The weekly echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1868-1876, 1874-07-04

in New FORK, to form among the
Western division first mortgage
hondholders another company, for
the purpose of acquiring valid
mud perfect title to, with view to
complete said railroad west to
Houston, Texas. Capital stock 10
consist Of the Western division q
bonded debt; So $50, 900 first mort-
gage aud $4,000 second mort
gage, or SIS, 125,000 id shares Of
500 each. This company was to
apply to the Legislature Of Louis-
lana for a recognition Of itself as
the successor Of the New Orleans,
Mobile and Texas Railroad Com
pany west Of the Mississippi river,
with q continuation ia its favor of
an tie rights, franchises, aids, ben.
efits, cooperation, etc granted to
the old company, including the
guarantee Of bonds, subsidies, etc.
The scheme was worthy of the
projectors and managers Of the
old company, but the situation had
changed, in 1869 40 and III, be-
fore the State had been despoiled,
while yet the people could pay
taxes, orr State securities we're
worth stealing; but now they are
fallen too low to be worthy of the
intrigues Of those who planned
and SO successfully managed the
famous Credit Mobilier " enter
prise, and there is not corn enough
left III the crib for home consump-
ton and the encouragement Of
local industry.
The last Legislature passed an
act recognizing the new company,
on condition that It should com
plete the road to Grand river by
July 1, 1874, to Vermilionville
March l, 1875, and to the Sabine
river and Shreveport by March l,
1876; and this act was approved
and promulgated.
As the new company did not
really have valid and perfect
title 10 the road west, and such
could not be acquired without a
judicial sale after foreclosure of
the first mortgage, or proceedings
IN bankruptcy, they did not at
tempt to proceed. The act, there
fore, by its own limitation, will
become null and void OH the first
day Of July next.
1t is believed that the main OBJ
iect was to procure a revival Of
the acts guaranteeing second mort
gage bonds, and granting subsi-
dy. AS this failed Ia committee
of citizens appointed to consider
the question having declined to
recommend a renewal Of State aid
there was soothing left but fore
closure Of the Western division
first mortgage, according to pro-
ceedings initiated bY Frank MI.
Ames, trustee for the Western
division first mortgage bondhold-
ers, by a bin of complaint fled In
the United States Circuit Court,
November 70, 1873.
The trustee ayerred that the
/" association Of bondholders.
styled the New Orleans, Mobile
and Texas Railroad Company.
(No. ~ had "come under obliga-
lions to a new association Of
bondholders. styled the New Or
leans and Texas Railroad Com
pany, and he prayed for the pro-
lection Of the court ia the work
OF completing the road to Grand
river, twonty-one miles west Of
Donaldsonyille, and for q decree
of sale Of the roads west. It was
authoritptively stated also at The
time, and thence forward, until
recently, that about $3.50. 900 in
money had been raised and was
on hand to complete the road to
Grand river; but it has since trans
pired that the money put up con-
sisted OF interest coupons detached
from the fraudulent issue Of Sbreve-
port branch stock bonds, the pay
ment Of which is enioined.
On the twenty-third Of May.
1874 Inlna Nnndn nf IL Ir...ll.-i