The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-06-24


human probability, prove 10 be remunerative 81
an investment, be
uledse themselves TO aid In carrying out this en-
terprise by subscriptions proportonase to theh
means. ,
Resoiued. That a. every class In this cornmuni.
Nv has an equal interest Ia this matter, the boaro
OF directors be requested to appoint committees
10 canvass the city, each COMMITTEES calling upon
persons engsged In their branch OF industry, e
solicit subscriptions TO the capital stock, or to
second mortgage bonds, as they may prefer.
Resotued, That the hoard be recommended Il
Issue second mortgage bonds Tor sums OF 800
$500 and $1,000. in order that all may subscribe Id
proportion 10 their means.
RESOLVED, That the Board OF Directors be re-
quested to appoint committees In the sections
directly Interested in this road to solicit sub
acriptions In their respective parishes.
Mr.. W. II. Lyman was next called for. He sale
he saw so many friendly faces before him he die
not feel that he was addressing strangers. Fl,
was called upon simply because one of The
speakers selected could not appear. He though
that those present merely desired TO learn some
OF the statistics OF the outlay required. He hai
only short time given him in the examination
Of these figures. he had been astonished at thu
facts az shown In the statements he had investi
gated.
that this community was 'old fogy." He felt
that the people had been In 30 many things that
they are not old fogy but simply over cautious
He referred to the talk that had been circulated
about the loss Of money invested Ia the Jackson
Railroad, and showed how the war which had
also caused the loss OF slaves was the reason o
IL. lie showed the ruined condition Of that road
after the war and how IL had to be built anew.
Notwithstanding all this Its fret mortgage bonds
are now above par.
He compared the cost Of building the Jackson
Railroad with that necessary for the New Or.
leans, Texas and Pacific Railroad.
He entered at considerable length into the
comparative costs OF q number OF roads at the
North in building and exhibited how much less
that OF the New Orleans Pacific would be.
Mr.. Lyman said that the cost OF the Texas Pa
cifc, $40 miles, was t22 100000; Hannibal and
st. Joe, 3s4 miles, s23, 400, 900; st. Louis and
Iron Mountain, 7S5 miles, s4g, 600. 600; coat per
mile OF roads on northeast group Of States,
$A2,S62; middle group of States, si02, 4OS per
mile.
The speaker then alluded to the coat necessary
10 complete the New Orleans Texas Pacific road.
What was required would be.
Fifteen hundred hands would grade the entire
unfinished road In 800 days.
Four hundred hands would get out the re-
quired cross,ties for the entire work In 800 days
One hundred hands would build the bridges in
900 days.
Between Bayou aoula, the present terminus of
the New Orleans and Texas Railroad, .and shreve-
port and Ma shall, Texas, the entire road bed
represents 4,SeA 900 cubic yards, nd the average
proc Of a. cents for material Of every cassif-
cation.
Amount required for grading, LOLA 900; for
cross les, s26sO00 for bridging, sl04 00O ten per
cent OF above for incdentals, etc., tl49 000 total
900, which will prepare the road to receive
iron rails.
Fifty miles of road have been constructed BY
this company, representing more than one-fourth
Ut the entire grading, ana more than million of
yards of material, costing, with the engineering
and general expenses, over $4,000
Average coat OF grading, twenty-five and half
cente average cost of crossties thirty Ave cent?;
average cost of bridging, per mile, $500.
He referred then 10 the following statistics:
NEW ORLEANS opELousAs AND GREAT WESTERN
RAILROAD, NOW MoRaANs LOUISIANA AND
TEXAS RAILROAD.
This road was opeued for traffic. from Algiers
TO Braehear, distance OF 30 miles. In 1854, hav-
ing cost. up to that time, upwards of S. FAC, OOO
or an average per mile of $46,S00. In 1869 the
property was purchased at U. y. Marshal sale by
Ohas. Morgan for $4,000, 00O being over $4,000
per mile for the 80 miles,
81. LVuIs, IRON MOUNTAIN AND SOUTHERN RAIL-
ROAD, CONSOLIDATION OF. ST. LOUIS IRON
MOUNTAIN, CAIRO, ARKANSAS AND TEXAS, AND
CAIRO AND FULTON RAILROADS.
Total length Of line, main and branches. e94
miles.
Ia 1874, date 81 latest report al hand. the
gross earnings were 81, 2A,07O 81; net earnings,
SSH as5, being an average per mile of t4674 A6
and sl285 o. respectively.
Total capital stock Of combined companies, BAY
gag, Quo; funded debt. cal, 6sB, 600; floating
debt s4,2OS 2es. Total Indebtedness, $50 3g7, 26S
equal to, per mile, SIC, 9s4.
Among the Freight moved during the year end
ing December 81, 1874, were 1851 bales cotton
and a2a,7ai barrels -four.
TEXAS AND PACIFIC RAILWAY.
The report Of the operation Of this company
for the fiscal year ending May 81, 1876, shows -
Gross earnings per mile, 4Sl4 %; net earnings
per mile, $2U69 9S; an incease of 81 per cent net
earnings over the previous year.
Three hundred and twenty five miles were
operated, including an isolated and disconnected
division Of sixty-fve miles between Sherman and
Paris.
Notwithstanding this drawback of sixty-ive
miles Of disconnected line, the company earned
over and above its operating expenses, taxes, in-
surance, etc., more than the interest upon the
whole authorized issue of it's first mortgage and
consolidated bonds. Said interest amounting to
s4S7. 500, being per cent on the bonded debt of
SO, l25, 600, issued on the above three hundred
NEW ORLEANS AND JACKSON ROAD.
This road was opened for traffic 10 1859, and
prior to the outbreak Of the war in 1861 was
transactng remuneratve business, but during
the four years OF the it suffered equally with
other companies whose property was situated in
that aeetnn. subject to the presence OF contend
ing armies, and heavy OUTLAWS we're necessitated
for reconstruction Of the road and for bringing il
up to its former standard. Length of road 2O6
miles. Don truction and equipment when opened
for traffic cost s5.46l,l63, equal to, per mile,
over $2650s.
Bonded debt, when road was opened for traffic,
was about 81, 900 000 or, per mile, over Sl4 0O0
Gross earnings for 1878, 81, 790, 1885, net earnings
for 1878, SSO3 260-glving an average per mile Of
ss69l and $500 respectively. The extension
through the city to the Gas Compsny's works
and to the river front including warehouses and
depot property, has been completed at a cost Of
sl,00000
HOUSTON AND TEXAS CENTRAL RAILROAD.
In 1871 the average length of road in operation
was 1907 miles, from which the gross earnings