New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-01

Inc NORM AOulSlanA ana leAuS AAHAiVUuus
The following is from the Ouochita Tele.
grapA, published at Monroe. a paper which
is not friendly to the leading owners Of the
road. 1t is, however, much fairer state.
ment than any that will be likely to be
found in the columns Of the Bulletin, which
journal has endea1 ored to make political cap.
ital against and to excite personal prejudice
toward the president of the road. who is the
Chief Justice of the Supreme Court Of this
State. The editor of the Telegraph has prob.
ably erred in his statement that under the
recent decision of the Supreme Court of the
United States tho road reverts to the
original stockholders. The legal effect Of
this decision is to subject the property to
be sold to pay the claims held by the plain.
tiff in this suit; aad. further, IL any event
the present stockholders will be entitled to
be reimbursed the money they have ex.
pended in the reconstruction AID repair Of
the road. The Telegraph says:
On the first Saturday of February. 1866.
the vicksburg. Shreveport and Texas rail.
road was sold under an order from the judge
of this district. TNaere were two parties
bidding: one, Branrer & Co. the other j.
T. Ludeling and associates. The road. with
it's privileges, property and rights. was
knocked off by the skerif to Branner e. Co.
! for $55G. 600 But Branner & Co.. failing to
| comply with the terms Of the sale as defined
ny the sheriff. the road was immediately re.
offered. when LudellR.g & Co. became the
| purchasers at $50,00e. The sale was made
at the instance Of Gordon, one of the bond.
holders. The mortgage debt Of the road. at
| the time, amounted to about 81 .000, O0f. with
other liabilities amounting to nearly half as
much more. The amount Of stock which
! had been paid in was very near 81 SOC 900.
over one-third of which was in State bonds.
| falling due in 1877. Ninety miles of road.
with about 39o. 900 acres Of land were trans.
| ferred at this sale.
Branner & Co, standing npOn their bin.
! instituted suit for the possession of the road.
| Their effort was unsuccessful all through
| the State courts, and with that their pre-.
| tensions ended.
But Ludelng & Co. who had mean while
| been put in possession of the road and were
| engaged in repairing it. were again brought
into court by Jackson ct ais. holders Of
| first mortgage bonds of the road, by whom
| it was alleged that the sale made by the
I sheriff in Monroe was fraudulent. and not
! binding in law. This suit was dismissed by
Judge Woods of the United States circui.
! Court. who sustained the sale. whereipon
! the plalntlns Appealed " Inc Cnileo EIates
! Supreme Court.
| i, is now announced from Washington
| that the Supreme Court has reversed the
decree of Judge Woods. and that that tri.
! bunal has decided that the sale to Lcde.
| ling e. Co. was fraudulent and void. and
! that the suit OF Jackson ct ais. must bs re.
insrated.
| AS to the road. the effect of this decision
is to restore it to the possession OF the orig.
inal stockholders, the same as if no sale had
taken place. The mortgage bonds held By
| jackson and others will be enforced, We
! presume, rs in the case Of other mortgages.
/ before the United States District Court. and
the road will again be offered for sale. What
length of time will be necessary to conclude
F.! such proceeding, or what dilatory action
| may be interpOsed, We are unable to say.
| As to Ludehng e. Co., the decision ia con.
| elusive - to their title. II the sale at which
they purchased was void, they, of course.
are without shadow of title. Moreover.
being, a. it would seem, possessors in bad
faith, the improvements they have made
upon the road and expenditures fot stock.