Well, your texture loading isn't going to work properly. You need to generate texture IDs for each texture and then bind to that. Currently, you're loading all the image sequentially into the same texture (so the last image will be the one displayed, if it works at all.
I've modified the code:
-Without the texturing, the code runs 430 to 450 fps for me, which is about what it should be.
-With texturing, the code runs at 150-190 fps, again, about what it should be.
-After some deliberation, I've found what might be your problem: you're rebuilding the list every frame. "makeNewList(...)" should not be called inside your loop at all. Essentially, what display lists do is allocate memory for the geometry, transfer the geometry, then store everything as machine code for optimized delivery. This isn't exactly fast to do, and doing it every frame is going to be slower than just drawing the thing directly; it's designed to be fast later (when you call glCallList(...)).
Bottom lines: texture ids, don't put building-display-lists-operations in the main loop.