New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-04-22
The Louisiana Tehuantepee Company.

The report OF the Directors of this Company recites
the difficulties under which the old Company abored
in consequence of the conflicting interests Involved
under the several grants of right Of way and the lien
Of 100000 upon the Sloo grant for money loaned r.
p Falconet, Mexican citizen. 1t became evident
that there disposition the part of the Mexi-
can Government to annul this grant, unless Falconets
claim should be satisfied and the obligations imposed
| by the original decree be complied with.
| Mr.. P. A. Hargous was the owner of the several
grants and concessions made by the Mexican Govern
ment to Jose Garay, and represented also the rights
Of Falconet owner Of the Soo grant, thus uniting
in his person the title to all the conflicting inter
ests the Isthmus. He felt satisfied that the active
| aid of the people Of New Orleans, who had initiated
the enterprise necessary to its final success and
il was therefore decided to apply for grant and
form new company, to be styled the Louisiana
Tehnantepec Company" in which should be vested
the titles to both the Sloo and Garay grants
The capital fixed at ten million dollars divided
into shares of $l00 each. Eight million of the stock
open for subscription, and the remaining two mil
lion were apportioned equally between Mr.. Hargous,
In consideration Of the transfer of grants and trustees
for the purpose of distribution among persons who
had contributed toward building the road under the
Sloo grant Under subsequent arrangement the
Company acquired for the consideration of $3.50 900
OF the stock allotted to it. half of the present and
prospective interest in the lands under the Garay
grant. Thus organized the Company was to become
possessor not only of the rights held by Messrs Har
gons aud Falconet, but OF everything the sthmus
and in New Orleans pertaining to the enterprise.
On the S0th Of July, 1857, the corpor ton styled
"Tha Louisiana Tehuantepec Company was organ.
led under the laws Of this state by articles of asso
chiffon and Incorporation, duly recorded in the mort
Messrs. La sere ano Benjamin we're uneu alsDatehea
to Mexico with full powers to treat for such modi6
Gallons or changes in the grants as might be required
TO secure protection TO the rights and interests of the
Company. They were eminently successful in their
mission, obtaining for the Company grant of priyi
lege made directly in its favor for term of sixtv
years. The conditions of this grant are far more adj
yantageous than those prescribed under the old che
relieving the Company of many onerous obligations.
as those OF building plank road building light |
mouse, establishing and maintaining line of steam |
ship between Vera Cruz and the Coatzacoacos. omen
ing coal mines in the State of Guerrero aud establish |
ing coal depots at Acapulco The control of the road
Its rates OF tariff and other regulationsis placed
almost altogether in the hands Of the Company during
the term OF the grant, and instead of having officers
to Interfere in the affairs Of the road the Government
will appoint two of the nine directors required by the
charter.
Before leaving Mexico the commissioners opened
books of subscription, and the sum of $500 900 was
subscribed by the holders OF the Falconet debt with
the understanding that they might avail themselves
OF the privilege of paying the installments on the
stock In the coupons of the bonds to be delivered 10
them iD settlement of that debt
The effects of the financial reyulsion have oneratsd
10 prevent the opening of books of subscription berp
up TO the present time and from the same causes the
contractors on the Isthmus found themselves unable
% proceed with their work. and the Board deemed Il
BEST for all parties to abrogate the contract TO assume
lalr valuation OF the work performed and 10 take
nto account the unexpended material and provisions
N the isthmus. When the accounts of these have
een verified, settlement is to be made with the con
FACTORS in full paid stock of the Company. at tbe
ATE OF 625 cents on the dollar.
The report concludes by stating that the financial
osltien Of the Company unsatisfactory; that NJ inn
ieda'e liabilities amount to about $40 600 and that
ne Board deem it essential that the sum Of s5o ooo
raised forthwith, which it is believed will! be sniff
ent to open the road in very short time and
care contract for the transportation of the Pacific
lails 'i'' '0'H0