5,000,000 more was needed to
finish the Canal.

This was in the last days of the Thompson Board, and it took no action.
The Hudson board entered upon its duties October 2. It comprised
William O. Hudson, president; William A. Kernaghan, Rene F. Clerc,
Albert Mackie, Thomas H. Roberts. Later, Mr. Roberts resigned and Hugh
McCloskey took his place. All are sound business men, with the
interests of the port at heart.

They found, in the bank, only $2,067,845.37 to the Industrial Canal
Account. After deducting the obligations already made there was left
only $112,064.43 to continue the work. Without a public expression from
New Orleans they were unwilling to incur the responsibility of issuing
$5,000,000 more bonds.

President Hudson called a series of meetings of the representative
interests of the city to decide what was to be done. As the people of
New Orleans had decided to begin the Canal in the first place, it was
only right that they should determine whether the undertaking, costing
five times as much as the original plan, should be carried through.

The governor, the mayor, presidents of banks, committees of commercial
exchanges, the president of the Public Belt Railroad, the president of
the Levee Board, newspaper publishers, labor leaders and prominent
business men were invited. Likewise, a general call was made to the
community at large to express an opinion as to finishing the Canal.

At the meeting of October 17 the city made its answer.

President Hudson outlined the attitude of the Dock Board as follows:

"The board has no feeling of prejudice against the completion of the
Canal. We are in favor of it. We are anxious to complete it. It was
fostered by the citizens of New Orleans.

"The floating of the bond issue is a simple matter, if you men think we
ought to do it; but where is the money for meeting the interest to come
from? The $600,000 interest on bonds now outstanding is being paid,
$550,000 by the Levee Board, and $50,000 by the Public Belt Railroad.
The Public Belt's share is paid from its earnings; but the Levee
Board's share is being paid by direct taxation on the citizens of New
Orleans. Must we increase that tax? I personally won't object to any
taxation as a citizen to pay my part towards financing the Canal."

"I want to see the canal completed," said Governor Pleasant. "But it is
up to the people of New Orleans to say whether they are willing to
assume the added obligation."

R. S.