, 1879-07-20
THE SOUTH-PASS JETTY.

| ueI-HoW Much Money He Has Received
and How Dividsd-Enornaous Profits.
81. Lonts G!obt July IS.
| As is well known in St. Louis, the work ol
completing, the jetIies at the mouth OF the Mis-
! sissippi River was contaminated few weeks
ago. when uniform depth OF thirty feet waz
| obtained through the jetttes, with depth oi
tweuty-sx feet a. the head Of the pass. This
virtually completed Mr.. Eads' great work OF
opening the mouth Of ths Mississippi River.
His contract with the Government only requires
now that he shall maintain the present depth Of
water for the period Of twenty years.
MIR. Eads arrived fn st. Louis last Monday, d.
rect from Port Eads, und 'repsired at once to
bis home On Compton avenue, near Lafayette
avenue. for few days. rest. A representative
OF the Globc- Democrat calling upon: him yester-
dav, found him somewhat OF an invalid He is
confined temporarily to his room by an injury re-
ceiyea to his left leg three weeks ago at Port
Eads. The Wound was at first slight one, but,
having been neglected, became more serious,
and st. Louis physician has now commanded
entire quiet for few days When the reporter
arrived the bandaged leg was being treated to =
cold water bath to reduce the einnammaion. At
ter salutatous, the scribe proceeded at once to
business.
Sir Eads, the readers of the Globc- Democrat
are anxious just now to hear from you on sew
cral topics of great genera! interest. First,
nle1ed. The neopie would like to know the exact
condition in which the Jetty Comnanv stands
today. Then. there is The River Commission.
OF which you have been appointed q member.
Any particulars of these subjects will be read
'Ihe snhs,anca of an extended cnnversation
which followed with Mr. Eads on the subject
Of the jetties may be given as follows:
mad received in ali for ictty work "a o,} mi
IN arrir1np in 81. Louis he fonnd irnft frnm
Was},;nrton for the SS00 mn navment .'u1 ~
the attainment Of n twenty-six-foot denth ri
wnter. aud which amount was la1c|v nasstd
nnnn nv the Acknowledgement fru weal.a
40 the fact that a final denth Of tnirtv 1aet
had heen reached was certificd on tn Vash;nr
tim ami another cash draft for s:ah, mn ia
nxnected by Mr.. Eads ia the course of thirty
days more This will make a sum total of
retsyeI for the whole work. The recent A.
tainment of a thjrty-foof dentb entities NJ
Fads and his friends. therefore. not oniy tn y
half million cash uaymeut, but con nlctes their
title to an additional million, which is to be held
back.. however, as a guarantee that the present
denth Of thc chaupel viii be maintained for
nrriod ri twenty wears. At m annual cost not ex-
ceedlng SlOO0OO It was orlcinally suDposcl
that n ,youId ne necessary to anvanre the irttes
from year to year into the Cult, aud TINT this.
nlered. woull in yolve m enormons annnai ~
penditura; but Mr. Eads agreed that tbs should
not exceed $4,000 Der auutl1n, and that he
wou1d 1caye million Of the nrice Of III. ie1ties
to o,1arantee t. On this million the Goysrn.
mcnt is TO par per cent interest, seu2i-annlaI-
II, one-hali Of tie principal at lie end Of ten
wears and the other half OF the principal at the
end OF twenty years. PAYMENTS for maiutepance
of work are to be made quarterly. Ifit shall be
found that it costs more than $10o, ,OO) per 90
nun to maintain the jetties, the law provides
1nat Mr. Eads may draw the excess Of such cost
from the million reserved, on the fact Of such
extra cost beng properly certified to the Secre-
tarY Of War. Il ut nuy time during the uext
twenty years the present. depth OF channel is not
maintained, then pay is to be deducted from the
5 LUCE, 600 held back III proportion to the time
during which there is deficiency OF water.
The hulf-million dollars (twenty-six-ioot par
ment} which arrived 1xst- Monday, has already
been d1vidcd up and sent to the Louisiana Ma J
uonal Bank Of New Orleans; the Tn,rd Ma
tionA Bank Of St. Louis; banking house of
Winslor, Lauier g. Co., New York; and the
Bank Of Pittsburg. Pa.; and those banks have
been instructed to pay the twenty-six-foot
certificates which are held bv jetty stockholders
on presentation. These happy stockholders, az