New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-04-17

zsslsszeza
aur putl works by nneopiioou s3rss WA r't'
y0ur rest now so fairly commenced sod Winch Y
u niae closely with thsn fooff q the g eesot
the isae1aey SONS slxr seven millions Of people
whose productions almost exclusively seek ~
wharves and outlet from the mouth OF the MIS-
sissippi
While making reference to the general Importance o.
ice II its local advantages Its traffic when opened
to the State line will comprise the tansportaten Oh
ber building materials and some nsar
10000 of feet per annum and is chehy derived Io W.
Red River and The various tributaries empty,ng nso .ne
SO SO to 81 per 1000 Supplies of sawed timber can be
brought on yaur road distance q 100 miles for 81 Per
1000 fact and within this extent Of Its line there is pene
trated 70 miles of pine forests, yielding lumber OF tho
finest quality and in quantity sufficient to supply the pre-
Sr irwood and brick will be largely transported and
with this new and important traffic. there will spring up
incidental and extensive tnat will greatly
promote the increase of sctire and industrious popu
who will require constant and large supplies OF pro-
duce and merchandise from the city, constituting trac
of very considerable Importance
The number Of passengers 20 be transported on
trains the Lake shore and the Pine woods Will be very
srQe and cannot fail greatly the
Of the road from, thu CITY to the State hne.
In conclusion this report congratulate you on the
progress made in the prosecution OF works and me
certainty of final triumph in carrying them to compile
ton The decentralization following the misfortunes OF
the old Nashville Company caused by the calamities of
the times will be made to give way to convictions
that will ignorance and preudes and by perse-
yeanee and wise application Of the moneys ut your COM
fnand, will establsh INK OF 1ntercpmnunlcAtlu
with sister States and cities that will more than all
others exs character prove our enterprise and ce
the alliances Of political moral and social fraternity
that will enlarge the blessings OF our common country
a. JAMES RoBB, President
(A)
The following resolution passed at meeting Of
Stockholders held on the 22d january authorizing the
Board Directors issue bonds pledge OF the real
estate tax:
Orleans jackson and Great Northern Railroad Company
they hereby authorized to contract loan Tor
s30O0oOO at such time and on sueh conditions they
dee best for the Of the Company and to
peoge in whole in part the real estate tax
the city of New Orleans to the stock Of the same pro
yded that said tax when collected shall be deposited in
Of the banks OF this city to pay the principal ana m
any contracted in virtue of this resolution
l Passed by the stockholdsrs January a. 1858
resolution passed by the Directors on the % Of May
directing the issue of s160o000 bonds payable in ls54
1855 1856 1867 bearing per cent with
instructions to the Finance Committee to advertise for
sale of 100000 fths issue lis in the following words
Resolred That this company issue fifteen hundred bonds
for thousand dollars EACH bearing interest at he rate
of per cent per annum payable semi annualy, with
the interest attached said bonds to be signed
BY the President countersgned by the Secretary and
made payable as follows three hundred thousand on the
first August 1854 fixed and the like sum on the first
ofAugus 1856 1857 and 1856 and that tns
by the city for subscription to the stock OF TINS
falling due in each of said years being separately
pledged the series Of bonds maturing in the same year
Resolved That proposals be advertised for the sale OF SIX
hundred Of said bonds the having the option
of selecting bonds of the series which they prefer
Resolved That the Finance Committee be charged with
the immediate execution of the foregoing resolutions
Passed Cd May, 1858
The advertisement was duly published In the Courier
Bee Delta picsyune from the 18th Of Msyto the first
of June, and is as follows:
OFFICE OF THE New ORLEANS JACKSON AND GREAT
/ NORTHERN RAILROAD COMPANY,
New Orleans, May H. 1858 J
In conformity with the following resolutions, adopted
by the Board Of Directors of this company the I'd inst
proposals will be received by the undersigned at the office
Of the company No As Carondeet street until Wednes-
day the first day Of June 1893 at u CLOCK H. fer she
the bonds of $1,000 each, described in said resolution;
per cent payable the first day of June 1855 and 20
the first day of July August, September and DC
tober following ..
Resoud That this company 1900 bonds for $1,000
each bearing interest the Of per cent per
payable semi-annuay with coupons for the interest at
aehed said bonds to be signed by the counter
signed By the Secretary and made payable as t
the first of August 1856 1855 1857 and 1893 anc
that to the payment Of said bonds pledge b
made the levied by he city for subscription to To-
of the company, the tax falling duo in each OF sa
being separately pledged for the series of bonds
5 l turing in the year. H.
Rsoed That proposals be advertised the sale of co.
of said bonds purchasers having the option of select
| \ ing bonds of the series which they prefer.
RESOLVED That the Finance Committee be charged VIII
the immediate execution of the foregoing resolutions
, Tsigned1 H. s. BuGKNER,
p j. P HARRISON,
4 THOMAS HALE,
Finance Committee
: Mr. Buekner, as Chairman, verbally reported that n
bid had been made or any proposition been received
the whole any portion of the bonds offered fe
| sale.
II bid from Messrs A. M Nathan Co. to purchase 100000
real estate tax bonds payable in 1857 and 1855 at
The following is their letter and the resolution Of tt
- NEw oHLEAss June s, 1868
. tJeneaef,.-We propose to negotiate for, purGha
10 from YOU the bonds the New Orleans Jackson
ID Great Northern Raroad' Company, bearing eight p
INTEREST," and payable On the rst OF August ls
and 1866 and secured by pledge of the real estate
er to the extent Of six hundred thousand dollars VI.
X3G00o0) three hundred thousand dollars OF each seri
duo as above, and offer for same NINETY per cent"
accepted propose to pay in cash 30oOoO on the fir
Is Jay proxmo and the remainder Of the proceeds on tt
he first August next
Is We remain; very respectfully, 80
q 10 Messrs H g. Buckner, j. P. Harrison, Thomas Ha
or Finance Committee.
PsThe conditions Of the foregoing to be binding on
i'd in of decision OF the supreme Court ahrming u
he legality of the tax.
e, TSignedl A. u. N. q 20.
I'd Resored That the offer from Messrs A. NJ Nathan
Co., for hundred Thousand dollars of the bonds of Il
III company be accepted.
ID Passed June TO- 1858
The naacal condition of the Company at this perit
besides many other considerations affecting its weff
ed interests suggested the necessity of sale of its sec
Tvs rites Commissioners had been pointed to proceed
TO London to provide by negotiation large sum- in
its subscriptions sufficient to construct the re
to the river and in order present its aa
nd in the most favorable aspect Indispensable not OF
he be able to show that all its matured engagements
ed met but that secured to insure the
cir not be supposed tnat the exnption Oh the ahas VI
company without these requisites and oyerdrawn with
err banker for exceeding three hundred thousand
lev lars would otherwise operate than to totally destroy
ur chance of in obtaining the loan OF capital IN
ses egn markets. .
ro These important considerations, coupled with the
nj ure of the company receive any bid whatever for
TO real estate bonds advertssdb the Finance Conn
tee called aid from quarter and there was
reasonable ground for concluding that
would take the responsibility OF extending 1t to the &C
mt pany on scale commensurate With wants Messrs
I'D Nathan Co. received instructions from MesRrs
,se Robb Co., make the bid to purchase six humid
thousand dollars of the real estate bonds Of the
which bid accepted by the Directors These instr
net lions given by James Robb Co. under the supp
to ton that the purchase would be assumed by nonresd
nd parties with whom they had correspondent respecting
sale of the Company's securities. This expectation
ion not realized The purchase declined by said part
The and the bonds left the hands Of Messrs James
Sc Co. .
ms At meeting of the Directors held the 3lst octo
its 1853 they informed of the foregoing and the
Dad cumstances under which the bid of Messrs Nathan
Co had been made and Messrs, James Robb Co. offe
ing the Board privilege of canceng the sale and rece
r back the bonds the terms at which they had been
to committee appointed to confer with Messsrs ia
INST Robb CO. Whch resuiteo IN Dns aoopsio VI to
TIA ing agreement aud the cancelDg and surrende
Sl5oD00 the real estate tax bonds at so per cent
lille price at which they had been sold,
raj Extract from Proceedings of November 2 1858.
the Mr. Pinckard. chairman of special committee,
its scented the following report which on motion, was un
my mously adopted:
nni We the undersigned. committee, appointed to co
NH with Messrs James Rpbb & Co. and receive from the
proposition furnish the New Orleans jackson and
lat-N