The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-01-28

point out q remedt.
Ten years ago when came to this city. in
serted a notice in the daily papers Wan ed t.
Kent an Office" ard for five days didn't get
solitary response. Why Because there wa
not q vacant Office III New Orleans. Then, gen
tlemen YOU rep)sed in what you believed to b.
your superior advantages, and you slumberet
while your enemies were industrious, and the,
have stolen from you the trade which ltgitl
mately belongs to this country. We find thai
while every state in this Union has been pres
porous. that Louisiana, and New Orleans, as 8
city, have been retrograding. There is a cause
for this which. in my judgment, lies at our OWL
doors.
Last September, was celebrated at Darlington
England the anniversary Of the first railroad
ever constructed in the word-only hfty years
ago. l have to-day in my office gentleman
who attended tie banquet in England, nifty years
ago, in honor OF the successful construction OF
the first railroad This viii illustrate to Won,
gentlemen what has been accomplished within
the lives of many Of the men who are present
tonight, and what it is competent and possible
for gentlemen to accomplish VINO Will apply
themselves to the task.
/ have had placed here tonight map of the
Western and Southern States, to properly Illus
trate to you the peculiar posltlon thft Louisiana
occupies with reference to her railroad enter
prises.
The speaker demonstrated by referring to the
map that every other Stat, covered with rail
roads. 1t is only the State of Louisiana that does
not have It's entire length and breadth covered
with railroads. | ask YOU gentlemen, if that is
not ehame to louisiana
These red lines hat you see here on this map
like the wires OF sieve, are railroads constructed
in new countries by the enterprise OF men who
search had enough means to purchase the forty
acres upon which they had settled, ana know
that these railroads were constructed and were
built by and in the interest of tho men whose
property was to be benefited and the value OF
their products enhanced.
The speaker demonstrated the relative positions
Of Chicago, st. Louis and other Western cities,
showing how railroad connections We're made
with the Northern Pacific Railroad and to points
where scarcely, few years ago, civilized
person could be found.
Now the question is do railroads pay? I'M
dertake to say, gen ltmen, that can prove to-
night that no stock pays better than railroad
stock, and when the New Orleans Pacific Railroad
will be accomplished it viii be better stock than
United States $40 bonds. (Applause.l
Now, gentlemen. the Union Pacific Hallway was
constructed through a country with scarcely any
thing to support it, but the net earnings for this
year have amounted to $lG970,0l8. And there is
. debt on that road, because it was built at the
time when gold was worth 200, at cost Of &c.,
600 mile, because great part OF the country
through which 1T passes ID very mountainous.
The Illinois Central earned ST. 1872 900, the
Atlantic and Pacific S4,334 900, Iron Mountain
s. 10000, Kansas Pacific So, 297, 900, Missouri,
Kansas and Texas 81, $40 900. This road runs
down through the Indian Territory distance Of
three hundred miles, from which it receives no
local traffic. and is not bene fitted one dollar only
from The State of Texas, at the expense of New
Orleans, and yet that road last year earned 81
9N,O o. The earnings Of the Houston and Texas
Central Railroad, for the month OF November,
this year. was $412, ga, equal to five millions Of
dollars per annnm for its net earnings.
The Michigan Central Railroad 1888 2ls, with
an expenditure OF s2,373.0OO, leaving 81, OO0,0U0
profit for SIX months, or $2,I0O,000 year. 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 |
earnings.
will show you what effect this has upon the |
stock OF these railways: The stock Of the Chi |
cago, Burlington and Quincy Railroad is worth |
to-day 1152. on the dollar. The stock of q road |
running out into Ohio in the same direction, from
Chicago to Rock Island, is to day worth lU6lI on
the dollar. The Chicago and Alton Railroad
that runs in precisely the same direction-all
these roads run in the same dIrectiOn-that stock |
ID worth to-day l0l .. cents on the dollar.
The stock Of the Illinoi, Central is worth one
hundred cents on the dollar or par. There are
five railways running out of the city Of Chicago,
the stock of which is worth par and a premium.
Now some of these railroads have issued bonds
which are worth: The Chicago and Rock Island
1927 Chicago and Northwestern 1O6 Chico go
and Michigan Central 1902, Chicago. Michigan
and Southern 1919, Chicago, Plttsburg and
Iron Mountain 9Sthat was affected by tho war;
like oil other enterprises in the South.
The Illinois Central declared q semi-annual
dividend OF four per cent. The Terre Haute and
Indiana Railroad five per cent.
These, gentlemen, a sufficient to show you
that these railways that were built at time when
it cost three times as much mon to build rail
ways, their stock is above par or at par.
II we take the earnings Of the Union Pacific
Railroad to day. running through q sparsely set
lied country, it would be sufficient to pay divi-
dend OF twenty five per cent on railway costing
III, 600 nj 10. Now, gentlemen, we have organ I
in ha cit IF (1rl a
posed OF your own citizens, gentlemen in whom
you have implicit confidence, who have come !
forward with an enterprise which will bring back
10 Louisiana and the city of New Orleans the I
which will brighten your countenances, bring !
back your commerce IS ia the days of old.
Not one dollar of this money shall be spent ex |
:ept for the legitimate purposes of building this
'ailrOad. To-day there are nearly 600 men .
yrsdln the road, and about twenty-five miles q
AVE been graded, and towards the beginning of I
he present spring months the road will be !
'raded, ready to receive the first purchase Of Q
ron. You have only TO come forward aud support e
his enterprise according 10 your ability and it a
Till be an accomplished fact. There must be no
v0rds backward, butw must spend every dollar q
our resources that we are able in the construc-
ion OF this great enterprise. Ia
l know, gentlemen, that you have been de- "
endent heretofore upon public appropriations CT
nd upon Railroad schemes that have been wholly n
the hands Of people living away IRON New =.
'AAoAub. Every Ouo WHO euShReu III TdllTOAu
esred to make grand speculation, and ulti- RI
lately sell it out. But this Is an enterprise n
hitch you are undertaking, you are the people U
hat are to be benefited, by your property in IS
ancng in value and to afford the people living II
along the line Of the road double price for CT
leir land and products.
II will place them i'll proper competition with NJ
10 rest OF the country, and they will have all the
ivantages that we now seek by the construction
this railroad. When this railroad is COM lu
leted to some point in Texas we will there con. "a
ect With the Texts Pacific Railroad running
trough vast and rich country.
You find here how Galveston has been sup N
lied with the rail- DAD interests, and We would
onnect with that entire system OF railroad which
a. been served to us in the South in homeo-
athic doses, while the North and East have been S
serving them in large allopatAic doses. We ha
Jay then naturally expect in short time to have fo
rect communication with the Pacific Coast and ne
lew Orleans will be the city to receive the i'm fol-
tense transfers and traffic that will come from We
le shores OF the Pacific. Applause vi
fhnra o,,1I ~ Ia