Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-14
RAILWAY INTERESTS.
The Texas and California Con-
structiOn Company.
The Collapsed Credit MObiIier-Sketch
of Its Enterprises and Principal
NEUTRALITY-SUSPICIOUS. of LiabiIi-
ties and Assets.
From the New YORK Tribune,

tACS anu <ASsCASs
From the New York Tribune.
PHILADELPHIA, Nov. 10.-The Texas
and California Construction Company
was chartered by the Legislature of
Pennsylvania with capital of S10,000,-
600 for the purpose OF building the
Texas Pacific Railway, of which Tom
Scott is President. The act of Con-
gress granting lands to the Railway
Company prohibits any officer of the
Company from being a member of any
Construction Company, and cOnse-
quently Mr.. Scott is not member of
the latter Company. He has, however,
loaned his name and credit in aid of the
Construction Company, and he appears
as an indorser on all their paper. The
leading subscribers to the stock of the
Construction Company, of which S.
100000 have been subscribed for, and
about S4,000,000 paid in, are Henry
Clews and ]. l.. Lockwood, of New
York, both of whom have succumbed
to the panic; Edgar Thompson, Presi-
dent of the Pennsylvania Railroad,
who took about S250,000; Mathew
Baird, Of this city, who took
another S250,0OO; John McManus,
of the firm of Seyfert, McManus G. Co.,
Reading, who took about the same
amount; Mr. Mccullough, manager of
the Penn Company" (of which more
hereafter) Mr.. Thaw of Pittsburg,
Vice President of the Penn Company;
Mr.. Cater, the heavy express company
operator of Cincinnati, Messrs. Shoe
maker and Walters of Baltimore, Mr.
Houston of this city, Mr. Carnage of
Pittsburgh, George B. Roberts, second
Vice President of the Pennsylvania
Railroad Company, and two or three
others. Most of the above subscribed
for quarter of million or more, and
are endorsers to a larger or smaller
amounts of the paper of the Construc-
ton Company. The names of Scott,
Baird. and McManus are on all the
Company's paper 1t is stated posi-
lively, and; no doubt truly, that the
Pennsylvania Railroad Company, as
corporation, has taken no stock in the
Texas and California Construction Com
pany, and has no connection in any
way with it. The same is also stated
of the Penn Company" of which Mr..
Scott is President, which was chartered
by the Legislature of this State, and
has the general management of all the
consolidated lines of railway whose
stock is owned or the roads leased by
the Pennsylvania Railroad Company,
comprising the lines west and south of
Pittsburgh. Although the Penn
4 hoe 4 hA
ment of these roads, their finances are
under the control of the Pennsylvania
Railroad Company, and could not be
diverted in aid of the Texas and Cali
fornia Construction Company, or any
other enterprise, without the knowl-
edge of the officers of the Pennsylvania
Railroad Company. In thisconnection
it may be stated that positive assur-
ances are given that all of the Con-
struction Company's paper, on which
Mr.. Thompson's name appears as in
dorser, will be promptly met at ma
turity.
The total liabilities of the Construc-
ton Company are about $4,000 di-
vided as follows: Notes, S4,500,0O0, held
mostly by banks and brokers in Phila-
delphia; loans secured by collaterals
and individual obligations, 81, 800, 900;
drafts paid in Texas and sent, or to be
sent here for collection, about $500, 900;
floating debt, S250,00O The assets of
the Company are claimed to be about
S1S,000,000. All the Construction
Company ask is an extension of 60 OF
| 80 days, which, it is said, they will
have no difficulty in obtaining, with the
exception of the drafts, which must be
paid as they are present.
ed The S4,500,0OO of notes
all mature within the next foul
months. All the stockholders of the
company above named are men of large
wealth, and it is said that even in the
present condition of the money market
they could pay the Indebtedness of the
company by curtailing their other bus
mess; but it would cost them large