| From the The Standard {Clarksville, Tex.} |
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| March 23, 1861 |
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| The Vicksburg, Shreveport & Texas Railroad |
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The Monroe (Louisiana) Intelligencer, of the 27th ult.
says: The Directors of this company met last Friday and Saturday at
their office in this place, to settle with the contractors, Messrs.
Fannin, Grant & Co., for the completion of this work as far west as the
Ouachita River, and make arrangements for its future prosecution to the
western boundary of the State. By the terms of the contract, with
Messrs. Fannin, Grant & Co., the latter were entitled to the use and
money of the road till the first of January, 1864, in addition to
payment for their work in cash, stock, and the bonds of the Railroad
Company. |
| It being understood by the
Directors that Messrs. Fannin, Grant & Co., would entertain a
proposition for the purchase of their right to the use of the road, one
was accordingly made by the Railroad Company, and accepted by the
contracting parties. The details of the cancellation of their contract
with Messrs. Fannin, Grant & Co., and their surrender, on the first day
of March next, of the road to the control of the directory, we shall not
attempt to state without any authentic memorandums of their proceedings,
a copy of which we have been promised by the worthy President, Dr. C. G.
Young, but not in time for this week's issue. We will, however, state in
general terms, for the information of those interested in the
prosecution of this work, that the possession of the road was obtained
upon terms extremely favorable to the company, the price being the value
of the work done, with the addition of $150,000 (payable in eight per
cent. bonds at par, and running twenty years,) for the relinquishment of
the use of the road for the next three years, while it is estimated that
the net revenue of the road will not fall much, if any, short of
$150,000 per annum. The company also purchased ninety negroes, to be
paid for in bonds running the same time, at such rates as even in the
present depression of the money market were deemed by the contracting
parties extremely reasonable. The great advantage of this arrangement to
the company is, that it provides satisfactorily for the current
indebtedness incurred in the completion of the road to this point, and
leaves the other sources of revenue to be applied to the continued
prosecution of the work west of the Ouachita. The road being finished
thus far, perfects the title to a large portion of lands granted by
Congress for the benefit of the company, and puts it in their power to
negotiate their bonds at favorable rates, whenever the circumstances of
the times shall justify their being thrown upon the market. |
| This day's work of the
Directory, while it releases Messrs. Fannin, Grant & Co., from future
responsibility in the prosecution of this enterprise, and is pecuniarly
satisfactory to them, is probably the most important one transacted in
the history of the company, and it should entitle them to the warmest
thanks of every well-wisher to the development of the resources of North
Louisiana. |
| This arrangement satisfied all
debts owing by the Railroad Company incurred in constructing the road to
Monroe, and puts the company in the condition that will enable them to
go on with the work west of the Ouachita. We understand they will at
once let out the contract for building the bridge across the Ouachita. |
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