COMMISSIONERS
Board of Commissioners of the Port of New Orleans

This meeting made industrial history in New Orleans. The Hecht plan was studied by lawyers and financiers and declared feasible. Mr. Hecht summarized the confidence of the far-visioned men in the new New Orleans when he declared in a public interview: "I feel there is absolutely nothing to prevent the immediate realization of New Orleans' long dream of becoming a great industrial and commercial center and having great shipbuilding plants located within the city limits."

And the Item said, in commenting on the undertaking (February 17, 1918): "Millions of dollars of capital will be ready to engage in shipbuilding in New Orleans the moment that piledrivers and steam shovels are set to work on the shiplock and navigation canal."

It was a time of great industrial excitement. Victory was at last in the grasp of New Orleans. The eyes of the country were on New Orleans. The cry was, "Full Speed Ahead!"

SMALL CANAL FIRST PLANNED.

The plan, at this time, was to have a lock-sill only 16 or 18 feet deep. This would be sufficient to allow empty ships to enter or leave the canal, but not loaded. The mere building of ships was thus the principal thought, despite the rhetoric on commercial and industrial possibilities. Perhaps the leaders who were beating the project into shape were themselves afraid to think in the millions necessary to do the work to which New Orleans finally dedicated itself; perhaps they realized that the figure would stagger the minds of the people and defeat the undertaking, if they were not gradually educated up to the mark.

Meeting on February 15, 1918, the Dock Board resolved unanimously to put the plan through, if it proved feasible. W. B. Thompson was president of the board; the other members were Dr. E. S. Kelly, Thomas J. Kelly, B. B. Hans and O. P. Geren. Later, E. E. Lafaye took Mr. Kelly's place on the board.

The Public Belt Railroad board had in the meantime (February 13) voted to pay the Dock Board $50,000 a year; and the Levee Board (February 14) to give $125,000 a year. As the plans were increased, the Levee Board later increased its bit to $925,000.

Mayor Behrman, Arthur McGuirk and R. S. Hecht laid the proposition before both bodies. Action was unanimous. Colonel J. D. Hill, speaking for the Belt Railroad Board, said: "I am glad that at last there has been outlined a plan which seemingly makes it possible to construct the canal. It will not only result in the eventual construction of a big fleet of ships, but will prepare the way for a tremendous industrial activity in other lines. The consensus has been that a navigation canal is needed to induce large manufacturers, importers and exporters to establish their factories and warehouses here. This project will be the opening wedge."

Members of the Public Belt Board voting, besides Colonel Hill and Mayor Behrman (ex-officio) were Ginder Abbott, Arthur Simpson, John H. Murphy, W. B. Bloomfield, Adam Lorch, George P. Thompson, Thomas F. Cunningham, Victor Lambou, Edgar B. Stern and Sam Segari.

Members of the Levee Board voting were: William McL. Fayssoux, president, Thomas Killeen, Thomas Smith, John F. Muller, James P. Williams, John P. Vezien.

W. B. Thompson, president, put the matter before the Dock Board. "The idea" he said, according to the minutes of the meeting of February 15, 1918, "had always received his approval, and he thought that the mayor would recall that in the preparation, he with the city attorney, had a very considerable part in framing the same, and he had taken an active interest in the matter; he had always been in favor of the Industrial Canal, and he believed in the possibility of development of New Orleans through this, as a terminus; and it was entirely logical that the Dock Board should do all that may lie within its power to bring about the successful consummation of this project; the only doubt in his mind being as to the feasibility of the project from the financial standpoint. It seems now, however, that a plan has been devised, through efforts of the mayor and Mr. Hecht, which gives every promise of success. The co-operation of the city on behalf of the Public Belt Railroad, and of the Levee Board, apparently removed the difficulties in respect to the financial end. The Dock Board welcomes the assistance and co-operation of the city and of the Levee Board, but inasmuch as these boards are merely contributing certain amounts per year, and whereas the Dock Board is the obligor in respect of the principal of the bond issue, it devolves upon the Dock Board to use great caution before committing itself to any particular plan in a matter which so vitally affects the credit of the Dock Board, the city of New Orleans and the Levee Board. President Thompson further stated that he unhesitatingly endorsed the project and that he was sure that every member of the board agreed, and the board would be glad to give prompt consideration to the particular plan in question and reach some conclusion which will insure the realization of this great project."

To estimate the probable cost of the canal, Mayor Behrman appointed the following committee of engineers: W. J. Hardee, city engineer; A. F. Barclay, engineer of the Public Belt Railroad; George G. Earl, superintendent of the Sewerage & Water Board; C. T. Rayner, Jr., engineer of the Levee Board and Hampton Reynolds, contractor.

On February 22, the committee reported that, not counting real estate, a canal could be built for $2,626,876. This estimate called for a lock 600 feet long, 70 feet wide, and 18 feet deep, and a barge canal to the lake. The cost of constructing the lock was put at $1,370,660, and of digging the canal $1,256,216.

This report was first received by a special committee composed of Mayor Behrman, W. B. Thompson, Col. J. B. Hill, R. S. Hecht and Major W. McL. Fayssoux. This committee referred it to the Dock Board, which adopted it February 22.

Financial arrangements were completed at this same meeting. In order to have sufficient to pay for the land which would have to be expropriated for the canal, and to give some leeway, it was decided to issue bonds for $3,500,000, with an option of floating $1,000,000 more within 30 days. A financial syndicate, consisting of the Hibernia, Interstate and Whitney-Central banks of New Orleans, the William R. Compton Investment Company of St. Louis, and the Halsey, Stuart Company of Chicago, agreed to take the entire issue. The bonds were to run 40 years and begin to mature serially after 10 years. They were to bear 5 per cent interest, and to be sold at 95. They would be secured by a mortgage on the real estate of the canal site, and by the taxing powers of the state, for they were a recognized state obligation, as Arthur McGuirk, special counsel of the Dock Board, pointed out in his opinion of July 10, 1918.

He added: "I am likewise of opinion that said bonds are unaffected by any limitations upon the state debt, or upon the rate of taxation for public purposes; that the said bonds are entitled to be paid out of the general funds, or by the exercise of the power of taxation insofar as the revenues, funds or property preferentially pledged or mortgaged to secure said issue may fail, or be