New Orleans Republican., 1868-12-11

No so-ner, says the Crescent, has the great
lawsuit of James T. Tucker VS.. the ope-
lousas Railroad Company been argued, than
another important case comes before Judge
Durell for decision. This time it ia, how
ever, the Circuit Court before which the
argument is made.
1t seems that Mr.. D. D. Withers holds
some $50 OGO of interest coupons of the first
mortgage bonds of the jackson Railroad
Company, dating from 1861, up. Lately
the road paid some Of the coupons Of its
second mortgage bonds, and has succeeded
in compromising a great many of it's first
mortgage coupons. But Mr.. Withers de-
clined compromise, and last spring asked
the Intervention of the United States Cir"
cult Court. Two masters in chancery,
Messrs. Cohen and Weller, were then
appointed to investigate the affairs
OF the road and report them to the
court. The report was made; when, basing
his claim upon the statements made in that
report, Mr.. Withers alleges that the affairs
of the company are now badly managed;
that events may happen which will prevent
the payment Of his coupons, while the COM
pauy applies its current revenues to tie
pay ment of other claims, over which his
has the prior right, and prays that the Court
either order that the current revenues of
the company shall be returned to the Court
to be by it disposed Of fairly and equitably'
or that the Court appoint a receiver, who
shall take charge Of the real estate and
other property of the company which is
| pledged to the redemption Of Mr..
! WitheT's coupons, and hold it un-
til the claim has been satisfied, or
until there is q reasonable prospect of its
| being liquidated. The defense made by the
| company was that its affairs are such as to
warrant the expectation that the coupons
will be taken up ere long, and that the
action on the part of the court asked for by
the plaintiff would be injurious TO the COM
pany and Ultimately injurious to the plain
| IN. In the course of the argument the
iollowl' q extracts from the report of the
master in chancery who investigated the
4naif of the road were adduced by Judge
BRA ford, counsel for Mr.. Withers, to show
lh It the condition of the company is now
81 Ich AS to demand prompt interference on
| .he part of the court to protect its creditors.
The debt of the road increased from Feb
ruary 2s, ls67,.t February29 1868, S39, ,492-
0S In the latter quarter Of that year, viz:
from November 30, 1867, to twenth- ninth
February, 1868, the debt was increased to
the amount OF S64, COZ rs. This was caused
q by the accumulation of the accounts of the
employees of che road, payment of which had
| been postponed till the close of the year.
!, The cost of the road originally was S4,6S0,.
y 320 The total debt of the road on twenty.
: eighth February, 1866, was 81, ,469, 766. II
I : is now S4, 1902 502, thus showing an increase
/ of the debt of 81, 2S2, ,736 in two ani three
i quarter years.
!. If this case is decided for Mr.. Withers il
Involves the virtual taking of the control o
a the affairs of the company out of the hand;
. of the present directors. n IL is case, thI
. termination of which is full of interest tC
a all the citizens of New Orleans.