The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1877-07-06
THE NORTH LOUISIANA AND TEXAS
RAILROAD CASE.
Effect Of the Recent Decree OF the u. $.
Circuit Court and Of the Appeals
Taken From IL.

We have been asked 10 state what is
the effect If the recent decree of the T..
s. Circuit Court (Judge w. Il. Woods
presiding) in the above entitled case,
aud having sought for the information
and obtained it from authoritative
sources, the result as We are advised is
as follows:
l. The complainants, who are bond
hondholders of the Vicksburg, Shreve-
port and Texas Railroad Company,
holding first mortagege upon its prop
perry, have obtained . final Judgment
for the amount Of their bonds and inter-
est Cat the present time about $780,
coo, aud an order Of the SuPrene Court
to sell the property in satisfaction Of
tho debt. That is to say, the mort
original vigOr.
2. The defendants, Labelling and
associates, have obtained IL judgement
against the Vicksburg, Shreveport and
Texas Railroad Company for the sum
of 1891 ,959 AZ, the balance found to he
due them in reimbursement of their en-
penditures in repairing and improving
the property during their occupany Oft,
after charging them with $16l, 476 60,
which the court finds to be their net
earnings from the operations of the
railroad during the same period Of
time.
3 The defendants, Ludeling and as
sociates (and this is the real pith and
marrow of the CASEY, have been grant
Ell judicial lien and privilege upon
the proceeds of the sale of tile property
for the sum of 1891 1853 AZ, the amount
Of the Judgment in their favor, this
lien carrying with it Il priority and pre-
ference over the nlortagege bondhOl-
ders. Further, Labelling and associates
are allowed to bid at the sale, either for
their own account or in association
with others, and If they become the
purchasers they are entitled to pay their
bid with the above judgment for 1891 )
$50 AZ AS far rs it will go, the remain
der to he paid in cash. A deposit, be-
fore bidding, of the sum of $5O,OOO in
in cash is also required to pay costs, eX-
f1enses and charges of the sale. They
are not required to put up amy more
money unless their bid exceeds 1891 )
$50 AZ, but they are required to pledge
$4OO, 900 of the judgment in their favor
rs Il security for the payment of their
bid.
4. The plaintiff bondholders, il they
become the purchasers, are required to
deposit in advance of the bidding $50,
600 in cash, to defrav the costs, OK
penses and charges Of the sale. Should
they become the purchasers they must
pay in cash the sum of 1891 1853 ~, that
being the amount of the judgment in
favor of the defendants, LudeIing and
associates. The remainder of the price
bid by plaintiffs they are entitled to
credit on the bonds belonging to them.
The proportions due to those bond
holders who do not elect to join in the
sale shall be paid into the registry Of
the court, there to abide the application
of the parties claiming he same.
5. Both parties, plaintiff and defen
dants, having appealed from this de-
cree suspensively-the plaintiffs from
certain portions of it and the defendants
from the entire decree-upon superse-
IDEAS bonds, the. execution of it is post
polred until tho Supreme Court of the
United States has passed upon the ap-
peais.
The sale of the railroad will not,
therefore, take place as oretltlrcd in the
decree and within the time mentioned
that is, prior to first November next.
We were, therefore, in error in stating,
in our issue of June 26, that
the sale would be made prior to first
November, 1S77.-N. d. Democrat.