New-York tribune., 1873-07-24

OF course there VIII always uo CiihOo o'u
breaches of trust as long rs men remain as
they are. But it ought to be made impossible
for one man to strip any financial institution
so bare as Mills left the Brooklyn Trust Com
many and Taintor the Atlantic Bank. We
need not wait for the millennium for that.
THE CRESCENT CITY GASLIGHT COMPANY
We have received large number of letters
and authentic documents from which we nave
derived some valuable information relating to
tbe projected Crescent City Gaslight Company
Of Newt Orleans.
The New-Orleans Gaslight Company was
organized in 1885, with charter and exclusive
privileges extending until 1875. In 1860, IN
consideration Of an immediate reduction In
tho price of gas and the surrender OF its
monopoly, the Legislature of Louisiana ex-
tended the company's charter until 1885,
In 1870 Hugh Campbell, L. w. Devices,
Speaker Carr, and a number of other lobbyists
and strikers in and about the Legislature,
being utterly ignorant, strange to say, of the
act of 1860, by which the life of the old com
pany's charter had been extended, Thought IL
would be O fine idea to organize gas monOp-
oily to take possession of the city in 1870, at
which time they supposed the present occu-
papts term would cease. Accordingly. having
made the necessary purchases, they
smuggled through on the last night OF
the extra session charter for the
Crescent City Gaslght Company, giving
it an unrestricted monopoly for fifty years OF
selling gasligbt in New-0rleans. Gov. War
moth signed the bill, and his name appears as
a subscriber for 100000 of the stock of the
company. Mr. L. W. Devices, the Chairman
Of the House Committee on Corporations, was
a subscriber for an equal amount. Mortimer
Carr the Speaker of the House of Representa-
tiyes, was also subscriber for $4,000. Large
amounts of paid-up stock were promised to
others who were instrumental in putting the
bill through, though i'll many cases the
pledges were not fulfilled as often happens
further North.
It was soon discovered that the new monOp-
| oly was not such "bg thing" after all, and
that the old company had by law the right of
| competition until 1895. When the Legisla-
ture next met, however, Devices moved for
an investigating committee into the affairs OF
the old company. A strong committee was
appointed by Carr, the Speaker, with Devices
at the head of ii and two of the incOrpOrator5
Of the new concern as clerks. But they were
unable to discover anything which could be
made handle of to destroy the established
| corporation. Their next move was through
! Belden. the Attorney General, also a holder OF
! $4,000 in stock, who commenced a suit
against the old company, with the object OF
| having the act of 1860 declared unconsutu-
tional for some alleged technical defect in the
! tile. Judge Dibble of the Eighth District
Court gave a decision in the Rings favor, but
on appeal to the Supreme Court their case
was thrown out. They then attempted to SCI.
ont their charter to the old company at about
six per cent of the face value of their stock.
The old company refused to buy, though II
would have been good purchase were there
any security against blackmail.
The strikers next turn up in Eellogs's Leg
islature with bill amending the charter OF
their Crescent City Company, and making the
charter of the old company expire on the 1st
Of April, 1870 A second committee OF
" strikersn y was appointed to investigate the
old company. In February the bill passed
the Legislature by vote of 10 to 7 in the
Senate and SO to 27 in the House, the majority
being either paid or expecting pay for voting
for it. The rascality Of the job was fully ex-
posed to Gov. Kellogg, and that great man
gave out intimations Of veto. But after
celebrating over the matter for five
months the go-callcd Governor signed
the bill. Fortunately the robbery thus
sanctioned cannot be consummated with
out interminable litigation. The old company
| is rich and respectable, and is supported by
| the business community of the city. The
/ Supreme Court has marvelously survived the
almost universal wreck of all that dstin-
guishes republican government from that OF
the Khan of Khiva. If our New-York capi-
talists, in the face of these facts, wish to
make worse Investment than North Carolina
bonds, they can be accommodated by buying
the bonds of the Crescent City Gdslight Com
| of Npw-0rlpouG