The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-06-02
$725 600 of bonds have command o6the situati q
| that they always had il from the first.

On the 9th day Of May Is L. a etiton in ba X
ruptcy against this company filed in the United
States District Court by of the to
whom large amount is due for work done west OF
Donadsonville. The order to show why the
prayer of the petitioner should not be granted was
made re urnabe on the Sth of July, 1874.
Your committee respectfully submit that the above
review of the history of this corporation which has
barred the way since 1869 and still obst.ucts the build
ing OF T. iway to Texas is sufficient to warrant tn
in declaring their firm conviction that there
hope of relief from them and that the only chance of
securing railw Texas, is speedy sale cash.
whereby this property, unhcumbered, may pass into
entirely new hands at the ear lest possible moment.
The association of bondholders styled the " o., NJ
ana u H. X. Co.. afterwards changed to the \. o, NJ.
and r. r. K Co., wrongful aud by means of corrupt
legis a ion, as we believe, despoied State of
about four and quarter millions of dollars in bonds
and back interest not due; aud we consider hit any
8 association of these bondhold RS, by what yer
name they syle themselves will be in the future
as IN the past unreliable. We recommend the State
authorities by every means in their power to resist
the payment of the fraudulent and Unconstitutional
issue of Shreveport branch bonds and the interest
thereon, and to favor the formation of all entirely
new and trustworthy company to construct much
needed railway to. Texas, We II the transfer to
such company of the 70 miles of road west West
wego.
Whether the end in view will be best subserved by
sale of the road west to the old bondholders, under
the decree of the United States Circuit Court,
cash sale, free to all bidders, under the Bankruptcy
Act, we leave to the decision of the hamber.
Respectfully submitted.
G. W. R. BAYLEY, Chairman.
J. C. MORRIS,
l.. H. JOSEPH
Report adopted, but sent back to commit
tee to perfect, by including the history of
the North Louisiana Railroad.
A resolution to indorse the same, intro
dnced by Mr.. Armstrong, was, on grounds
ably put by both Judges Howe and Ken
1ard, that the Executive could in no way
interfere with the jurisdiction of the courts,
and any passage of resolution requesting
the Executive to use his influence would be
contempt of the same, and would, more
over, be on the part of this Chamber an
action so foolish. that in no way would it
receive their consent, was in consequence
withdrawn.
This important subject dispensed WITH
Mr.. Highly submitted report on obstruc-
ton.
The report was elaborate, and included a
plan by which a certain party proposed to
build the Fort st. Philip Canal, at sum
not exceeding 81 100000.
Report adopted.
The minor details of business connected
with this Chamber, and which space forbids
more than passing glance, next came up.
The same including Il project from J. S.
Spear to clear the mouth of the river of it's
distractions; a letter from the Consul of
IN connection with the proposed
line OF steamers between the United States
and Mexico: a letter on the subject II imi-
grafton; letter from Gov. Kellogg together,
with document to be submitted to Congress,
on the subject on rebuilding the levees etc.
etc.
All of the same were submitted to the
proper committees, new committees being
appointed to take action upon such subjects
as could not be otherwise dispensed with
ft.r IL %..l
pensed with, Mr. Oglesby invited Mr.. Sand
ridge to tie chair and taking the floor add
dressed the Chamber somewhat to this
effect:
That for some time past, in portion of
the press of the city, his character as a man
prominently with many public
had been ass allied and traduced,
the same without shadow of foundation.
1t had been asserted that he was connected
and interested in the passage of a certain
bill known under the name of STATED House
bill. He wished it distinctly understood
that with the same he was not familiar
before its appearance in the public prints.
Moreover he had never set foot inside the |
Dryades street Legislature, except on bust
ness Immediately connected with the Cham
Der of Commerce; that never since he had
become public officer had he speculated in
State securities except such as were fairly |
known as legitimate on the street. He dis
liked to be forced to make this explanation
to the honorable body present, but had been
forced to do so from outside pressure
After Mr.. Oglesby had finished, a lengthy |
resolution was introduced and UNANIMOUSLY |
passed exhonerating Mr.. Oglesby from all |
charges preferred by portion of the press, |
which carried with it but little weight, and |
making the appointment of committee
which he had requested) of three to inves-
igate said charges unnecessary.
The Chamber then adjourned.