New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-04-28
Office of the

NEW ORLEANS JACKSON AND GREAT NORTHERN
RAIL ROAD COMPANY,
NEW ORLEANS, April 26, 1850.
The following Preamble and Resolutions were this day
adopted the Board of Directors OF this Company and ordered
to be published in the CRESCENT, Times and Picayune:
PREAMBLE AND RESOLUTIONS:
WHEREAS certain parties holding snincousdeaoe amount
Of the mortgage bonds of the New Orleans Jackson
Great Northern Railroad Company inspired by motives which
forced to consider sinister than generous
patriotic recently instituted suit in the United States
Circuit Court for this District against this Company and
applied for appointment of take charge of
The property and pray also for an order Of the
Court sell that portion of the Road embraced in the State of
louisiana with all its rights appurenances and franchises;
And Whereas, The parties in prosecution Of their
designs have recently submitted the Bondhodsrs Share
holders general Creditors Of the Company plan of
organization under and totally adminsra-
on which, however specous and attractive in appearance
would Judgment if adopted, be highly prejudica to
Of a its authors and desruc
tive the value and usefulness OF this important public
work:
And Whereas, Under TIE circumstances deem it
duty the Bondhode Shareholders and other Creditors of
the Road present to them candid and well considered
of both of the movements PROPOSE
lions above referred therefore, be it
Resolved unanimously, That the default in the payment of
the coupons the first bonds which has
fortunately occurred in the five years and the delay in
the liquidation Of other against this company
under the schedule of its floating debt occasioned
by acknowledgement OF the affairs of this company indif
ference to pghed faith, but the results of great
national calamity which poweess avert the
disastrous Of which extended every Safe corpora
ton association individual in the Southern States
ing general destruction Of property resource and business
entang upon States well as the solvent and pru
deQtly managed corporations failure In the performance
gagements contracted anterior to the war the ufmen of
which would have been and easy, had country been
blessed with peace.
Resolved That in present financial condition Of this
company careful examination of its affairs
doubt its ability discharge every dollar of it's
Indebtedness if its creditors will extend reasonable
share Of confidence and Indulgence From condition of
general paralysis In 1865 which time
returned by the military authorities legitimate custod
ans road has, with large outlay certainly but yet with
great energy skill aud economy, been restored by the late
board efficiency equal all the demands Of through
and local traffic Its receipts have steadily increased from
S26oJO per month in Julv 1865 $1,000 per
close Of the Its earnings for the four past months of
the year. show aggregate of $50,OOo
S25OOD per MONTH with fair prospects, of remunerative
business, even for the approaching summer months
Resolved That this Board hereby pledge themselves
the bondhoders and general creditors of the road the
rigid economy in the administration of its affairs; to
its efficiency and increase its income by every egif
mate means apply scrupuouy all its earnings to
the payen. of its outstanding obligations the earliest
practicable day. ....r... E..u'
Resolved That approve fully of the plan suggested in
the report Of the Finance Committee to make weekly
deposit of funds in Bank to be set aside for the puncua pay
of the coupons falling due LIST OF January 1867
that prepared to sanction entered into
by Finance Committee bondholders for the future
agree upon.
zresr r. s. CHARLES Secretary