New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-14
Irsa Barses-alsesisa ss she Cssssp Ex.

Irsa Barses-Meesisa as The Cssssu Ex.
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There was full meeting last night at thu
nav room of the Cotton Exchange, Or
Gravier street, adjoining Theatre alley
Mr.. John Phelps. in tho chair.
Reports of committees ON subscriptiona
were handed in. '-7i
M. Phelps stated that the subscriptions
by the insurance companies, 20 far a. ascer.
tanned, had reached elo0, 200. and would
probably reach $l50,0OO. He had NO doubt
that We would be enabled to raise the $780,.
700 required.
Mr.. Aarshan j. Smith moved that the
committee of five, already appointed to
solicit subscriptions, be authorized to in
crease their number to fifty persons. The
motion was carried.
Mr.. Thomas A. Adams reported that the
Crescent City Mutual Insurance Company
had voted to invest $4,000 ON the capital
being raised to $500, 900, and to double the
investment if the capital reached 81 ,0O0, 600.
The Home Mutual voted an investment
Of $l0O00 if the capital reached $5OO. 600:
tho Factors and Traders $l0,000, and the
Mechanics and Traders $500; and all
these companies will double these invest
ments to secure . capital Of 81 100000.
Mr.. Adams reported it was confidently
believed that when the remaining companies
shall have received the authority of their
trustees, that from this source will have
been received one-ffth of the amount re-
quired, be it @5o0, 900 or 81, ,oOo,0Oo Should
the banks but strike the same key note, and
the landlords, and the rich men of our city
join heartily in the chorus, which the mid
die class of our citizens have raised. by
their noble subscriptions. you will have glad
rejoicing over your success.
Mr.. Highly said he was ready to double
his subscription.
General Bussey said that We had from
Mr.. Ray, Of the Mississippi Valley Trans
portation Company, that if we could raise
Oo,00o, st. Louis would put up the balance,
so - to raise the amount to $1,000, 400.
Thirty millions of dollars had been nd.
vanced by New Orleans to produce the cot.
ton crop Of this year. One-6ith of this sum
would handle all the grain that could be
brought to this city. With the iron barge
line We could bring 100000 bales of cotton
from Memphis to this city at seventy-dve
cents . bale.
Captain Garfield gave bis experience re-
lative to iron boats. They were more BUOY
ant and Of greater carrying capacity than
wooden boats.
General Bussey said he believed that most
of the persons here assembled had come
prepared to double their subscriptions. He
would lead by doubling his.
Mr.. Lsbouise, the secretary. said that.
the views expressed by General
Bussey, the committee had already printed |
i've hundred additional blank subscription
lists.
Captain Burdeau arose and remarked |
hat he had something to say about iron
'arges. [Mr. Phelps: go ONT He said
le would 60 on if questions were asked.
After . painful silence of halt miuute,
ir. Cooper asked Captain Burdeau whether
q thought iron barges would pay. His
nswer showed that he was engaged in the
'ooden barge business, and he was satisfied
hat iron barges would not pay. He already
wned S25, 600 Of stock in a company, and
e wonld like to sell it here tonight for
10000.
The meeting adjourned till next Monday
ven;ug. --...-