The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1875-12-26

forming by few Of its larger stock
holders to obtain control OF the above
road, under the auspices Of q party who
has just been signally defeated in bis
efforts to get possession OF one OF oul
oldest banking institutions.
We are informed that most OF the
stockholders Of the New Orleans and
Carrollton Railroad Company-say 25t
out of 3OO4-own but few shares each
having invested their small means fol
sake Of revenue only, and are thus al
the mercy Of the larger shareholders who
by combination, can easily obtain the
management of the road. Such com.
bination, II appears, has been already
set on foot by a few Of these large share
holders, and 1t is of moment to the
smaller ones not to allow their real In.
terests to be jeoparded without an earn.
est effort OF self-protection against one
OF those ring combinations which have
been the doom of nearly all Southern
enterprise since the war.
The plea set up is, Of course, the mis-
management Of the present Board OF
Directors. Let us see how well this &C
cusation is supported by facts.
In 1866 the stock OF the company had
fallen from $75, par value, to ~ SO pei
share, or one-tenth Of its original value
In that year it was leased to Gen. Beau
regard, May and Graham, for a period
OF twenty-five years, at $4,000 per an
mum. with authority granted the les
sees to change it from steam to mule
power. The first-named gentleman
was made manager of the enterprise
and the other two agreed to furnish the
necessary funds, but, before the change
was completed, Messrs. May and Ora
ham failed, and the road reverted by q
fusion" to the original stockholders
under certain named conditions.
Under this arrangement Gen. Beau.
regard became the president Of the new
board and manager OF the road. His
able and judicious conduct Of It's affairs
met with the most remarkable success.
The mule system was completed In 1867,
and in 1868, only one year after, divi-
dend Of eight per cent. on the profits OF
the road was declared, and the stock
had risen above par. In 1869, although
$15, 900 was paid out for. sundry unfore-
seen expenses, a six per cent. dividend
was declared. In 1870, the shares rose
to $ll5 and upwards, on a par value,
then as now, OF 800, and a dividend
OF ten per cent. was declared. In
1871, the dividend was nine per
cent. In 1872, eight per cent. In
1873, nine per cent, Notwithstanding
the general depression prevailing here
In 1874, a dividend of four per cent. was
declared after reserving three and half
per cent. for the expense Of introducing
that invaluable improvement, the
"Lamm fireless engine" on the upper
half Of the road, which has enabled the
company to declare this year-despite
the wretched condition Of affairs in our
harrassed and plundered community
the handsome dividend OF eight per
cent.
And this is the company which few
large shareholders gravely assert to be
mismandged. We have heard this cry
before. It was raised in 1870 by the
jackals Of Northern railroad Radical
wolf, to the complete skinning and dis
embowelment Of the New Orleans and
Jackson railroad, of which the same
distinguished engineer and administra-
tor, Gen. Beauregard, had been the
President. As matter of direct rele--
vancy, it is worth reverting to the re-
results effected by. his honest
and economical administration of that
enterprise.
When the Directors of the jackson
Railroad received it from the United
States military authorities, in. 1865, it
was in most forlorn condition. OF its
splendid rolling stock only two engines
and twenty cars-more or less worn
oat-were left. Thirty miles Of the iron
rails had been twisted out Of all shape;
nearly eight miles OF wooden bridges
and frocf1oc hol koor