Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-05
FIN ANCEAL.
The Texas Pacific Road in
Trouble.
Seven Millions to Pay in 80 Days
And Nothing to Pay it With.
Tom SCOTS Credit MobiIier on the
Texas Pacific.

Texas Pacific.
PHILADELPHIA, Nov. A late edition
of the Ecenjng Telegraph says the Calitor-
MIA and Texas Construction Company, en-
gagged in building by contract the Texas
Pacific railroad, was unable to meet all its
paper maturing to-day, the present finan-
cial condition Of the country rendering it
impossible for the company to realize ready
cash on its assets, although they are very
largely in excess of the liabilities. Over
100000 of its paper, most Of it endorsed by
prominent stockholders, west to protest.
The liabilities of the Construction COmpa-
nv are reported at S4,500,000, in notes vari-
ouslv endorsed. all maturing within ninety
DAYS: 100000 of loans on cOllat erals and
individual security, 100000 with umse
cured obligations in the shape of drafts. and
S25O,000 Of the floating debt, amounting in
all to nearly S7,000,000.
This amount, with over S4000,000 cash,
in the stock of the Construction
Company have been expended
in the construction of the Texas
Pacific railroad and there are over 300 miles
of the road completed, equipped and in OPP
Grafton. and about $50 miles additional
graded, bridged and ready for iron. The
remuneration of the Construction Com
panv consists in ST.. 900 per mile of COM
pletcd road in first mortgage bonds Of the
railroad Company. secured by lien on the
railroad equipments, franchises and a
thousand acres of land per mile, granted by
the State of Texas, over , million OF I'M
paid construction stock which will be
promptly paid, and the private property OF
The individual endoTsers which is very
large.
Il is believed the creditors, most o
! whom hold large amounts, will speedily ar
range for an extension OF the liabilities O
the company, so rs to give time TO realiz'
money without the rIlinous sacrifices re
| quired by the present stringency OF tn
| times.
= Brokers Equities.
Harrison Grambo has Just instituted
| suit in equity against the Philadelphi
! Board of brokers to compel his rcinstatC
ment as a member thereof, and asking to
damages for being kept out Of the dali
session of that body.
New York Has a Rest.
NEW YORK. Nov. 4.-Very little bus
| ness is doing down town to-day, electiO
| day being now a legal holiday. The large
| establishments open in the morning WEI
closing at noon. The day is fine, and a
interested are exerting themselves to o.
tain a full vote.
Capital Impaired 100000.
An investigation of the affairs OF Il
Central Bank by a committee Of the Clea
ing House Association shows the capital
100000 IS impaired to the extent
S720,000. The deposits are amply secure
breaking ont i'm New Place.
CONCORD. y. H., Nov. 4.-Some uneas
ness having been exhibited in regard to Il
Savings banks in this city, the Board
Trade last night passed resolutions expires
ing full confidence in the banks and /
commenting them in case Of aFunto refW
payment altogether rather than attempt
raise money at a ruinOus sacrifice. II
savings banks to-day determined to pay !
: depositors till Jan. l.
still Initiating.
WASHINGTON, Nov. 1.-The Outstandi
legal tenders are $500, 755,279.