New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-29

L. H. Place, Esq, Chairman Finance Committee, Board
assistant aldermen
DEAR SIR In to the inquiries propounded in
your communication of this date
To question l. What is the capital stock of the pre-
Ponchartran Railroad Company and is the capital
all paid " reply the capital stock of the present Pon
chartran Railroad Company 5000 shares Of 500 each
fully paid,
To question - What amount of debt fany due by
the company and does any pledge mortgage or other
ncumbranee attach to the road machinery or other pro
perty -
reply the amount of debt by the Company is 100000
created by Of sections and Is Of the act Of btg
4turp approved Sth Ap 1853 and is payableA periods
conPenient the Company The above debt is secured
by mortgage read machinery and other property
Of the Company. and is the only incumbrance on the
road or its appurepanccj THIS debt WIS incurred in
order the absolute and unqualified control OF
the charters granted by the Stps Of Mississippi and
Aahaua and the OF these Coz pprations are by
their charters wholly vested n the majority in value OF
the ste kholdeI and each share Of the stock is entitled
to the controlling power is now vested in l5OO
shares of the stock the Mobile and New Orleans Raft
road Company which SO share paid according TO
section OF the Git Company. approved 24h
December, ISL and this owned by the fontchaEtrBln
Railroad Company aud the charters Of the three States
o Louisiana, Mi u 7ppi and Aatlna IRE now therefore,
the absolute property Of the Ppnchartdin Railroad
Company in the only form in which they can be legally
held Inasnuch the original sub1stels to the Misss-
sppi and Alabama Road have sold their stock and is
now owned by the PoDtcharf ain Raroad Company,
it presumed that the original sub cIibers are released
from their subscriptions by the tll-.
Apart the great lm lance OF having the CHARTERS
Of Mississippi aud Alabama (and the rights OF way which
try had sfc,,rf sec-ly vested in the Pouehartrain
Railroad rnanv Il thare might be-, no conflict in the
nd ,mn;sr,tian 81 he Road either now
or herea er the Road Maid the pce above named but
IN doing expect TO be rrmuuerated Ten ana perhaps
H. rpbt ct phch INV grt with the charters These
lands vii be So to 400 oooacrPs aud the last information
from Washington is that the senate bill granting them
will pass The House this session.
10 question d.. Win you furnish the committee with
cony Of yorr ,rrap,nant with MIR Corning & Co. OF
Nav yor which authorizes your statement 10 the coun-
eli that thev have Proposed H. ma he the entire negoa-
49,; 80 - ~ tra tpr4s If ttn cit7 shonld tbsy be
issurd Int also If MI the bonds predicted on 4 mortgage
Of The aroad which may be necessary to raise
Of money rTred "a conplete the Railroad to Mobile
MANY ears mi p,rtner Of the firm Of Corning Co
New York and speaks for that firm in saying They
now ana viii ~ hereafter ready to negotiate all the
bSn,,s ,iI,dad tn in tl,fe intermediary
10 question 4-You saw ttat parties have offered tt
contr,ct for hnilrs he Rpiroad and have agreed tC
aoE prl'i,E ,I,9 YIN a, tIrnish tho commit
ten win cons ~ rr nrnnosals tor building Yna alsr
inform the committee what guarantee said parties vii
,,fyn f,r ala, III 1arf,r,,,ncs II cont rart
,nsyar ~ ,ri trroost IA the Marty who offered
r. conrsr+ gr h,,iln ha aoad and 10 receive nav
~ iI o'ilos r. haforr snhmifte
~, t. 49,, 800, I.oot Ifora van The President d
the NiFini Crnsnv ossnre1 the directors Of tn,
Poptchartraip Ratlroad Gomlany that Mr. Troos coult
from his knowledge security Of the most upque8
onabe character for the faithful performance OF hi
contract The contract will not he cOpided him
sso th ,pit :; anil, If NAV he well to r.mar1
that Mr. roosf is engaged in completing the construc
on of tho tvest,r of tis A3abtmn and Tennessee
Railroad rnnnnfy rom selma to Knoxville and he nego
SEATED Wv, an ftr bonds than Maid for it, LII
commence VIZ E,6w rannnt he QUESTIONED
IA 5npsfioT 5tf.T It has heen rated that charter
baye bon Snrocura1 from Alabama and Mississippi =
great xnense and labor viii y0u exhibit to the Com
nitre tia titp4 f the pon charfrain Railroad Compan
10 the si CHARGERS and infrn them Of the amount paiG
ar oread "a t a;l IN original cnrnorators for thpi
y pa' a f6n tb Ggm,nittee if IL
orTinaI s,bscrErs 10 the said portions of thp Road
AI,,an, nj 1Iissrnn 7ays bean released from thei
s,,hscrirrions tt' t1's
ansgsrrb question the 1nsin replied to in m
,rsgcr r, ,stio NJ . n onIv remains for me to "a
fba .r7 yyfln, ~ avjh In ~, COMMITTEES the certif
), cptea NJ th irI in Tho vohfla ond New Orleans Raj
o.a CYor,og vbich f5rr,s Tho Of the
u p"fi III "a T 80, - 3 ~ ~
To goxton Gt5ri II contemplated that the praser
n pontchartran Rairoad CnnEany shall nav all the 2,
far rocring charters and The civ 5ubscrptio
gtbr th st If surveys or il II confanpated tn
t nressnt Istof tbe po4frbartrnin Railroad C6mpan
70 mai he assnnn3 NV ina Company 11nder the pron6at
e pnion > -
a1sy.rTt contayonlatef that the CITY and 9th
shall staTa Win the pnntcbartrain Raj
n road Cemnany me af1rementoned debt provided tht
share in the e9rni,ps If the present Read from date
Is snbecr;nt;on ana In tbe assets GENERALLY of the Con
] ~ t;c H. farroin, ehaTtrT Of IiFstsspp al