New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-17

Holders are determined to wait for events,
and if the bears have the disposition to
disturb their pretensions, such disposition
has not been manifested for several
days. .e
Valley Levee showed itself yesterday,
and.at the quotation last reported So
1t is generally conceded now that Gov
ornor Warmoth will not sign the act in
cooperating the company, but there is
quite number sanguine enough to be-
ieve he will finally permit the bill to be-
come law without his signature. Ifthey
are disappointed in that, they conceive
that the next Legislature will pass it over
any veto he may write.
There were few sales Of Ship Island
at scattering rates-all low enough, how
ever. The most important movement. OF
the day, relative to this enterprise, was
the interview at noon at the City Hall be-
tween Messrs Browne, Baquie and Gagnet,
committee representing the Ship Island
Canal Company, on the one hand, and the
City Council on the other. We take much
satisfaction in chronicling this event, be-
ieving that good may result therefrom,
both to the stockholders and to the COM
munity. It is decidedly pleasant to re-
cord symptom of life in the manage
ment of this hitherto unfortunate corpora
ton. At the meeting of the Council,
Mr.. President Browne laid concise and
careful statement.of the present purposes
of the company before the Administrators,
embodied in memorial given in full in
another column of the REPUBLICAN. MIR.
Browne supported the petition with
lucid speech, in which he invited ques-
ton and criticism. The several Admin
istrators debated the matter thus laid be-
fore them at considerable length, but de-
ferred action until after time for full re-
Election. Mr.. Brownies proposition is,
first that the city recede from its
appeal in the suit of the Ship Island
Canal Company VS.. Drainage Commission;
and second that the city endorse upon the
100000 bonds of the company to be
issued for the drainage of Jefferson City, a
copy of the ordinance of that now defunct
municipality, authorizing contract with
the company, by which contract Jefferson
City agreed to pay $4,000 semi-annually,
the interest of said bonds, in consideration
of such drainage. Mr.. Brown stated that
the company had made contract with
amply responsible parties in New York for
doing the whole work contemplated by
the charter and the various acts of the
Legislature concerning the enterprise, but
that the contractors would not proceed
unless the city should withdraw from its
present position Of antagonism. He fur
ther declared that the contractors had
made it condition that the company
should be placed in the hands of persons
satisfactory to themselves, the city and
the community, and that some changes
had been made, and others would follow,
in order to insure perfectly harmonious
action in carrying out the great work for
which the corporation was created.
The proposition thus made appears fair
and practical. If the city authorities
have a desire to foster the commercial
interests Of this community there
can be no doubt on that head-the Ship
Island Canal Company should be assisted
by the withdrawal of most damaging
opposition to its success. A large num-
Der of the best engineers in the country
call the scheme feasible, and if it is so, it
ought to be fostered, and that promptly
and earnestly, rather than crushed or re-
tarded.
Ship Island stockholders will be called
together this week to consult upon meas
ures to place the stock upon different
footing. Probably the plan Of assessing
the stock in kind, so as to secure re-
duction of volume, will be adopted. The
present condition of the stock is a great
obstacle in the way of the credit Of the
company, but it is not matter beyond
remedy. The new managers will have
potent voice in the matter, as they now
control very large share Of the stock
The following list discloses yesterdays
reported business
500 Ship Island Canal Company at.............7k
Tai, (Nn,, 10,