:
STOCK.
Number of shares of stock issued
under the old organizatiOn........ 34O
Number of shares of stock issued 10y
present Company, ...,"..,........". lOO
Number of shares of stock issued
by present Company--preferred
STOCK .................''...... 80
No subscriptions to stock this year.
No money on hand unappropriated.
ASSETS.
The property of the Company con-
sists of
acres of land i'm the city Of Dallas,
for depot purposes.
so acres of land in Dallas county, re-
ceived for stock.
1000 acres of land in Jack county, re-
ceived for stock.
$500 acres of land in Travis county
by location.
33, 92O acres of land in certificates,
INDICATED.
10000 acres of land in reservation,
due on completion of road to county
line.
$4,000 in Dallas city bonds, due on
of road to county line.
l8s miles of completed road-bed,
with bridges.
80 miles NEARLY of secured rlght-of-
way.
LIABILITIES.
The audited liabilities of the Com
pany are the COmpany's notes to the
amount of SlS,5 SO.
The entire liabilities of the company
are very small compared with its as
sets.
The work done is first-class i'm every
particular, as the reports of the city
engineer and the engineer appointed
by the Governor to inspect the road
'or the State testify, and could not be
duplicated for the same compensation,
,ven at the present panic prices.
Surveys of several crossings of Elm
'ork have recently been made, and
maps and estimates of the several lines
ire herewith submitted.
The question of change of guage
hould be considered. The location of
he land certificates received from the