New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-11
railway INTERESTS.
THE TEXAS AND CALIFORNIA C0EsTRUC-
TON COMPANY.

ENBARRAssMESTs or THE OBSERVATION-DISCLOSURES
or tTs ENTERPRISES AND PRINCIPAL STOCK
HoLDERs-TuE PENNSYLVANIA RAILROAD COM
PANY NOT INyOLvED-sTATElENT or LIABu-
! Tiles AND ASSETS.
| lpRoMA SPECIAL CORREsPoEDESu or THE rRBUSEl
PHILADELPHIA, Nov. 10.-Ihe Philadelphia
papers Of to-day all join in CONCENTRATING tho stock
holders Of the Pennsylvania Railroad Company and the
public generally the action OF the directors OF that
Company in refusing TO accept the resignation OF Mr.
Thos Scott, Vice-Presdept OF the Company rendered
on accOun, OF his complication in tho Affairs OF the
Texas and California Construction Company, whose
paper has recently gone 10 protest. The CONCLUSION
which the pubic is expected to draw FROM ts action OF
she directors ID thst Mr.. SCOTS connection
with the Construction Company In no way Ia
wolves the PennsYlyaDia Railroad COmpsay, nos
mpajrs bis futurs usefulness 10 that corporation.
so far have been able to learn this conclusion IS
probably cOrect and yet n Cannot Do denied thas there
ia good deal Of felt among the stockholders
Of tho Pennsylvsnia Railroad and IN view Of the snsp
cIons that naturally engeDdersd' ana the rHmrs
that are floating about he stockholders as well as the
public ara entitled to mere detailed statement than
has yet been given OF the afilrs OF this Texas and
California Construction COMPANY" and Mr SCOTS CON
necton Herewith. rs neither the Pennsylvania Hal
road Company nor the Philadelphia newspapers have
furnished such statement propose TO give II In THIS
letter promising that my information is derived FROM
gentleman thoroughly with the Affairs Of the
Texas Pacific Railway Company, the Texas and Caior-
MIA Constructor Company and the Pennsylvania Raii
road Company, although he s in 10 way Interested IL
either Of them.
The Texas and California Construction Company was
chartered by tho Legislature Of Pennsylvania, with
capital OF tIOOOOOOO, for the purpose OF building the
Texas Pacific RawaT, OK which Tom Scott Is President
The act of Congress granting lands 70 the Railway Com
pany prohibits any Queer OF the Company from being
member OF any Construction Company, and eonse-
quently Mr. Scott IL not member OF the latter Com
pany. He has however, loaned his name aud credit In
aid OF the Construction Company and he appears as an
indorser on all their paper. The leading Subscribers 70
the stock OF tho Construction Company, OF Shlen
As 100000 have been subscribed for. and about 0OOOO
paid in are Horny Clews and J. L. Lockwood OF New
York both or whom have succumbed TO the panici
Edgar Thompson President Of the Pennsyivania Rail
road who took about 10000. Matthew Baird OF |
this city, who took another S2JOCOO; John MeManus
OF the 6rm OF 5eyfert. McManus & Co.. Reading, VINO
took about tho same amount; Mr.. Mccullough, manager
o. the Penn Company" (Of which more hereafteFG Mr
ThaE OF Pittsburgh, yoePresident Of the Penn Com
pany; MI Cater the heavy express company operator
~ Cincinnati Messrs Shoemaker and Walters OF Balt-
more Mr. Houston Of ths city, MrCarDage OF Pittsburgh
George Roberts. second YicePresldent OF the Penn
sylyania Railroad Company ana two or three otheIs'
Most OF the above subscribed for quarter Oh million
or more aud indorsers to larger or smaller amounts
ot tho paper OF the Construction Company The
all the Companys paper. It Is stated positively
and no doubt truly that the Pennsylvania Railroad
Company. a cOrporauon, has taken no STOCK IN INC
Texas ana California Construction Company, ana has
no connection In any way with it. The same is also
stated OF the Penn Company Of which MI scout Il
president which was chartered By the Legislature OF
this State and tho general management OF al tue
consolidated lines Of railway whose stock Is owned OF
the roads leased by tAe Pennsylvania Railroad 'oIn-
many comprising the lines west and south OF Pitsburgh
Although the Penn Company mas lhe E"ntssia
Management OF these roads their finances are under
the control OF the Penusyva Railroad C0mDany' anu
could not De diverted In ana OF the teAas l tonf
Construction Company or any other enJerprise, Npo1
the knowledge OF the officers of the t
positive assurances are given that an OF the e
non CJmpanT5 paper, on which MI Thomps0n's nlins
appears a. ndOrsor will be promptly met at maturity
The total Liabilities Of the Construction CompanY a.
about s. OOoOOo divided follows: Notes = 5oo0T heIo
mostly by banks and brokers 10 PhiadepDla I"auSS
secured by collaerais and individual obligations $1,000.
00O drafts PAID al Ie4hs hhu -enl, OF ~ ~ ASre
for collection, about S5OO0O; floating DEBT s1ON The
assets OF tho Company are claimed % o5 hDo. sasoD
Oo0 All che Construction company ass Is 40 extension
OF so OF " days. which, II Is sdd' they VIII nave no
which must be paid as they are presented Inc sioO
go OF notes all mature within the next -FOUR
aimed ara men OF large wealth. and it IS said
that oven IN the present condition OF the money
Comunny By curiaing their other business buC II
would cost them large 20 DO IT, and therefore they
ask FOR an Application has been made az the
instance OF the stockholders OF the Construction Com
pany FOR the appointment OF receiver Pending Tue
publication was made 20 Judge Bradley Of the United
states Supreme Court whose district includes
Texas This was done to prevent similar acGOn
in the state courts and the sduandering OF
tne moneys OF the Company that they feared
gOIIld en,ue. meeting OF the creditors Of the Com
pany held this week when there no doubt ihat
he extension asked for will be granted In conclusion,
the Texas and Californian Construction Company Is sad
most empRaticaly 10y those who It's largest stock
boGers t0 be n no respect Credit MObiller
INIT egttmate business enterprise. backed by respOn-
sibe men, anu disconnected entirely WIN the PennsyI
yana Railroad Company any other corporation in thus
state.
RAILROAD LITIGATION