The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-04-29
The rshoantepec Company.

We had almott forgotten the existence OF this a..
scciation, 40 quiet and eungly hfeless has II sp.
pesied Of hate, when our recollection of it was re-
called by the publication of report OF the direc-
tors addressed TO the stockholders This document
contains q lucid and suocinct srp0se of the past
history and present condition of the COMPANY.
From II We learn that In May, 1857, the newly
elected Board of Directors entered upon the dis-
charge OF their duties. They endeavored to rsplensh
on exhausted treasury by ehecting loan Of
flO0,OC0 on bonds bearing interest at per cent,
and issued ut the rate Of forty cents tho dollar.
This amount was necessary to complete the work
upon the Isthmus which had been contracted for:
but they succeeded in disposing OF only $4,000.
which yielded $29, ,000-a sum barely sufficient TO
meet present engagements. The directors were not,
however, without hopes that the contractors would
be enabled TO complete their work, but the severe
monetary crisis Of last fall intervened, and compe
ed them 10 suspend operations.
The report then goes on TO describe at length the
difficulties encountered by the company through the
hostile attitude Of Mr. sloo, the impractcsbihty Of
efecting compromise with him. the annoyance Of
vexstious law suite &C. giving rise to suspicious re-
spec,ing the validity of the title of the company.
In order. finally TO test the question, the President
left fer Washington TO open negotiations with par
ties who claimed to be owners of both the Garay and
sloo grants II was ascertaned that the grants
made ty the Mexican government ON the 5th Feb
Tary, 1853, under which this company had been
working, belonged to Mr.. FaIcnnct, under pledge
for the reimbursement of 5000 900 advanced by him
10 said government for account Of Sloo, and never
reIad. The report then continues a. follows:--
Under these circumstances the could hesNaa,on
90 to Tho coorse 10 ADOPT Mr. r. A. HSsow, tho owner
II ue al grants and BY tho u~x
car TO jose Garay and representing Also the
uparg IN hr own person tho title 70 all .he ooncsinr
interests on tho IsthmW, nevertheless impressed
With the sct that the enterprise could not be msdo sval
able without The active ad Of the people Of New OlsAns,
Who above ali veTe vi'sly Interested In prosecuting the
work to speedy and successful termination And, CO.
ibis important updsrtAkes had proceeded from shS os-
seps Of Scv Or,sAss, ossssd sssss Ioss 80 Mo-
aTSs f"ui.ns Tshn.u,ep.c co~psnD sses .noaid
be vested the titles both 10 the Garsy sloo gran
The subsequent proceedings are familiar TO the
reader. The charter and the conditions OF the trans
fer OF grants have been laid before the public. Tho
charter N highly advantageous, and substantial I'm
provement over the previous The grant IL for 60
years, on The moet favorable conditions These IL is
unnecessary to recapitulate az we have on various
occasions pointed them out, and dwelt upon them
N detail Before leaving Mexico the Commission
ers opened books Of subscriptions and tho
sum of 1900 900 was subscribed by The holders of
the Falconet debt, with the understanding that they
might avail themselves Of the privilege Of paying tho
iDsaments the stock In the coupons of the bonds
10 be delivered TO them on the settlement Of The
debt.
The commissioners returned 10 New Orleans II,
tie height Of the commercial crisis and operations
were necessarily brought 70 dead stand, nor have
they yet been resumed The contractors on the
lsthmus being involved in the embarrassment of
The times, were incapacitated from proceeding With
their work. The contract was after mature delibs.-
ration sbrogated taking into account the unexpend-
ed material and provisions on the Isthmns Tho
Terishable commodities 10 be disposed of and
the remainder held subject 10 the future orders of
the Board. Settlement will be made with the con-
tractors in full paid stock Of the company, at the
rate of 6G3 cents on the dollar.
The financial position OF the company n unaatis-
factory Immediate liabilities 10 the amount OF
f20 OC0 are to be met, either by an assessment on
the stock or by voluntary contributions aovances.
The o; $50 900 should be raised forthwleN This
amount will suffice to open the road and secure a
contract Tor the transport Of the Pacific mails Wo
append the closing appeal OF the drector- IN which
proper response should be made by every public
spirit, citizen
To Of the almost ipcacuabs advantages that must
result 10 Ne Orleans the early opening Of this route
the noard trust that efficient viii devusd fcr
shs pro~ccutcn n the work Tho lido ~ and vsf.
&c 70 California n setting 10 with ved vspr
c'usively In the hands of Northern mon,pov, vbme In
hueroe constantly exercised W detsnsn IN tbs halls
~ Cor and eeewberc bas been felt q, step.
opeoly boasts Of lis ability 10 orus, this Souihe,D en-
terrrse. viii the people of Ncw Orleans and the south
calmly field tbeu arms ard sov the pr'zs nov within
their grasp 10 be vrceted rum thcm by their supno
and indinerepoe7
rhp n ard cannot entertain such views. Tho amount
required to make the undertaking prscca and probable
ipsgpnoent thaa rot moment should be loss In
apsverips their appeal for asentAn,e he tssk of uo
directors n us far bae been upgyaseful ooe bot
they have bcsu cred IN their disppoinssns
BY the necton thai the discharge Of duties
they could ovestualy look N their follow cusens for tbae
tubsan al encouragement without which reassss en-
nrpTse q modern timee must fail