The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-28

of control would finish the construction, ana
make the road q live one in every particular
To this end, Mr.. James T. Tucker, agent here
of the Illinois Central Railroad, purchases
$3.50 worth of the over due coupons OF the
road, and requests payment of them. ms
is respectfully declined, there has not been
coupon paid since 1862, when MIR. Tucker ap-
pears before the United States District Court
and petitions that the Opelousas Railroad
Company, having failed to pay a'legal and just
debt, be declared an involuntary bankrupt
and the assets of the company be sold to pay
its liabilities Upon this the company offer
to pay to Mr.. Tucker the $3.50 worth OF oollga-
tons which he holds But this will not do.
Mr.. Tucker wants a sale and not $3.50, and,
therefore, not only declines to receive the
money, and presses his suit harder than
ever, but causes another suit to be brought
against the company for attempting fraud
by offering to pay his debt in preference to
debts owed to others, to the great detrlment
of the holders of other obligations. And
here occurs another singular complication
of the case. Mr.. Charles Morgan,
owner of the line of steamships plying be-
tween New Orleans and the, Texas ports, who
is the largest bondholder of the company-he
owns $3.50, 900 worth in his own name-de-
clares that he does not care about pressing the
company; he d. esnot want to put it into bank
ruptcy, incontinently wound up and turned
over to other hands. But with all his $780,
600 worth of bonds Mr.. Morgan seems to be
powerless against the $3.50 held by Mr..
Tucker-a sum which in comparison with the
issues involved, seems only comparable to
the slender wand of the magician which con-
trolls giants and genii. Not content, how
ever, with one effort, Mr. Morgan makes an
other. He sues for writ of seizure and sale
that the past due interest coupons which he
holds, may at once be paid, or the road sold.
But again Mr.. Tucker appears with his $3.50,
and 10 the proceedings must wait until the
bankruptcy case is decided, with very fair
chance OF having it decided against the
company.
That is the position in which the case now
stands. Mr.. Tucker asking that the COM
pany be declared insolvent because it owes
him $3.50, Mr.. Morgan expressing his willing
ness to trust the company with $3.50, 900, and
yet sueing it for certain past due coupons
which he has held contentedly for over six
years, and the company itself extremely anx-
ious to be released and to carry things on in
the good old fashion. How it will all end it
is impossible now to state The case is being
argued before Judge Durel, and, the testi-
mony concluded, the arguments will be made
to-day.
That the sympathies of the people of New
Orleans are with the men who are furthering
the construction of the road through to Texas,
there is no doubt. The only discussion is as
to the best means of doing it. The throwing
of the road into bankruptcy may involve long
and tedious delays and the loss of much valu-
able time. But on the other hand, to allow the
company to go on as they have done in the
past, with no prospect of improvement, with
six years of unpaid interest saddling them,
with their first mortgage bonds ruling at 46s
in our market, is to throw away chance of
increasing the trade of New Orleans which we
cannot now afford to lose. The company, it
is true, claim that were they released they
could at once either sell or lease the road to
men of capital who will finish it Could this
be guaranteed it would certainly be the best
course to be pursued The delays of bank
ruptcy would be avoided, and all the objects
of the gentlemen who have brought suit
would be accomplished But we are not sure
that the affair will result thus. There may be
new complications before it is concluded.
There is nothing for us to do but to watch the
Judicial combat and hope for that termination
which will rebound most to the benefit of the
commerce of New Orleans, to the prosperity
of the road and to the welfare of its bond
holders.
A report of the proceedings in the case yes
terday-evidence and argument-win be
found on the second page OF this mornings
CRESCENT.