The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-24
ACT No. .27s.
Senate Bill No. 1877.

Senate Bill No. 1877.
AN ACT sff1
Submitting to the people of the State Of Lou
isiana, at the congressional election to be
held in Novebmer, 1910. an amendment to the
constitution exempting from taxation fol
fifteen years from the date of full cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce, and liking the conditions of such
exemption.
Whereas, the City of New Orleans is the
natural gateway of the Mississippi Valley
through which should pass the commerce
Of that greatest and most virile section
OF this republic; and
Whereas. the completion of the Panama
Canal will give an enormous stimulus to
trade and commerce between the Missis-
sippi Valley and Orisnt and the west coast
of South America and of our own country
and
Valley and OF the whole South must be
prepared to take immediate advantage OF
this new channel of trade, lestfthe vast
field which it opens be taken possession of
by the maritime rivals of this country;
Whereas, great steamship companies
domiciled in New Orleans are the only
ana the absolutely necessary means
Mississippi Valley and the countries bor-
dering on the Pacific Ocean may be pro-
NOTED and conserved for our own country
Whereas, the State proposes to tax her.
self TO promote a great worlds exposition
at New Orleans to celebrate the completion
duty to encourage and promote the organ
ization of such great steamship companies
in aid and in furtherance of this project.
ssstiGn IL ,b Be i enacted BY the General
thirds Of all the members elected to each
branch thereof concurring. that at the cong
ressionai election to be held in this State on
amendment to the Constitution shall be sub.
mitted to the electors Of the State to-wit:
Steamship companies organized as here
matter set forth, together with their capital
incorporeal, shall be exempt from all taxes
and licenses, State, Parish. Levee and NUM-
ciPal, both general and special. exclusive Of
years from the date Of fling with the secre.
tary Of State proof that their authorized
capital stock has been paid in full in cash
No such steamship company shall have the
penent OF this constitutional provision except
upon the following conditions:
First--That such company shall have been
organi1ed and the whole Of its authorized
from January !, 1911.
Second-That such company shall be domi
ciied in the City of New Orleans, or in some
other port of this State.
Third-Ihat such company shall have .
capital stock Of at least three million dollars
payable only in cash.
Fourth-Thst it shall be provided in the
Or firm, or individual shall own or control
either directly or indirectly, more than one
twentieth OF the capital stock of the com
parry; and that all pooling agreements and
voting trusts between the stockholders to
control the corporation shall be absolutely
null and void and no stock held in any such
pool or voting trust shall ever be voted at
any corporate election or meeting.
Fifth That the capital stock Of each COM
pany shall be open 10 public Subscription
by public advertisement in New Orleans
Il FIR - 1as, 49,
The books are closed, and il over-subscribed
shall be apportioned among the subscribers.
Sixth-That all vessels operated by said
company shall be common carriers ON every
voyage unless the whole capacity of the ship
Tor particular purpose
II shall be lawful for companies so organi-
,ea IN ADDITION to the powers now provided
by the laws of the State to incorporate into
their charters all or any Of the following
leis.
seeond-To insure goods. wares and msr-