| From the South-western {Shreveport, La.} |
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| October 18, 1865 |
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| The Shreveport & Marshall Railroad |
| It will be recollected by our
readers, that we stated some time since, that Col. Waskom, president of
the above road, had gone to New Orleans for the purpose of conferring
with the stockholders, with regard to procuring means to finish the gap
of fourteen miles. In the New Orleans True Delta of the 10th, we find
the report of a meeting of the New Orleans stockholders, held at the St.
Charles hotel, on the 9th inst., for the purpose of hearing what the
president and secretary of the road had to say. Though the number of
stockholders was not large, most of the stock was represented. We take
the following account of the proceedings from the True Delta: |
| On motion, Mr. W. S. Brown was
called to the chair, and Mr. H. S. Fulkerson appointed secretary. On
taking the chair, and calling the meeting to order, the president
observed that it was convened for the purpose of hearing reports and
statements from the president of the company, Col. J. M. Waskom, and of
the secretary and treasurer, Dr. A. J. Smith. |
| After being introduced to the
meeting, Col. W. proceeded to make a clear, succinct and lucid statement
of the affairs of the great enterprise over which he presides. Remarking
that for four years the directory located at Marshall, Texas, had been
cut off from communication with their New Orleans partners, on account
of the war; he stated that they had been placed in a situation of great
delicacy and responsibility, but they had done the best they could under
the circumstances. A large debt then in existence, had been liquidated,
and the floating debt of the company, at the outside estimate, did not
exceed fifty thousand dollars, and this was in the hands of friends
interested in the preservation of the road. |
| The expenses had been cut down
to the lowest possible figure, the cars kept constantly running, and the
receipts were now largely in excess of the expenditures. In 1861, the
company, leased from the Vicksburg, Shreveport & Texas Railroad Company,
its route from Shreveport to the Texas State line, on the most
reasonable terms, for a period of twenty-five years. The road was
already graded; and only needed the cross-ties and iron. From the Texas
line, out towards Shreveport, eight miles of iron have been laid; and it
only requires iron for thirteen or fourteen miles to make the connection
with river navigation at Shreveport, which will throw an immense and
profitable business into the hands of the company. This iron will cost
about $180,000 in currency, and to obtain this money, and meet their
contract with the Vicksburg road, was the great difficulty in the way.
By the terms of the lease, this portion of the road, if not completed by
the 1st of April, 1866, reverts to the Vicksburg company, it paying,
however, for the work done and expense incurred, at a fair valuation.
All the stockholders could lose, in the event of this disaster
happening, were the great prospective profits which were anticipated
from the lease. But should this gap be closed up, they would have
forty-two miles of railroad, running through an extremely rich country,
and would be able to transact a business of at least $250,000 per annum,
at the lowest calculation; and as the road progressed westwardly from
Marshall, through the finest cotton region on earth, and became able to
avail itself of its immense land donation, the amount of traffic that
would flow in upon it could hardly be over-estimated. But, as matters
stood at present, the company owned more actual property than the amount
of its outstanding stock called for, with every dollar of liability
paid. For these reasons, Col. Waskom advised his hearers not to
sacrifice their stock. |
| Throughout, president W. was
explicit and practical in his statements, and his explanations gave
general satisfaction. |
| The secretary and treasurer,
Dr. A. J. Smith, then gave a clear and comprehensive review of the
financial affairs of the company from the record, in which all the
general allusions of the president were sustained. He, too, was listened
to with marked satisfaction. The addresses of these two gentlemen
inspired a most hopeful feeling among all present, and, we doubt not,
will tend greatly toward putting this important work of internal
improvement "on its legs again." |
| After thanking, by resolution,
president Waskom and secretary Smith for their able and instructive
addresses, and tendering the thanks of the meeting to the proprietors of
the St. Charles hotel for their liberality in giving them the free use
of the ladies' parlor, a motion to adjourn was made and carried, and
catch and all wended their several ways as they pleased, better
satisfied than before. |
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