New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-05-02
Office of Ehe
NEW ORLEANS, JACKSON AND GREAT NORTHERN
RAIL ROAD COMPANY,

NEW ORLEANS, April &c, 1850,
The following Preamble and Resolutions this day
adopted by the Board Directors this Company and ordered
to be published the CRESCENT Times and Picoyuno'
PREAMBLE AND RESOLUTIONS;
WHEREAS certain parties holding uncomfortable amount
of the first mortgage bonds of the New Orleans Jackson aud
Great Northern Railroad Company inspired by motives which
wa are forced to consider sinister than generous or
patriotic have recently instituted suit in the United States
Circuit Court this District against this Company and
applied for appointment Of receiver to take charge Of ana
manage the property pray also for an order OF the
Court 10 sell that portion of the Road embraced in the State Of
Louisiana with all its rights appurenances and ahchises
And Whereas, The parties, in prosecution OF their
designs recently submitted to the Bondholders snare
holders and general Creditors of the Company plan OF re-
organization under and totally new admlnlsTh
ton which, however specous and attractive in appearance
would in Judgment if adopted be highly preudiea TO
the best interests ALL except its authors and prove destrnc
tive to the value and usefulness OF this important puohc
work.
And, Whereas Under the circumstances, deem it
duty to the Bondhode Shareholders and other Creditors of
the Road to present to them candid and well considered
statement of our views both of the PROPOSE
tons above referred to therefore, be it
Resolved unanimously That the default the payment Of
the interest coupons of the FIRST mortgage bonds which has
fortunately occurred in past FIVE years and the delay
the liquidation of other claims against this company,
braced under tho schedule Of floating debt was occasioned
by mismanagemen OF the affairs of this company or ind
ference to its pghed faith, but Of great
national calamity which were poweress to avert and the
disastrous effects of which extended every State
ton association and individual in the Southern States csus
ing general destruction of property resource business
and entaing States well the and pru
IDENTIFY managed corporations failure in the performance of en-
gagements contracted anterior to tile war uGment Of
which would easy our country been
blessed with peace.
. Resolved That the present financial condition this
company, and after careful examination of its affairs,
doubt its ability discharge dollar of It's
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share Of confidence and indulgence. From condition OF
general and paralysis In June 1866 at which time
returned by military authorities Its legitimate custodi
ans the has with large outlay certainly but yet with
great energy skill and economy by the late
board to an efficiency equal all the demands of through
and local traffic. Its receipts steadily increased from
per month july 1865 to $4,000 per month at the
close Of the year Its earnings for the four past months
the current year show aggregate Of S5OO0OO OF
$4,000 per month"; with fair prospects Of remuneratYe
business even for the approaching summer months
g. Resolved That this Board hereby pledge themselves
the bondhoder and general creditors Of the road to use the
most rigid economy the administration of Its affairs
promote its efficiency and increase its income by every eg
mate MEANS and apply scrupuousy all It's net earnings
payment of its outstanding obligations, at the ehries
practicable day ..
l. Resolved That approve fully Of the plan suggested
the report of the Finance Committee, to make weekly
deposit funds in Bank, be set aside for the punetual
nent of the coupons falling LIST of January 1867
that we are prepared any entered int
BY the Finance Committee bondholdes for the utur
payment of the overdue coupons which they may mutua
R. S. CHARLES, Secretary.