The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-06-02

AN, THURS DAY, JUNE 3, 1892.
as it's profits, and the expense account
correspondingly reduced.
But to look at the matter from the
, standpoint of extreme caution, it will
be observed that one-tourth could still
be deducted from the conservative esti'
mate and leave enough to pay all cur
rent expenses and repairs-l6 pei
cent ON the capital stock and $4,000 on
any outstanding Indebtedness, yearly
1t is believed that an increase in an
nual traffic of 10 per cent may be
counted on without any correspond.
ing increase in expenses, even with
out the growth which this and SINH
lar evidences of life and enterprise
: will aid in bringing to Austin.
Docks and landings with the neces-
sary land adjacent have been tender
ed the company in some, and
will probably be in most desirable
landing places, and the deeds to these
will constitute a valuable asset, and
be a security against injurious compe-
tition.
Taking all these things into consid-
Grafton, the stock of the company can
not fail to be more than usually safe
and profitable investment, the practi-
cal knowledge and experience of Cap
tain Shepard giving assurance that
the details of construction and rum
ming are in safe hands.
This boat line will be far more valu-
able to Austin, situated as she is, than
oil
be, and yet no railroad even suggests
coming in here without the absolute
donation of more tnan the whole capt.
tai stock of this enterprise which asks
nothing but subscription to stock to
the amount of $4,000, the balance be-
ing already taken. Everybody gets it
on the same basis, the original pro-
motors standing on exactly the same
footing as the last subscriber. In view
of all the facts the stock can not fail
to pay better returns than any mort
gage or ordinary investment, and it is
confidently believed will more than
double the returns of such invest
ments.
The stock subscribed and the plan
suggested for raising the necessary
capital is as follows:
Stock now taken. ....... S17 200
Stock for sale. ............... 5000
Communication tickets. 5000
Proposed bonded Indebtedness. 10000
$4,000
This plan, it will be seen, leaves
only so shares of stock on the market,
it being thought best to enhance the
value of the stock by limiting the is
sue to $50 shares and paying part of
the cost of construction out of the
earnings, instead of by an unneces-
sarily large stock subscription.
The railroad TO the dam was con-
sidered an elephant by our own citi-
zens, but picked up by plucky parties,
is developing an earning power that
must be very satisfactory to the in
vestors. This boat line, at half the
cost, will have double the earning ca
pacity of the railroad with an equal
chance of future increase. Respect
fully submitted, V. A. FENNER.
Acting upon all the information be-
fore them, and after close scrutiny
into the question, this committee re-
ported to called meeting of the
Board of Trade directors last Satur-
day morning as follows:
AUSTIN, Tex, May 81, 1892.
Hon. A. P. Woodbridge, Presiden Austin Board
of Trade.
DEAR SIR-As special committee
appointed by you to examine into the
merits of the proposed steamboat now
erecting by Capt. A. E. Shepard, as
matter of public interest, convenience
and pleasure of the citizens of Austin,
beg to say that there can be no ques-
ton of the extreme desirability of the
establishment of a boat line on oul
lake like the one proposed, for the
following, among other reasons:
l. 1t would give Austin an attrac-
tion for pleasure seekers possessed by
no other city in the Southwest.
3. 1t would tend to advertise the
city in many ways through the efforts
of the railroads to work up excursion
parties and summer and winter travel. I
8. 1t would be the means of develop
ing large scope of country tributary
to this city, and would give employ
ment to great number of persons di-
rectly and indirectly.
4. 1t would build up and people the
shores of the proposed lake to the
head of navigation as no other agency
can.
5. its facilities for low rates would
induce products and trade to Au,tin
that are unknown here now.
In addition to your request, we de-
sire to say that we see no reason why
the enterprise should not prove both
successful and profitable since such
has been the case in other places not
having the advantage of this.
The estimate furnished us by Capt. |
Shepard as to running expenses,
prospective receipts, etc, have been
carefully gone over, and while he is
too low on some and too high on 9TH
ers, we must do him the justice to say
that his figures are conservative and
that with good management there
should be fair return on the amount
invested.
A. II. MCKEAN, Chairman,
j. NJ. BoROUGHs,
s. X. MORLEY.
Of the seven Board of Trade direct.