New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-28

trade which leginmately belongs to tina
country. We find that while every state IN
this Union has been prosperous, Louisiana
and New Orleans a. . city, have resro-
graded. There 10 cause tor tins, wnion'
In NV Judgment lies at our own doors.
Lat September was celebrated at Oar
llngten, England, the anniversary OF the
first railroad ever constructed in the world,
only fifty years ago. have to-day in my
Office q gentleman who attended the BAN
quet in England, fifty years ago, in honor
of the auccessful construction OF the hrst
railroad. This will illustrate to you, gentle
mon, what has been accomplished within
the lives of many, Of the men aae who are
present tonight, and what it is cOmpetent
and possible for gentlemen to accomplish
wbolWiN apply themselves to the task.
have had placed here tonight map OF
the Weetern and Southern States, to prop
erly illustrate to yOu the pecunar POsltlon
that Louisiana occupies with reference 10
her railroad enterprises.
You will discover by this map that there ls
line of railway running from the Gull OF Mex,
leo through to the Arkansas line; You wlli
discover, gentlemen, that the railway is In
dicated by red line, which runs across the
border. You will also perceive, gentlemen,
that this red line runs through Texas ana
through Arkansae, and you Will ind that
this State is the only one that is without
this red line. / ask you, gentlemen, IT that
is not shame; if the people Of Louisiana
ought not to be ashamed OF the existence OF
such state of thingsl Gentlemen, We pro.
pose to remedy that by the completion OF
this very enterprise We are called upon here
tonight to discuss.
These red lines that you see here on this
map, like the wires of sieve, are railroads
constructed in new countries by the enter
prise of men who scarcely had enough
means to purchase the forty acres upon
which they had settled; and know. from
personal observation, that these railroads
were all originated, constructed, carried
was to be benefited by the came, and the
value of their products enhanced.
The speaker demonstrated the relative
positions of Chicago, St. Louis and other
Western clties, showing how railroad con-
nections were made with the Northern
Pacific railroad-and to points where
scarcely, . few years ago, a civilized person
could be found.
undertake 10 SAY, gentlemen, that l can
prove tonight that NO stock pays better
than railroad stock, and when the New Or
leans Pacific railroad will be accomplished
it will be better stock than United States
five-twenty bonds. [Applause
Now, gentlemen, the Union Pacific rail-
wsy was constructed through q country
with scarcely anything to support it, but
the net earnings for this year have amount
ed to $l6,970,0l8 And there is debt on
that road, because it was built at the time
whom gold WAS worth 200, at cost of $7O,-
600 mile, because . great part OF the
country through which it passes is very
mountainous.
The Illinois Central earned 81 s92, 900,
the Atlantic and Pacific 81 334 goo, Iron
Mountain $3, 10 600. Kansas Pacific $3.2
600, Missouri, Kensas and Texas g, $40 goo.
This road runs down through the Indian
Territory, q distance of 300 miles, from which
it receives no local traffic, and is not bene-
fitted 81, only from the State of Texas, at
the expenses of New Orleans, and yet that
road last year earned g, 940, 600. The earn
| ings of the Houston snd Texas Central rail-
road. for the month of November, this year.
was SALE, ,644. equal to $5,Oo0,oOo per annum
| for its net earnings.
The Michigan Central railroad s3,373,2le,
With an expenditure of $2,373, ,OOO. leaving
81, ,OO0, 600 profit for six months, or $2COO, ,OOl
= wear. and this, gentlemen, is earned at
| low rates of freight and passenger tariff.
| Other railways running from out OF Chicago
| in the same direction, and not twenty miles
| apart, have all the business they can do
| But I will not discuss these railroad earn
ings.
Iwil, show you what effect this has uoor
the stock vi tnese railways: The stock OF Q,
the Chicago, Burlington and Quincy RAJ,
road is worth to-day ll5% cents on the dol
lar. The stock of q road running out intt
| Ohio in the same direction, from Chicago tt
Rock leland, is to-day worth l06h cents OF
the dollar The Chicago and Alton rail
road, that runs in precisely the same direc
tiou-all these roads run in the same direc
tion-that stock is to-day worth lol& cents
on the dollar.
The stock of the Illinois Central is wortl
one. hundred cents on the dollar or par
There are five railways running out OF the
clty of Chicago the stock of which is wortl
par and Q premium. Now some of thes'
railroads have issued bonds which ar
| vOrth-the Chicago and Rock Island lO9A
| Chicago and Northwestern LOG, Chicago ant
Michigan Central 102, Chicago, Michigan
and Southern 1919, Chicago, Pittsburg ant
Port Wayne 11414, Cleveland and Pittsburl
100, Iron Mountain 98-that was affected b!
the war, like all other enterprises IN th'
| North.
The Illinois Central declared semi-an
nual dividend of four per cent The Terrt
Haute and Indiana railroad five per cent.
These gentlemen are sufficient to shov
| Won that these railways that were built at
time when it cost three times as mucf
money to build railways. their stock is abov
par or at par.
If we take the earnings Of the Unio1
Pacific railroad to-day, running through
sparsely settled country, it would be sufti
Client to pay q divident of twenty-five pc
cent on q railway costing $25,0OO mile
Now, gentlemen, we have organized in th'
city Of New Orleans q company composed
| of your own citizens, gentlemen in whom
| Won have implicit confidence, who hav.
come forward with an enterprise which will
bring back to Louisiana and the city o
New Orleans the trade which has beer
taken from your doors, and which vii
brighten your conferences tSS g 9rlnE M osci
Not one dollar of this money shall b
spent except for the legitimate purposes Q
building this railroad. To-day there ar
| nearly GOO men grading the road, and abOu
| twenty-five miles have been graded, ant
toward the beginning of the present sprin
| months the road will be graded, ready
receive the first purchase Of iron. You hav
only to come forward and support this eI
terprise according to your ability, ana
be NO words backward, but we must spen
| every dollar of our resources that We ar
Able in the construction of this great entel
prise.
I know, gentlemen, that You have bee
dependent heretofore upon public appropr
atoms and upon railroad schemes that hav
been wholly in the hands Of people livin
awsv from New Orleans. Every one wh
! engaged in q railroad desired to make
grand speculation, and ultimately sell
out. But this is an enterprise which 70
are undertaking; you are the people to 9
benefited. by your property enhancing
value, and to afford the people living g.
along the line of the road . double price to
| THAR land and nrOduCte.
It will place them in proper compentlo