The south-western. [volume] (Shreveport, La.) 1852-1870, 1866-06-06
Viokgbnrg, Monroe and shreveport Railroad.

Vicksburg, Monroe and Shreveport Railroad
The sale Of this road, some time since, at sheriff 5
sale has called forth many comments from the press
as well private expressions in regard to its Legality
We have refrained from any comments whatever, on
the ground that We were not sufficiently well informed
of the circumstances to predicate opinion Besides,
We had no desire to throw anything in the way Of
speedy completion of this important work. The
Monroe Inelligencer Of the 18th ult, in noticing an
article in the New Orleans Picayune speaking in no
very kind terms of the action Of the creditors Of the
road, takes the opportunity of giving history OF
the road which we commend to The careful perusal Of
readers. Without expressing any opinion for or
against the action of the creditors we give the Intel
ligencets article in full We agree with the editor in
one thing, that under the circumstances, this is no
time for newspaper comments:
a Misrepresentation Of the facts connected with the
sale Of this road and its property seems to prevail
throughout the country, and statements have been
made which calculated to injure the present
pany. The facts in the case are few and simple: The
old company issued their bonds in the year 1857, for
two millions Of dollars and to secure the payment OF
the bonds and the accrung interest thereon, which
payable semi-aunualy, as evidenced by the cou-
pons attached to the bonds they executed mortgage
upon the road and all its franchises in favor Of the
bondholdes; large portion of these bonds was sold,
and with the proceeds the company was enabled to
complete the road to Monroe. The brought desc
ation the road as well to the entire region Of
country through which it passed, and al the ternina
ton Of the struggle, the company found It impossible
even pay Die coupons much less to raise the means
necessary to reconstruct the works Finding the con
diton Of the old company such that no hope Of pay
ment could ever be expected, and there being no
prospect Of repair and completion Of the road i'll its
present dismantcd state the directors resolved upon
sale such terms might insure tie further progress
Of this important enterprise.
At this time certain bondholdcrs, representing
large amount Of the bonds thus issued foreclosed the
mortgage In accordance with the decree of the
court, the road was sold on the third dayof February
1885, and John 7. Ludeling Esq, and his associate
became the purchasers.
"a new company was Immediately formed, and
steps taken to proceed to the reconstruction
OF the road. The new company brought to this task
large amount of capital; great skill and experience
in the work, and vas formed of well-knewn citizens
whose standing in the community and whose interests
in the country afforded full guarantees that what they
attempted would be performed. Unfortunately how
ever litigation has arisen respecting the sale other
parties claiming the road, by virtue, alleged Of
adjudication to them. On the day of sale, G. NJ.
Branuer Co bid off the road at the price Of $780,
0O0 and rendered to The sheriff, as they allege the
sum of $4,000. The decree of the court required the
oad be sold for cash sufficient to pay the coupons
then due and on terms Of credit to meet the maturity
Of the coupons and tie bonds yet to mature The
sheriff not deeming the tender made enough to salts
y the terms and conditions Of the writ in his hands,
demanded a larger sum- about $40 600 and on the re-
fusaI Of Branner Co. to comply with the demand,
put up the road again and adjudicated it to John T.
Ludelng and associates, who complied with the terms
and conditions Of the sale, and received deed from
the sheriff. and placed in possession of the road.
G. NJ Branner & Co. have since brought suit to annul
the sale to Ludelng and asking that they be decrced
the owners Of the road The matter is now in the
courts, ard must be settled according to the laws.
Any newspaper criticism to the respective merits Of
the parties lGgant we regard as inopportune and
necessary as it is presumed the courts VIII act upon
the question in accordance with the facts Of the case
and the law applicable thereto.
ne liiIGItSS VI LllC COuLltlg NtIdtu 'tlC sPESug
reconstruction Of the road and its completion to the
Texas line. The new company have means, enterprise,
and confidence and under their management, unless
retarded BY litigation the work will go to compile
toa It is to be hoped that the decision Of the courts
may be rendered without delay and the title to the
property rrcvocably settled that the work upon the
road may not be suspend for day. We look upon
this road as one Of the most important works Of I'M
provement ever begun in the State, and its construc-
ton Will facilitate the growth and prosperity Of north
Louisiana to an almost unlimited extent
The New CONSTITUTION CT TIE STATE OF Texas
We notice in the Texas papers considerable discussion
in relation to the relative merits Of the Old constitu
ton and the proposed amended one. We find com
munication the signature Of Jas. R. Arnold" in
the Nacogdoches Chronicle Of the 28tb, which to our
mind conclusive evidence of the superiority Of the
new constitution. lie demonstrates, by figures, that
the affairs Of the State can be carried on efficient
" at much less cost than under the old regime. His
argument that system of internal improvement can
be carried out with much greater efficiency under the
amended constitution is logical and conclusive and
will carry conviction to every unprecedented mind.
Had we space we would publish the communication
entire.
By reference to a especial notice. in another col
q I, =