The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1876-03-15
A DDOinament Of Receiver for iht
o., ST l.. ~ &. n. ~. Company.

The public has been informed that the
N. O., St. l.. & G. Railroad has passed
into the hands of receiver (Alr. Alex
ander, of New York; by order of Judge
Wood of the U. S. Circuit Court, on the
application of the Illinois Central X. Il.
Co., in accordance with the terms of a
deed of trust held by the latter and exc
cuted by the former to satisfy liabilities.
The mortgage is for $4,000, 900, and 1t Is
alleged that the interest has been IN de-
fault for year and over.
Elsewhere will be found the proceed
ings in the U. s. District Court on the
application for a receiver. All parties
concurred in the justice and propriety Of
the appointment of receiver. The pro-
ceeds of the road under this arrangement
will be applied exclusively to the sat
isfaction of the mortgages according
to priority, after deducting the expenses
of operating it, and it is hoped that
the new management will be able to
command means to put it in tirst-class
running order and secure its supremacy
over competing lines which have hereto
fore crippled its business.
AS part of the proceedings in this
interesting case, we have copied the
statement of General Walthall and other
counsel for the defense, setting forth the
grounds on which they declined to resist
the appointment of a receiver, and the
causes which have produced the present
condition of the Company's affairs. The
causes are such as to reflect no discredit
upon the management of Col. McComb
and the able corps whom he had engaged
In the service of the road. They have
done all that men could do to overcome
the obstacles with which they have had to
contend. They could not control the
angry floods of the Mississippi river by
which the levees were washed away,
and its waters turned loose upon thirty
miles of the road-bed, their business vir-
tually suspended, aud the elevation
Of the track over the swamp be-
tween Manchac and New Orleans rem
dered an absolute necessity, the whole in
loss of business and repairs involving an
immense sum, certainly not less than
million of dollars Nor was it in their
power to prevent the financial troubles
that have embarrassed ali the enterprises
and industries of the country, and have
borne with peculiar pressure upon
railroads, as evidenced by the large
number which have gone into the hands
of receivers, or utterly failed, during the
past year.
When Col McComb purchased the
various roads that constitute the consoli-
dated line-now operated as the New
Orleans, ST. Louis IL Chicago +. Il.
Comparatively were out of repair, and
in the wretched condition left them by the
war. They have been put and kept in
good running order, and an extension has
been made from jackson, Tenn, to
Cairo, Ill, besides the kosciusko branch,
making in all one hundred and twenty
three miles Of new road, with rolling
stock in proportion; and other i'm
provements have been made to increase |
the efficiency OF the road as a means |
of commerce and travel. between the |
fertile sections and the great centres
of trade and population, which it was
the design of its projectors to connect
The road enters the northern boundary |
of our State and penetrates its centre to
the Southern border. Theiy interests
are therefore mutua; and their good
Offices should be reciprocal. No mat i
ter under what management it may |
be placed, the success of the one |
will necessarily operate to the advan-
age of the other, and all that will. tend
to increase the business of the road will
develop the resources of the State. This
grand enterprise. we are sure, will con-
sinue to be the rec, pient of the fostering
ARE and the liberal patronage of our
people, provided they are met in the
anne spirit of kindness and justice by
,he new management. !