The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-25
OUR TRADE.
EheVt EMIT STATISTICS GIVEN IN FA-
W IN or THE GREAT Projected
xeurE or the PAgIFIC RAILWAY.
1vwert of the Cotton Exchange Commit"
tee-Mr. Clarke's Remarks.

Exchange was held last evening to receive .le
.ranort Of the committee appointed TO cJnfer
with the New Orleans Pacific Railway Com
many relative to Its work, expenditures, pros
meets for completion and financial status. Mr.
Perry Nugent, president OF the Exchange,
presided
The meeting having been called to order,
Henry g. Hester, ESD, the secretary, read the
following report
TO the President and Directors of the New Or
leans Cotton Exchange:
Gentlemen The undersigned, appointed a
committee under your resolution o the 9Th
! inst, to confer with a committee from the
| New Orleans Pacific Railway Company. as
| respectfully submit this their report:
Wemet the president and board OF direc..
| tors by appointment, when the advantages OF
| the road to the cotton interests of the city,
were explained, and a full and free exhibit
| made Of the progress of the work, the condi-
tions on which it is being done, the assistance
already received, its present necessities and
prospects.
The FIRST point we will not now elaborate as
no doubt each member Of your board Is al
| ready convinced of the desirability of railroad
connection with Texas Already 100 miles
are graded, comprising the heaviest portion
port, or lis miles Marshall, Texas. OF this
latter liz miles, Marshall agrees to grade.
bridge and c1oss-tie 2s miles, being the dis
| lance from Marshall to the State line. The
work is being done by PeDitentiary convicts
and, perhaps, on more favorable terms than
any similar work was ever before undertaken.
| The company contracts to clothe and feed the
| laborers to pay the salaries Of the necessary
guard and allow the contractor sum that
| barely suf1lces to support his family, the
balance Of the pay to be settled with first
! mortgage bonds on completion Of the con
tract. Culverts have been built as the work
progressed, and all bridges on the route can
| be built at light expense on piles, except the
one crossing the Atchafalaya. .-
| The amounts 80 far subscribed are S356,900
to the capital stock and $4,000 to first mort
gage bonds, together s452,eo0, OF which has
eeen a. " VII o eav III ia n q
| lectible. The only Indebtedness, besides what
| Is due the contractor on the completion of the
road, as before stated, Is $4,000 borrowed Of
| the banks.
There are, at present, 100 laborers employed
on the road requiring an expenditure Of
| $4,000 or $4,000 monthly, and on failure to
meet this requirement they would necessarily
be removed, In all probability, not to be again
engaged on the same favorable terms.
| It Is estimated to take 100000 to grade,
cross-tie and prepare the road-bed for the
| rails, end should this sum be promptly fur
nshed. your committee is well satisfied the
| work can be completed and the cars running
over 1t by the first of November next.
Whenever sufficient sum is subscribed to
grade and eross-tie tie route and build the
bridges we are convinced the rails and rolling
,, stock can be had. The former by purchase
with first mortgage bonds, and the latter can
most advantageous, The president and also
! leading director have had ASSURANCES from
responsible parties interested In rolling mills
that The rails would be furnished on the terms
named, but 1t was hardly to be expected that
they would enter into written contract to
Iuttnb nffcC hnfpr ho rni alv lie.
part could say positively 1T would need the
| rails and when.
| As some persons who would otherwise sub
scribe literally may apprehend the proiect!
| cannot be carried through and the amount OF
their subscriptions would be lost to them
without effecting the object Intended, we will
mention that, In case conditional subscrip-
ton list of $500, 900 Is gotten up bond OF in-
| demnity will be made by responsible parties,
guaranteeing the completion and equipment
of the road.
We believe the enterprise is entitled to the
| Endorsement and efficient aid OF the Cotton
Exchange, and that what is to be done should
| be done promptly.
| In that view we recommend general meet
! ing called. when the subject can be presented
| to the members by those best qualified; and
| further, that q committee OF influential gen
| tlemen be appointed to malYs personal applica-
| ton for subscriptions. T. Ill. HUNT.
| j, w. LABoUIssE.,
| CHAs. CHAFFE.
After the report had been read Mr.. Clarke,
general manager of the New Orleans, st.
Louis and Chicago Railroad, was introduced
and addressed the meeting cit some length.
He stated that he would not pretend to go
| into the merits of the road RS the means Of in
ereasing our cotton receipts. The advantages
Of rail communication with Texas were evil
IDENTIFY impressed upon the minds of the gem
| m la mr. and M mar
tcularly to go into the merits of the road it.
self. He had examined carefully into the esti-
mates made by Chief Engineer Greene, and
agreed with him that the road could be built
at very low figure. Not being aware of the
nature Of the country.through which the road
ran, he could not speak knowingly OF its local
traffic, but he claimed that the object point to
be reached was the great commercial
centre of Texas. AS paying in
vestment il spoke for itself II the
trade of northern, eastern and central Texas
was desideratum; by controlling It through
the medium of this road sufficient guaran-
tee of the solvenGy of the enterprise would be
assured. The distances compare most favor
ably with other points, and nature itself
Clarke stated that, while the cotton receipts
at Galveston, Memphis, Charleston, Savannah
and interior points were more than they
should be, yet he did not feel Respondent of
recovering fair proportion, and he did not
think that the citizens OF New Orleans should
rest satisfied until they could justly claim
two-thirds Of the total crop shipped to this
market for export.
At the close Of his address, Mr.. Clarke,
when questioned, stated that he would will
lingly subscribe $4,000 to the completion of
the road.
On motion the following named gentlemen
were appointed a committee of seven TO re-
port resolutions indorsing the report and
favoring the road to an adjourned meeting, to
be held this afternoon, at p. m: Messrs.
Charles Chaffe, J. B. Lafitte, r. NJ. Walmsley,
Samuel Simpson, A. II. May, r. 7. Buckner
and L.. c. Jurey.
The meeting then adjourned
THE CONSOLIDATED BOND CASE.