| From the Baton Rouge Advocate |
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| January 23, 1861 |
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| Annual Message of Gov. Thos. O. Moore |
| Gentlemen of the Senate and House of
Representatives of the State of Louisiana |
| ***** |
| Previous Executive Messages have announced
the completion of the New Orleans, Jackson & Great Northern Railroad to
Canton, in the State of Mississippi, and its connection, at that point,
with the Mississippi Central Railroad, and thereby with the Railroads
radiating North and East into all parts of the country. |
| This, as a completed and
independent road, would exhibit a very favorable result of the
enterprise by which it has been built. The road is two hundred and six
miles in length, and has been finished and equipped at a cost, for
workmanship of all kinds, rolling stock, real estate, etc, according to
the report furnished by the President of the Company, of the sum of
$6,593,373.01. |
| The gross earnings for the year ending on the 30th of
November last, for freight and passengers, were |
$1,272,682.87 |
| Expenses during the same year |
715,970.53 |
| Leaving a surplus for the year of |
$ 556,712.34 |
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| This is a very favorable
result, considering that there have been two periods of interruption of
business on the road, in consequence of injuries from inundations and
storms, which seriously affected its receipts. The gross earnings of the
road have shown a regular increase of about three hundred thousand
dollars per annum, for the last three years. The President estimates the
gross earnings of the road, for the current year, with its present
connections, at $1,600,000; with the probability that, by the extension
of the southern road {Southern (of Mississippi)
RR} from Jackson, Mississippi, eastwardly to the Mobile & Ohio
road, and the opening of the Tennessee & Mississippi road to Memphis,
the gross receipts will reach $1,700,000. Since the commencement of the
term of the present Directors, there has been a steady revision of the
expenses of management, which has already reduced them by the sum of
$50,000; and it is expected that the reduction in all departments will
be sufficient to bring down the expenses to $507,000 per annum. With an
allowance of $93,000 for contingencies, such as payment for stock
killed, new turn-outs, etc., the expenses are roundly estimated at
$600,000. At the minimum estimate of income of $1,600,000, the net
earnings for the current year will be $1,000,000. The interest on bonds
and the sinking fund require $340,000. The surplus would be $660,000,
which, applied to the floating debt would nearly extinguish the same
within the year. The amount of the floating debt on the 1st of December
last was $735,335.73. |
| On the extension beyond
Canton, twenty-six miles have been graded; and fourteen miles more, to
the town of Kosciusko, are under contract to be completed within this
year. The nine miles between Aberdeen and the Mobile & Ohio Railroad,
are almost complete, and other work has been done in Monroe county, in
the vicinity of Aberdeen, the whole at an aggregate cost of $445,000,
making an aggregate sum upon the whole road, for cost of construction,
and rolling stock, etc., $7,038,873.01. The total amount of indebtedness
of the Company at this time upon first mortgage bonds, loans from the
State of Mississippi, and bills payable, is $3,585,335.73. |
| From the President of the New
Orleans, Opelousas & Great Western Railroad, I have received a brief
summary, in anticipation of the report to be made up at the close of the
business of the year, which will be transmitted as soon as completed.
The road is completed to Berwick's Bay, and in prosperous operation. The
earnings exceed the estimate for the year, and are steadily increasing.
The next division of the road, from Berwick's Bay to New Iberia, will
connect at that point with the road nearly completed, extending to
Houston, in Texas, and connecting there with the whole railroad system
of the State. The contracts for grading that division were made in May
last, and, with the exception of a mile and a half of swamp, will be
finished by the 1st of March. Some work has been done on the next
division of the main road between New Iberia and the town of Opelousas,
but the financial difficulties of the times have nearly suspended work
there. |
| The Company has borrowed
$270,000, and owes about $27,000 on notes maturing between January and
April, but this amount is not one-half of the gross earnings of the past
month. These items, with what may accrue for iron purchased and
contracted to be paid for, partly in bonds and partly in cash,
constitute the whole debt of the Company. This is a very important work
for Louisiana, and particularly for the city of New Orleans, and appears
to be managed with much prudence and skill. |
| From the memoranda furnished
by the President of the Vicksburg, Shreveport & Texas Railroad Company,
I am enabled to give a good account of the progress of that work.
Seventy-five miles of the track are laid, with only a gap of three
miles, which is expected to be finished within three weeks, when this
road will be completed to Monroe. There have been expended to date
$1,406,931.44 of capital stock, of which the State has supplied
$281,000. The floating debt amounts to $200,520. The Company also owes,
for first mortgage bonds sold, $280,000 -- making its total debt
$480,520. It has for assets, in undoubted collectable subscriptions,
bills receivable, cash, and bonds of the State, a total of $409,440;
besides which, it has subscriptions payable in work. The full report,
when received, will be laid before your honorable body. |
| The report transmitted to me
by the President of the {Baton Rouge,}
Grosse Tete & Opelousas Railroad Company, gives a satisfactory view of
that valuable public improvement. Six miles of the second section of
twelve miles from the Bayou Grosse Tete to Livonia are by this time
completed, and the whole will be finished by the middle of this month.
The whole cost of this section will not exceed $8,500 per mile, and the
remaining distance of thirteen miles, from Lavonia to the Atchafalaya
River, is not expected to cost more, and will be completed throughout by
the first of January next. The Company have the means in hand, or, if
any small debt should remain, it can be immediately discharged by the
estimated receipts of the road, or by the ale of the negroes belonging
to the Company. This road has been constructed with extraordinary
economy, mainly by the labor of slaves. The example is well worthy of
the study of other railroad companies in the South. The full reports of
the affairs of these roads, with such other matters concerning them as
may be thought important, will be communicated to you as fast as
received. |
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