The Louisiana cotton-boll. [volume] (Vermilionville [i.e. Lafayette], Attakapas, La.) 1872-1883, 1873-06-11
SALE OF THE RAILROAD.
II. J. Gardner the Purchaser.

The sale of the New Orleans, Mo
bile and Texas Railroad, last Fri
day, was brought about ut the in
| stance of Second mortgage bond
holders of the company, and 1t Is
believed that the purchasers, VINO
are members of u new company
lately organized fer the purpose OF
completing the road hence to
Texas, will Immediately cause the
construction of tho line to be re,
sumcd.
The terms of sale were read, and
all was ready for bidders to name
figures for sections:
First-The section from Mobile
70 New Orleans was offered. The
ONLY bid was that Of II. j. GaG1mor,
$500, 900. After the usual crying
it was knocked down to Mr.. Gard
~ " ~
ner for that sum.
The second section, from New
Orleans to ten miles this sido OF
Donaldsonville, seventy miles in
all, was bid Off by the same party
for 100000
The third section, from the sew,
cnty mile point from New Orleans
to the Sabine, $4,000, to the same
party.
The fourth or Texas section, from
the Sabine to Houston, was bid of
to Mr.. Gardner for $500.
Seventy.two thousand cross ties
were then bid off to the same par
ty for $4,000, making a grand
total of $GG7,5O0.
While the sale was progressing,
Mr.. Thomas HuntOn, OIL behalf Of
Gov. Kell gg, was before Judge
DurelI, asking for i'll injunction to
prevent the sale. Mr.. Butler, on
behalf of Mr.. G. Il. Girardey,
prayed for the same thing. Judge
Durell suggested that at best it
was rather late to take such pro
ceedingS, especially as they had
had thirty days to think over the
matter. The injuncti0uS were not
granted.
Operations between Donaldson
vile and this place have long since
been suspended. The members of
the old company could not agree,
and there have been complications
with Charles Morgan and others
which have greatly interfered with
their proceedings. 1t was evident
to tho stockholders and bondhOld-
that the business Of the company
could not 60 on SO long as these
differences and complications ex-
listed. Tho credit of the compa-
ny was expired by these differ
ences, and % recognition was i'm
peratively demanded. This has
been Immediately brought about
by O failure to meet the interest of
the second mortgage bonds, ala
though it is likely that if there had
been perfect harmany among the
stockholders that such q proceeding
would have been unnecessary.
The people Of this section, as
we'll as the entire State, are deeply
Interested iu the completion of the
inc to Texas, and from the best
authority We can obtain that is
likely to be accomplished forth
with. The opposition made by Mr..
Kellogg and others, will not affect
he sale, which is regarded as per.
Getty legal and unimpeachable.
No doubt other parties were disap.
pointed in anticipated profits posi-
IDLY growing out of the sale.
AS to the assertions which have
)een made about the loss incurred
~ the State of Louisiana from its
to this company, we learn
hey are without foundation. The
Dad from Mobile to New Orleans
vas constructed by the money of
he stockholders, and not one dol.
ar of the public money Of the State I
{ Louisiana has been devoted to
And only $4,000 in bonds T
f the State has been delivered to |
le company Oh account of that Q
art of the road which has been
instructed between New Orleans :
nd Donaldsonville. s
The people of Louisiana are to 8
. congratulated on the prospect 4
ley now have of o railroad to |
eXas. q
Our New Orleans Letter. b
New ORLEANS, Juns 3, 1873. a