New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-11-13

offers OF improvements, ana your committee are
lead to the belief. that if any further ones are
required. they will have to be wrung from the
Board by the strong arm Of the law, then de-
clarihg dividends not permitting them, and none
but dividend declaring Directors finding favor
in the eyes Of the stockholders. 1t would seem
to be the settled policy Of the present Board Of
Direction, not to make any improvements (for
that is shown by their action in nearly cutting
off their entire water rates in the Second Dis
trict) they will not extend the pipes in the Third
District because the small amount of pipes land
that not supplied already laid there) does not
pay them sufficient percentage, policy your
committee think not only detrimental to the true
interest of the company, but ruinous to the
city's The company do not wish to run any
risks, they have no enterprise, and look only to
the present and not to the future for their gains
They do not take into consideration that the
Second District pipes cannot now give the neces-
sary supply Of water to the inhabitants of that
District, and that they have daily and hourly
complaints, and that they are now refused pay
ment Of their bills on that ground. Then how
can they expect the people Of the Third District
to come forward to take the water when they
know that the Third District can only get what
water the Second District does not use, as the
Thigd is fed by the Second District pipes
Your committe can do nothing to give at once
the necessary supply to the pipes laid in all parts
of the city without bearing nearly all the cost
of laying additional feeding pipe, and as in the
opinion of your committee, the Inducements laid
before them by the Direction of the Commercial
Bank are insufficient, your committee must
abandon this point.
The President of the Commercial Bank pro-
poses that the city should lay main of twenty
four inch pipe from the engine-house Of the
Water-works to Esplanade street, which would
cost, say $4,000; that the city should rely
on that pipe for all the water used for pub
lie purposes, and in return they will bear GER
tain proportion of the expense and supply the
water, reserying to themselves the right to use
both ends Of the pipe as feeders for the Third
and Fourth Districts, should they be 50 dis
posed. Now by the charter they have to supply
the corporation gratis, and the promise to use
the pipe laid for the benefit of the Third and
Fourth Districts is too indefinite and vague as
to the time when to be used; if they would bind
themselves to commence to use it the year laid,
or the year after, your committee might take it
| into consideration, but to make this improve
ment subject to the contingency of the possibili-
ty of the water-pipes being extended to the
Third and Fourth Districts, is altogether out of
the question.
Until some arrangement can be made, your
committee would suggest that the City Attorney
be directed to take the necessary legal steps to
sue for forfeiture of charter, should the Com
mercial Bank declare another dividend before
to give the necessary supply of water to that
portion of the city between Canal, Esplanade,
Rampant streets and the river Mississippi, as per
lst section of the Act of Incorporation, hereto
annexed. The high rate of insurance is mainly
caused in New Orleans by the small supply Of
water given by this company, and as they have
an exclusive privilege to supply the city, as far
as the provisions Of their charter will allow,
they should be compelled to do so. Your COM
mittee believe that the rates of insurance would
be reduced one-fourth, and perhaps one-third,
per cent on property in portions Of our city, by
an abundant supply Of water, while its benefits
in a sanitary point Of view are incalculab1e
In presenting the foregoing remarks, your COM
mittee will add, that in calling in question the
acts Of the Boards of Direction of the CONNER
cial Bank, they speak Of the policy pursued, and
of them in their capacity as Directors in a char
tered institution, and not as individuals, and
that personally they have no antipathy or ami
mostly against either the company or any indi-
vidual in the Board. , ..a
The committee recommend as a certain relief,
THAT THE CITY PURCHASE THE COMMERCIAL BANK
CHARTER AND ASSETS. From reliable informa-
ton, your committee think the purchase could
be made for one million do1lars that with an
outlay of even one million dollars, the city will
be placed in the possession of the right of sup
plying her citizens with water-a right which
no city should allow to rest in the hands of
private corporation, particularly in the case of
our city, where the stockholders, governed as
they are by SO short-sighted policy as to lead
your committee to the belief that they can
have no interest in common with cur people,
and have only invested their money to collect
an interest, and are unwilling to allow any ex-
penditure to increase the usefulness of their
institution to be made, unless it shows on its
face the certain return in dollars and cents for
the present. Your committee are well aware
that by recommending this purchase at this
time, when our city is in the midst of her en-.
deavors to settle the various Municipality debts,
and while our citizens look forward to be heavily
taxed in the future, the proposition to purchase
the Water-works will fall II unwilling ears,
but when examined in its proper light, the ex-
penditure of even million of dollars sinks into
insignifcance, compared with the immense
amount of good which must accrue to the city
The property holder will be amply repaid the
tax on the reduced rates of insurance alone, not
taking into consideration its advantages as to
health
By the report of the Direction for 1861, your
committee find that the expense of the company
are over 100000, and increasing yearly. This
leaves fully $$77 900 per annum to expend on
the purchase and cost oflaying down pipe The
engine now used is of ample capacity to supply
twice the amount of pipe, and it is the opinion
OF your committee, that not over 100000 can
be spent per annum to advantage. Thus, in q
few years. we shall have full and ample sup
ply of water for the whole city.
In conclusion, your committee advocate the
purchase, on the following grounds:
Firstly, your committee think it a good in
yestment. and will proceed to show til
We propose to pay for the Com
mercial Water works. .,..... 81 1000, 900 90
Deduct $50 per share on
stock now held by the
Corporation of NewOr-
leans-is $250,000
Deduct Bank Assets, with
at lowest. $4,000
Deduct office and lots on
Carondelet street .... 15,OOO=3l5 900 90
Leaving the cash outlay of the city .6S5, 900 90
But to carry out our point fully, and
show the advantage of the pur-
chase, we will add the loss on the
city bonds, of ..................25 O, 900 90
Making the whole cost to the city. 1896 900 90
Which would be the very outside figures
Now we have shown elsewhere, and the reports
of the Directors annexed, will prove the fact-
For they have declared a dividend
this year of. Observation-Disclosures. $66, 900 90 |
Spent in various ways, for pipes,
etc. l4,OOO 90 |