The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-26
THE TEXAS PACIFIC RAIL.
WAY.
The Meeting Tuesday Night.

The following is report of the proceeding
at the meeting between the directors Of tn
Texas Pacific Railway and the Board of I'm
derwriters, held at the st. Charles Hotel OF
Tuesday evening:
In accordance with an invitation extended
by the Directory of the New Orleans Pacific
Railway Company number of prominen
citizens, representing the underwriting fra
ternity of our city, assembled at the St
Charles Hotel Tuesday evening, to take into
consideration and exchange views as to the
best means of furtherlng the enterprise o.
railway connection with Texas.
Mr.. E. B. Wheelock. the President of the
projected road, opened the meeting with the
follow wing address
| Gendlemen-In accordance with the wishes
Of the Board of Directors of the New Orleans
Pacific Rail way Company, and the suggestions
Of experienced merchants, l have solicited
your attendance here tonight.
| The object sought to be accomplished by
this informal and friendly meeting is to elicit
| tree and frank expressions of opinions in re-
gard to our new railroad enterprise.
Also, to enlist in its behalf the powerful
moral and pecuniary aid of our underwriters,
which, after full and deliberate consldera-
ton, we believe they will generously and
periodically extend.
Unhappily, we are all compelled to agree
that the commercial situation of our city is
not only precarious but perilous; that every
branch of industry is larguishing and perish
ing; that bonds and stocks are continually de-
clining in value, so much So indeed, as
greatly to increase the shrinkage, estimated
at fourteen millions of dollars. for the years
1873 and 1874; while the depreciation in
value of real estate, roughly. but, it is
thought, correctly, estimsted for the same
years at seventy millions, now very largely
exceeds that amount.
If we make q minute and careful examina-
ton of every department of business. and
especially the affairs of our incorporated COM
papies, where everything is accurately re-
corded. we shall be astonished at the record
of their last four years transactions.
Perhaps no public companies more clearly
reflect the real condition of community
than its insurance and street railway compa-
MES; they as infallible mirrors present to US
their exact condition.
Let us examine the results as they are pre-
sented to US in the annual statements of the
insurance companies, showing the amount of
premiums earned in 1870, as compared with
1876:
Fire risks in 1870. 50, 220, 400
Fire risks in 1875. NEUTRALITY-SUSPICIOUS.. AIS, 24S
Showing STAT, 1872 in favor of 1870 as against
1875.
In the marine and river business the dis
crepances are still more appalling.
In 1870 marine premiums were, say $685.
900. In 1875 1924 657, showing a difference
in favor of 1870 over 1875 of abouts $3.50 600.
In the river premiums the falling off is
equally astounding In 1870, the risks taken
were about 81, 46l, 1877; in 1875 they were, say
S60S, 951, showing over $3.50, 900 in favor of
1870 as against 1875-in this branch of the
business.
The above figures show you, gentlemen,
that in the great city of New Orleans, the
business of insurance, which is fair test of
every other, presents a falling off in premiums
in 1875, of some two millions of dollars, when
compared with 1870.
Please bear in mind that these figures and
facts apply to what are termed our local
companies, and do not embrace single one
of the foreign or domestic agencies in the cal
culation.
He then proceeded: l do not take 1870 for
these results for any clap-trap purpose, but as
q fair one for comparison, and if it be assumed
as a standard for the intervening years to
1875 inclusive, and the falling off in receipts
of every one of these years added up, the
total, it will be seen, will be more than would
suffice to build and equip our road to
Texas thrice over.
So, again, am informed as regards our
street railroads, similar declension in re-
ceipts has taken place in each, though no one
has declined exactly as any other. take one
as an example of the others and as it prob
ably occupies middle ground between the
best and least paying lines it is, think, a fair
standard.
It's receipts, comparing 1870 and 1874, show
SAC, 900 more receipts in 1870 than in 1874, a
falling off representing 920, 900 fares
shall not, gentlemen, weary your patience
with statistics with which you are all doubt
less familiar, but as pertinent to the purpose
OF our meeting here tonight.
l have trespassed upon your kind indul-
gence somewhat and shall hasten to terminate
my remarks.
Before doing so, however, wish to ask
you if some great effort should not be made
to relieve ourselves from this deplorable state
of aft airs by retrieving our losses and our lost
and diverted trade?
Ii you answer yes, as am justified in ex-
pecting you to do, then what do you propose
for adoption?
The citizens who have come forward with
the proposition to build frst-class railroad
from Alexandria to Mansfield, and thence to
such point North or West as it may be deter
mined in the future, are firm in the conviction
that the contamination of this important
work will stay our downward progress; will
compel over 10000 bales of cotton, besides
millions of bushels of grain, now unnaturally
forced to other markets, to come to our city,
where it is no exaggeration their seven or
eight millions of value will be expended to
the benefit of our banks, insurance companies,
cotton presses, factors, traders and operators
of every class.
The building of this road will do infinitely
more Thousands of acres of the finest lands
in the world, now unemployed, in the parish
es of Rapides, Natchitoches and DeSoto, as
well as in the middle aud eastern counties of
our sister State OF Texas, will become pro-
ductive, capable of supplying our city with
beef and staple articles of food of every kind,
thus adding enormously to our home pro-
ducts, without which no city can ever hope
to be populous. wealthy, prosperous and con-
tented
The increase of our imports and exports
will give to our ocean steamers and vessels
largely increased business.
The merchants of Texas and Arkansas will
be induced to return to New Orleans for their