The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1879-05-16
MONROE LOUISIANA, FRIDAY, MAY Is, 1879.

IA, FRIDAY, MAY Is, II
condition of the company, In which II
was represented that the estimate nee
essary to repair the road was 1850 900
aud that the company owed a floating
debt Of s16O,OOO, together with $l6s, l6t
matured interest; making total OF
$3.50, ,16O; that in the then condition OF
the country it would seem impossible
to raise the means to pay these liabili-
ties and repair the road"
i The stockholders unanimously Gre
solved, That to raise the sum of $266, :
600, an amount necessary to put that
part of the road in operating order
which was formerly in opcration''-
from Vicksburg to Monroe-sslet alone
the sum of $16S, 16O of matured interest
coupons, and the further sum of 1884,
600 matured of floating debts, by the
stockholders, under the present condi-
tion of the country, seems to us i'm
practicable.
"Resolved, That in our opinion it is
the true interest of tho State and the
citizens of this part Of the State, that if
Il company can be organized, aoith a
capital kAat tci2 insure tie Speedy COM
pietiOu Of tie entire road, that it would
be best that the railroad, with all its
franchises and property, should be sold
to such company, on the best terms
that can be obtained from such COM
pany.
"Resolved, That we hereby direct
the directors Of this company to use
their best efforts to promote the organ
ization of such u company as is indi-
Gated in the foregoing resolution, and
to take all the necessary steps to carry
out the objects indicated in the fore
going resolutions"
Tho stockholders elected Il Board of
Directors, who mot on tho l1th OF
October, 1865, and elected President.
This board resolved to sell the road
and appointed their President to ar
range for a sale to any company "who,
! in his judgment may be able to put
the road in rcpair-complcte the bal
ance of the road and pay the debts Of
the company"
For the information which follows
we arc indebted to and quote from the
! arguments of Judge Campbell and of
w. III. Hunt, Esqs., solicitors for plain
| tiffs and defendants in the suits which
followed the sale of this road.
President "Wadley left Monroe, for
Georgia, on the 18th of November,
1866" and in a letter dated "the 4th
| of February, 1866, to Mr.. John Ray,
at Washington City, he informs Mr..
Ray of the failure" Of the plan to find
capitalists who would purchase the
burg to Monroe, aud ttimmediately
construct the balance to Shreveport"
He, Wadley, therefore, announced it to
be necessary to sell the road and its
franchises and to rcorganize the COM
pany. To this end an agreement was
signed, at Gri fin, Georgia, ON the Goth
of December, 1865, ssby the holders of
2s1 bonds," appointing "CoI. Horne
their agent, for the purpose OF FORE
closing the mortgage and selling the
road" This agreement, it is said, pro-
vided "for the protection of every
| bond-holdcr and preferred stockholdcr
! according to their respective liens"
eto carry it into execution neccssari-
! ly involved notice to all.' It Is stated
that President Wadley was left in en-
! tire ignorance of the proceedings under
which the Vicksburg road was sold
| until after its sale.
w. II. Gordon, ESD, purchased four
bonds, having $72O of overdue coupons
attached to same, for the sum of $G4O,
in October, 1865, and ON the 23d OF
December he commenced an exccutory
proceeding against tho railroad CON-
IDduy, III inc 1)lStrlCC COurC Oh INC parish
of Ouachita, by filing a petition and
obtaining an order of seizure. "The
process on this order was issued on the
3Oth of December, 1865; 1t was served
on the same day upon II. M. Bry,
Vice President OF the company, and
upon J. f.. McGuirc, Secretary and
Treasurer, who was appointed keeper
of the property.' "The property was
advertised for sale on tho 81 of Fcbru-
ary, 1866, and the terms of sale were
cash, to pay tho coupons due, and on
terms Of credit to meet the falling due
of the bonds and coupons to mature"
The sale was to include ssthc entire
railroad, including the unfinished as
well rs finished portions" the lands
and rights of way, all the property,
appurtenances and equipments of every !
decription, every right and franchise,
all the lands acquired (and remaining
un sold) under the United States land
grant, "togethcr with all the rights !
and interest of the company thereto"
Two appraisers were appointed, and
"thc time designated by the Sheriff for
the making of this appraisement was
10 o'clock, "A. M, of the day of sale"
nIhe sale took Dlacc about noon - stISv