| New Orleans, Opelousas & Great Western
Road |
| This is another important road
looking to the connection of Texas and Louisiana. |
| The report of the company to
the legislature says: |
| The earnings of the road,
estimated in our last report at $450,000, proves to be $481,921.87. |
| The speedy completion of the
road being of vast importance to the commerce of the city, measures
were adopted by the board in June last, to interest our merchants in a
united effort to effect sales of such an amount of bonds as would
enable us top push on rapidly with our construction. But the business
season drawing to a close, and monetary matters not being in a
favorable condition, it was determined to defer action until November.
We are now met by a state of affairs, public and private, preventing
any movement of this kind at present; although, under any
circumstances and changes, there are no securities in which capitalist
can invest with surer guarantees of prompt payment of interest, and
eventful distribution of the principal. |
| Notwithstanding these
hindrances, we have made considerable progress by means derived from
sales of bonds and the earnings of the road, without increasing the
floating debt, which will be carried over to next year, paying the
interest in advance. |
| We report as follows: |
| The tract of the completed
portion of the road -- 80 miles, to Brashear -- together with the
rolling stock, maintained in perfect order. |
| The swamp work at Berwick,
under contract with Mr. Knox, nearly finished. |
| The graduation of the whole
line (excepting one and a half miles of swamp) between Berwick and New
Iberia, under contract with Mr. Bisbee, to be finished in about two
months. |
| Nearly twenty miles of
graduation completed between New Iberia and Opelousas. |
| Four first class passenger
cars, and two of second class, added to the rolling stock; a contract
made for the Berwick's Bay transportation steamboat, and partial
payment thereon; two new barges, paid for; also payment in full of the
Gretna mortgage debt of $25,000; and punctual provision made, monthly
in advance, for the interest on the bonds sold, agreeably to our
contract with the Louisiana State Bank. |
| The quantity of lands enuring
to the road, under the grant of 1856, as given in our last report, was
608,150 acres. In appendix to second edition, there was added a
supplemental list of approved lands, 84,483 acres, making a total of
642,633 acres, approved and reported to the governor of the State,
exclusive of 90,382 acres suspended for examination, nearly the whole
of which, we are advised, have been approved to the road, but the list
not yet received. |
| None of these lands have yet
been sold. The sales will probably nett an amount equal to the whole
paid up capital of the company. |
| The Board of Directors,
although fully impressed with the very great importance of completing
this road as soon as possible, do not think it expedient or safe, at
this time, to increase our floating debt for that purpose, but decide
rather to go on steadily, as the resources of the company in bonds and
lands can be realized, so as in no event to jeopardize the property
entrusted to their care and management. These resources are considered
ample for paying off our total length, 258 miles. |
| And this road, thus built and
equipped by the paid up subscription ($500,000) to the capital stock,
and the probable proceeds of the sale of public lands, will have cost
and be fully worth six millions of dollars, at a cost to the
stockholders (State, city, and individual) of only three and a half
millions, and by this the prospective value of the stock may be
estimated. |
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