The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-28
TIE COURTS.
The Unhed state. District Court.


Jas. T. Tucker VS.. the New Orleans, Opelousas
and Great Western Railroad Company. ct ais:
1he former proceedings in this case have been
the petition from Jas. T. Tucker, who holds $3.50
Of the coupons Of the bonds OF the road wnicn the
company has not paid, that the company be
forced into bankruptcy. Also Mr.. Morgan. the
steamship owner and holder of large amount Of
the coupons OF the road, has brought suit OF seiz
and sale against the company, in order to Obtain
the money due him. or rather TO force the road
into the market that II may be controlled by men
who will run it with energy and enterprise.
Yesterday the case came up again. Mr.. Cohen,
counsel Of the road called 10 the stand Mr.. Seger
president of the 0pelonsas Railroad. Mr.. Seger
introduced kilograms and q letter from New York
10 show that at this time there are negotiations
going on for the sale OF the road to Northern
capitalists, represented by Mr.. Adams OF New
York and Gen. Fremont. Mr.. Seger went on to
say that the road carries the United States mail
that Mr.. Chas. Morgan had always expressed his
wish and desire to have The road extended to the
Sabine river; that Mr. Morgan had declared that
be would never disturb the road unless his own
seli-protection compelled him so to do. Mr.. Nor.
gan bought what bonds be holds after the road
was built to Berwick's Bay, and could therefore
have been supposed to invest for the purpose OF
extending the read. Mr.. Morgan holds S3IO,O0O
worth of the bonds.
Cross erdmined-The answer to the letter from
Mr.. Adams and Gen. Fremont was request to
make their terms more explicit aud more easy.
Mr.. Morgan has now contract with the road,
which will terminate in 1871, for the transporta-
ton of freight over the road. The building of
the road through would in the opinion of the wit
ness take no business from the Morgan line, but
would build up business of itself. It might
take away some passengers. Mr.. Morgan bought
his stock in 1850 or 1861. In the contract Mr..
Morgan pledges himself to make two trips
week from Brsshear City to Galveston, and one to
the Sabine. The road gets one-fftb Of the pas
seDger fare, one-fourth Of the cattle freight, and
half of tie outward freight, of which there is
very little.
Judge Jno. B. Robertson on the stand. Became
director Of the road for the purpose Of forward
ing IFS interests. Has always been a warm advo-
cate of the extension of the road. Has been
stakeholder, but is not now. Was appointed
about the LIST Of March last State director by
Gev. Baker. At that time the board Of directors
were discussing proposition to transfer the road
TO the bondholders, that they might complete it.
No action was, however. then taken, and the bond
holders decided 10 await the action OF the board,
10 abide by its action and not to press IL. Messrs.
Price & CboHtesu, about March last. proposed to
| lease the road, aud build 1t through. But they
| would not undertake the payment OF the past due
| coupons Of the road and their proposition was
| therefore refused. The board made many en-
beavers to get the road built through. Mr. Coch-
rane also, about the same time proposed to buy or
| lease the road beyond Berwicks Bay, and CON-
| plete il. But he also would would not pay back
| coupons. and his proposition was also rejected.
| Mr. Cochrsne recently renewed his proposition,
stating that his associates were large bondholders
and he, himself, had 5000 900 in cash 10 invest.
A committee had waited upon Mr.. Morgan as
| the largest bondhOlder of the road TO ask his
views. MIR. Morgan had stated that he would
never press the road that be had refused to join
| the other bondbolders when they foreclosed, and
| that he would always do what be could To ease
| the road through. In July Mr.. Pike, Mr.. Bsyley
1 and the witness proceeded to New York to
endeavor TO obtain loans or 10 make negotiations
Of some sort, either to SELL lease, or by other
| means, to relieve the necessities of the
| road. No definite proposition was then made, for
| no one would make any investment until the elec-
| ton WAS over, as they thought there was no Sc
cuTy for life, property capital In the South at
| that time. They all said that after the election
| they would invest msjOrity said that unless
| Grant we're elected they would not invest under
any terms. Now that Grant ia elected witness
| thinks that there would be no difficulty at all ia
| obtaining what assistance The road wants. All
| the Northern capitalists said 1t would prove the
| best paying stock in the United States. Various
propositions were now before the company that
| Of Mr.. Adams and Gen. Fremont, that OF Messrs.
| Chouteau & Price, Of ST. Louis, and of others.
The witness knows Of the Indebtedness OF the
road has invesii ated the condition both Of that
read and of others In the State. The witness was
asked by Mr.. Cohen IL he Thought the road solv
ent. Mr. Billings, counsel OF Mr.. Tucker. objected
to the question, contendiDg that the witness
should state facts and not opinions. The Judge
ruled thar the opinion not admissible, but that
a statement of facts wss. Witness stated the
assets ard liabilities of the road to be as fol-
lows:
ASSETS.