True American. [volume] (New Orleans [La.]) 1835-18??, 1839-07-23

ne public mind was taken aack by the appearance
VI ''l's novel prospectus. Some in the plenude of
''"c'eu wisdom cast ruicule upon it, Others paused to
'Fne't before they would decide. A few individuals
s"" at once the holdness originality and prac
"''o'' mature I" the scheme and they came forwa
promptly 10 propose for shares. To Mr. Smith these
"'''o''ons were unexpected He had looked Tor sup.
o' V different quarter. These gentlemen were there
Tore welcome conductors.
H'f smith was urged to come out with new
r''sPeCtus announcing the formation Of board of d.
ana an increase of capital to E5OO 900 sterling.
""""a' delay aided ny the interchangeable Laird, he went
~ "ofk' ana after three four months severe labor
succeeded IN inducing lew gentlemen to consent to
serve IN tile board OF Direction. Nor must the efficient
assistance OF MIR Laird in this Syshenn toll be forgot
'eh' From the American merchants in London, Mr.,
Smith derived no sort Of aid They discountcnanced
the scheme with all their might but their cxertions were
in vain
The preparations for the prospectus went on RAJ
pidly On the 2st of October 1885, seven directors
were obtained. Jtwas frs, intended to have only five
but on Fiction, it resolved to Increase the number
to ten. Many of those who were first chosen viewed
the matter even cunpre tensively than Mr. Smith
had DONE and he readily yielded to their suggestions
MIR J. Il. Doran director in the General steam Ma
VACATION Company, and Of ;lose who consented 10
serve IN MIR Smiths board was valuable accession IN
the cause His practical know edge, and his en,huSi-
assn in favour Of the pnj .ct were highly beneficial at
this stage OF the proceedings. Mr.. Smith in his letters
TO his American friends acknowledges the many obga-
lions lie was under 10 this gentleman for his kind advice
AS to The tri from London 10 New York. bv steam Mr.
Doran had no more doubts of it than he had Of going
from London To Fla mbur.h
Mr. Smith now called on his New York friends to re-.
deem th' promise made to IEim in 1892 tie assured
hen that an active emnn ,rton aboat /, be made
IN LONDON on the subject of transatlantic steam uayiru.
ton, and urged them to immediate ac tim
I'm the 2nd Of November 1885 the Second urosnec,ux
appeared Its appearance cre1,ed quite an cx;tenwn,
among capitalists. Shares were proposed G,r with
great avidiy. On the 9th Of the month 5DG3 were tn
Even the ladies' frward and were urgent in tb,r
demands for share. Things wore truly an encouraging
aspect.
Alter long struggle, suys Mr. Smith in one OF his
Letters to his New York friends" against the ure;ud;c
OF some, the opposition of others and the apa,bv of
nearly ALL you can we'll Imagine that final Success ~ n
source of no small qualification to me-" Jf,here he n,
honest pride deserving lie cherished in the hrcos, nj
man. 1T is that consequent upon result like the one ut
III the midst of all this triumph over ignorance aud
prejudice Mr. >i'I, was not sat,se,, lecaus. no did
not see New York mp and doing. Though he could no,
expect an immediate corporation with his Io,d,n
schemes yet he disappointed in the actv;,v and
energy of his own cuun,y,ncn. His rrco1 oh;o,, v,,
I" establish line of communication L.,,x.en E,
land and the Uui,eI Smt.s in order Tint the c,n,
erci" interests of both countries might eniov the re-
cnrOCil Advantages sur tn suIt
encn His letters to his New York friends are full
OF earnest entreaes rouse up from lrlharrv and co.
operate with London at once.
About The 18th of November 1885, Henry Ro;ubr,oe
OF the h"nse of Puget and BainiriIge and Charles En-
derby merchants and capt., lists of the hbes, s,o,d
ms IN London, came into the board of direction. A
more powerful and respectable court of directors was
not to he found in the METROPOLIS
On the 25th of the month, the first mee,;po os ,le
Directory was held They determined to keep the books
'pen until the 18th of December,
The flcc OF things had now changed, Numerous an.
'"ot'ons tor seats in the directory made zeal
10 be concerned in Transatlantic steam navigation nor
FADED all classes of capitalists Up the eth of Novem
Der $500 shares had been appli.l for On the srd
1t December million of pounds sterling was booked
when only half million was wanting. The pubc
e " WI" "'c projectors OF The great enterprise.
every BODY saw or thought they saw that a reyoIu !
ION was ab" to b, effected in the communication he
ween the United States and England Some waited
0 sec. Others more wise hurried on wild, the tide
y" the 10th of December it was judged best to put
III allottng the shares ill after the holvdays, us the
money Hood, incident upon the payment of the divide nd
m part ct the public debt, thought, would ensure
ne more prompt payment OF the dcposi,e In his an
c'paon the board of direction was right, commit,
sc OF tour directors began allot the shares on the
Isl OF DecembeI o" The 9th of January 1886, they
issuing certificates of stocks to sub,crr
e'S' and receiving The stipulated t5 per share
ouch was the zeal fur stock Of the Br,sl, and Amer
IN steam Navigation Company, that on the ltl of
ef"ary they were sold at Ii shiIlings premium on
% paid n,-"r Is per cent above par.
(Iobe concixded in orr uc,tJ