The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-06-26

| they had no authority of law for so DOING
| These levies for the interests en- the bonds
so issued to the railroad, have been OF from
81 on the $1,000 to $3.50 on the 81 1000.
Last year the levy was IS and this wear il
will be 80.
| In 1873, an election was had in Jefferson
county upon proposition ola substitution
| of S300OO0 of stock to the road, in which the
road was defeated.
Claiborne and Copiah counties, through
both of which It's line runs, have voted no
| aid, and it is so well understood that thew
will give none, that no attempt has been or ia
intended to be made to obtain a subscription
from them.
Your committee found upon the records
OF Adams county three mortgages upon the
road, the first dated the day OF -. 1876.
the second.t the 10Th day of July 1877, and the
third, the 18th day of February, 1873. for the
Sums of 100000 $4,000 and $l45 900 respect
'vely These, however, are not separate
amounts but the second covers the first and
The third the first and second, giving the whole
he force of first mortgage, and making the
whole of the debt $4,000. This is upon
the road as far as Martin, and all franchises
rolling stock, etc, and is in the form of
deed in trust, 10 secure variou bonds, for
various amounts, of which $4,000 bear
seven per cent interest, and are due on the
first day of October next, 1873, AMI the re-
naming $4,000 bear ten per cert. int rest
and are due on the first day of October.
1880 Ofthis last issue of mortgage bonds the
company have vet in their hands un-
disposed of $4,000
Taking the amount of actual cash that
ha- iF1Fn fba III
as the actual cost of it, we have rs follows
Amt realized from Adams county
Bonds 600 90
Amt collected of interest on Adams
County bonds........ ..;......-.....:. Sc 992 90
Am t of Mortgage Bonds disposed of.122, 500 81
Am of Floating debt................... 1920 90
$474 1913 81
in addition to this all the earnings of the
road, amounting up to June l, 1873, to
S45,77225, have gone into the road. This,
added to the above, makes the amount of
cost actually spent and about the road
from first to last, $5l9,9 Sc.
The cost Of the road as given by the Sec
rotary OF the Company is as follows:
Natchez to Fayette with equipment..$349 989 Y
Red Lick Extension 3d. l26 81
Total cost of road now operated ....$403 Ill %
Add to this the estimated cost of the
extension now building, $4,000 90, and we
when completed to Pat terson, 43 miles, $47S,
l11.23.
We now come to the construction of the
road and its present condition; and on this
point your committee only speak of it
in terms of the highest praise. The road Is
finished and running to Merriwether, "a
miles from NatcheZ, and is in excellent gen.
eral condition, with the exception of some
little repair work on the roadway, which
has been somewhat neglected in the eager
Ia VI al
guage of the road Is 3 y feet, but the freight
ears are made to carry 10000 pounds, and
the passenger car is cOmmOdiOus and roomy
enough. The iron is I rail, 81 POUNDS to
the ward, of the best Cambrain Works iron,
costing $3975 per ton, delivered at the de-
pot, as prices are now. The road has paid,
however. as high as $4,000 in former years,
when iron was high. The company have
one engine, one passenger car, and an ample
number of fiat and box cars to handle all
the freight now carried over the road. They
have also dummy engine, and construction
train, which is kept on the extension, at
work on the construction. Over Coles
creek, an iron truss bridge, of 100 feet span,
supported by piers of sandstone quarrled
close by, capped with Kentucky limestone,
has been erected. The iron work of the
bridge was manufactured by the Louisville
Bridge works, and the whole is of the most
approved construction, and put up in the
most substantial and workmanlike manner
The ties on large part OF the road are OF
oak. The Trusting is all of the very best OF
sound cypress, well framed, and in good re-
pair. The road bed is even and well Dallas
ted. Everything upon the whole, Is OF the
best material and well made, while at the
same time the most rigid economy is appar-
ent everywhere.
The extension, now building from Merri-
wether to Patterson's (Martin,) 94 miles,
will be finished by the first OF October next
The grading on it is nearly done, and the
ties are on the ground, and the iron has ar
rived at Natchez, and is being forwarded
aud laid down as fast as possible. On one
of the streams on this section, another iron
truss bridge of 10 feet span is being erected
The Company have money to build TINS
extension to Martin, without going IN DEBT
any further. They will then be "A miles
from the Kinds county line, and I'll miles
from Jackson. and without means, except
what aid Kinds county may give them, and
what they can borrow. According TO the
estimates of their own engineer, 1t VIII cost
SIS 900 per mile to build aud STOCK TINS oil
miles of road This estimate is probably
roo low. by from $4,000 to $4,000, per mile.
We will take it, however,as the true am cunt
and see what will have to be done, TO build
il on that basis. The road claim that they
can realize so cents on the dollar LOT the
Kinds county bonds, in wood. we DOUBT
whether this can in reality be done, put we
will take this as true also. The $2U0,OUU OF
bonds, il voted, would thus yield Sl6OOOO.
The company then intends TO put a mort
raise enough to make up the deficit in the
cost of building the 81 miles after deduetlng
the 100000. Let US see what TINS wouid
have to be- Sixty-one miles at COS! Oh
S. 600 per mile, is 100000. Deductlng
from this $3.50, 10000, the proceeds of the
Kinds county bonds, leaves $32S,O0OOo, TO
raise which mortgage bonds Woni 10 IA nave 10
be issued. Add To tins T149,OOOOO, the
amount of the present mortgage ueot OF the
road. and we have as the total amount OF
the mortgage debt of the ROAD, when II
reaches Jackson, $473O00.OO.
| TT is easy to be seen, after careful e1-
animation of the whole matter, tnaC 1t Is
folly to talk of any stock subscription to the
| road being a good and paying Investment
| n il evident that the road must ultimately
| meet the fate of all other new railroads, anu
/ be sold out to satisfy the MORTGAGES upon upon
| II and the stock be entirely sacrificed mat
| in fact and in truth, subscription 10 It's
stock is no more or less than donation.
| Kinds county now has funded debt OF
| S135. 10000. which she has been oDllged TO
| have funded a second time, from Inability to
| nav, when the first bonds fell due. The IN
| Forest on these until they fall due VIII
| amount to $SO000.00 or little more. ne ne
| interest and principal OF OF the $zOO,OV00:Ou.
| IL voted will amount $375,OOO.0O. Adulng
| togather the interest and prlDclpal OF the
| two sets of bonds, we have as tue Total
| amount of cash, which Kinds county VIII
| have TO paw on her bonded debt within the
| next fifteen years, the enormous sum Oh
can Hinds county, in her present poverty
stricken and debt-ridden condition 90 TINS
Can she afford to mortgage her properly 70
a. this to make q donation! ms Is the
o o0 sIie' which you. gentlemen, with the
1nsss of the voters of Kinds county, Will
soan he called upon to decide.
Vo,r Committee would herewith submit,
na0bibits to this, their report, the follow
transcripts of the three Deeds OF Trust
. Annual Reports of the President sec
| - - y, rer and Engineer Of the ROAD,