The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-05-29
NEW ORLEANS TRADE.
The Crescent City as u Port ot Ex,o,

The crescent City As n Port of Fxn0rt
The London Times money article of
the 11th says Of the report Of the dele
cation sent out by shareholders In Lon
don and Amsterdam to examine into
the position OF the Illinois Central Rail-
most comprehensive and interesting
papers on American railways that we
ever remember reading, and places the
causes which have adversely affected
the Illinois Central Company in the
clearest possible light.
What will interest the shareholders
most is no doubt the conclusion to
which the delegates have come, but to
the general public there 10 deeper in
ferest In the history of the railway.
We see line, which at one time was
prosperous aimost beyond any other,
gradually falling into difficulties
through no fault Of the manapement-
nnlesg er-c0nservatism be q fault
but simply because the course OF busi-
! ness tuctuates so rapidly In the half
| settled, ever changing States OF the
Union that what was one year the ey-
elusive possession of the Illinois Com
pany might be said to be turned away
the next into the hands OF new and
eager competitors.
From being the great through line by
which grain was carried north to Chi
cago for shipment on the lakes. the Illi-
nois Central line has sunk, through the
force Of circumstances and the eager
competition OF the great seaboard COM
panies, into the position of local line
which merely collects traffic at tie
various functions for these other lines
to carry off eastward. Its natural ter
minus was formerly Chicago. but 1t is
now driven to seek outlets southwark,
and by means OF connections leased or
owned, has to work its way via Cairo to
New Orleans. 1t is astonishing that
while undergoing changes such as these
fairly sound dividend paying concern,
but, fortunately, 1t has been ION the
whole carefully managed.
| Inc bonded debt 10 very small In pro-
portion to the share capital, being less
than $11 600, 900, including bonds OF the
Southern Company, which have been
taken up by the Illinois Central with
the proceeds OF bonds of their own sold
in London. The share capital is $780,
100000, Of which $23. .236, 700 only has
been paid In cash by the shareholders,
who have from first to last received
about $32, 100000 In dividends. There is
no floating debt. The delegates recon-
mend persistence In the policy OF ex-
tending the line southwark, and advo-
cate the absorption of several lines In
that direction. They believe strongly
in the resuscitation OF the port OF New
Orleans, and, to all appearance, with
very good reason. On this and other
points we quote the concluding portions
OF their statement.
One very significant opinion is given
In this report to the effect that the rail-
way competition fer the traffic Of the
West cannot yet be considered at an
end. The facts and figures set forth by
the delegates point, indeed, to q diver
sion OF the bulk OF the grain trade
southwark. Bhould the bar at the mouth
Of the Mississippi prove to be perma-
Inently removed by the jetties placed
there, 80 that thelargest vessels can get
up to New Orleans, this diversion seems
inevitable and the great railways OF the
East will prove to have been racing each
other and fighting together for prize
which they could not possibly retain.
Leaving that danger ON one side, 1t Is i'm.
possible to avoid the conclusion that the
facilities and cheapness of lake and
canal transport should have taught
these competitors much more caution
, Ultimately they will have, no doubt. q
great business all along their routes
but the heavy traffic OF the great Missis.
: sippi Valley seems destined to go either
, eastward by the lakes or southwark BY
the shortest road to great port.