New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-04-30
Office of the

NEW ORLEANS, JACKSON AND GREAT NORTHERN
RAIL ROAD COMPANY,
| NEW ORLEANS, April &c, 1866.
The following Preamble and Resolutions were this day
adopted the Board Directors Company and
to be published in the CRESCENT, Times and Picayun,
| PREAMBLE AND RESOLUTIONS:
WHEREAS, certain parties holding nconsderabe amount
the first mortgage bonds of the Orleans jackson and
Great Northern Railroad Company inspired by which
forced to consider sinister than
patriotic have recently instituted suit in tho United States
Circuit Court for this District against this company and
applied for the appointment Of receiver take charge
manage the property and pray also for order of the
Court sell that portion the Road embraced the State of
Louisiana, with all its rights appRrtenanceS and franchises
And, Whereas The parties in prosecution of their
designs have recently submitted to the Bonthoder Share
holders and general Creditors of the Company plan of
organization under and totally adrninstra
ton which, however specious and attractive in appearance
would Judgment if adopted be highly preulcal to
the best interests of ALL except its authors and prove
tive to the value and usefulness of this Important public
work;
And, Whereas Under the circumstances we deem it our
duty to the Boudhods Shareholders Creditors of
the Road to them candid and we'll considered
statement of views both of the or proposi
tions above referred to Therefore be it
l. Resolved unanimously, That the default the payment of
the interest Of the frat mortgage bonds which
fortunately occurred in the pas five years. delay in
the liquidation of other claims against this company
by msmanagement OF the affairs of this company
ference to its plgbted filth. but the results of great
national calamity which poweess to avert and the
disastrous effects Of which extended every ate corpora
ton association and individual in the Southern ates cau
ing general destruction OF property resource and business
and entaing States well the solvent and pr
deity managed corporations failure performance of en-
gagements contracted anterior the war; the ment of
which would have been certain and easy had country
blessed with peace
Resolved That in the present financial condition of this
company and after careful examination affairs we see
to doubt its ability discharge every dollar of its
Indebtedness if its creditors will extend to us reasonable
share of confidence and indulgence From condition of
general wreck and paralysis In June 1867 which
returned by the military authorities its legitimate
ans the road has with large outlay certainly but yet with
great skill and economy been by the late
board to efficiency equal to all the demands through
and local traffic Its receipts have steadily from
S26 900 month in july 1865 sl5oCO per at the
close OF the year Its earnings for the four past months of
the current year. show aggregate of S50OOOO
Sl25OOO per month, with fair prospects of remuneratiye
business even for the approaching summer months.
Resolved That this Board hereby pledge themselves to
the bondhoders and general creditors of the the
most rigid economy in the administration of its affairs;
promote its efficiency and increase its income every egt
mate and to apply scrupuousy net earnings to
the paymen. of its outstanding Obligations earliest
practicable day.
Resolved That approve fully of the plan suggested in
the report of the Finance Committee make weekly
deposit of funds in Bank be aside for puncua pay
ment of the coupons falling January 1867 and
that prepared any entered
by the Finance Committee bondhoders for the future
payment of the overdue coupons which they may mutually
agree upon.
R. s. CHARLES, Secretary.