The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-04-21
The Texas IL Pacific Sale.

Chicago, April l6.-A Philads lphia special to
the Tribune says Colonel Thomas A. Scott
sold TO Jay Gould, last evening, all his right,
title and interest In the Texas Il Pacific, New
Orleans Pacific, and the Texas Improvement
company, for something like $4,000, 900. AT
the regular meeting of the board of directors
to-day he resigned the office of president,
which he had been since the organization Of
the company. May "a, 1871, and director. Jay
Gould was then elected president and took his
seat. The same property with which Colonel
Scott has parted to Jay Gould for about $4,-
oOO, OCO of money was only about four years
ago tuch a burden to h! m that he had to call a
meeting of his creditors and announce his
dne' The 70 stoe ss' in inc the " T.xas
Pacific which he held was without quo
without sale. In his priefperiod, the revival
OF business and general prosperity, the stecK
has risen to % In the stock market, and the
bonds are above par. Colonel Scout went into
the roed when II was the Texas Pacific.
General John U. Fremont came on To New
York with the charter In his pocket, win the
valuable land grant from the sn s5a eould nos
have ralscd money enough 20 build single
mile OF the road, and he went into Wall street
20 get money. Wall street bankers do not
Marshall o. Robertsi In the enterprise, he had
10 give MIN outright li,OOo out of
the 10000 shares OF stock. No
effort was made by Roberts to f.eeze Fremont
out and e. { ths best OF Nun by leyying an as
Hees ment of i've per cent TINS failed, howey.
er, thanKs to the intervention OF friends, VINO
remembered the services OF the "Paihnnder;'
but no work was done under the old charter
until a ne " one was got from congr 50. IL was
one Of those bills that were rushed through Ia
the last hours Of the session, ana IL old not
reach the president--Grant--til tbs day before
his first term expired. He prompt y signed II
though it gave the company lana grant Of
twenty sections TO the mile through New Mex
leo and Arizona, and ten TO me mile through
Californi a--the richest part OF the nations
lands. When the panic came ana
M shs load Oer R0Ssr,. and i Henry OH g.
stebblns stepped out and left the company 10
its fste. President ScUtt took the Office ~ this
CITY, pentfvr Major Frank Bond, then ON
the Cnci 1nati, II hamilton a Indianapolis. and
maze MIN yice-pre .Ident. The story OF their
Intellectual at empts In ISL o. get a subsidy
from congress IL one OF ths interesting chap
tiers In the history oftLe washington LOBBY,
and when In the following year the Southern
Pacific enlisted its own army IN the work, and
the two companies joined forces In their as
sault on the patton Al treasury the lobby reap
ed = golden harvest but the railroad iings
gathered more Of the fruit. IL wac not until a
year ago that Mr.. Gould turned his attention
70 the uncompleted enterprise, and the result
Of bic 1es otistlons vas ne en- y oi .w4
his ndus Achstes, Russell sage eto the
board. The organ zatiOn Of the Pacific I'M
prOvsment company was soon followed BY
contract between the two companies, under
which 600 or 90 men are 81 workon the
line Of which 2f3 miles have been built al
ready. and the expectation now IL that San
diego will be rescued By the end Of the present
vsa- me stock sells Today 81 be. Ia first
snd seooud mortgage bonds are above par, and
10 land grant bonds sell a. -. Texas end
Pacifc subscriptions 10 the Psoihc Improve
Tpeut compsny command II per cent premium.
ard New Orleans Pscinc subscriptions, which
were allotted 20 the Ierns and PscIne
stockholders command premium Of -
per ceuf. Amer President Gould tOok his seat.
III n Houston, . Representative Of the scott
Interest and lnisly ele5ted . director IN the
Psnnsylvnnia rnilrcad, rtsignefs and Ihomns
Eekert, general manager Of ne western un-
ion Ttlegfapn COMPANY, wss chosen IN hls
place. In the piace Of yol0nsl scott, n. y.
Whselorf. rITesldent Of the Eew Orieans Pa
effc va chosen. n NJ. Horle wa fppoirted
gaueral srflerinl endent vice Noole There
sIn rsmnin In the bnerd - least four repre-
eertsflves Of the sc0ff interest," one az them .
III 81 Jameson, a promlnent br0Eef IN ths
r'Ifr promptly rendered fie esirnatiOn -rri-
49, buf tsouId requested him - reInsin,
Tnru-s u Scott holds ths nnie. - tssi-fstl'
u ne PRESIDENT. which VII pro1loT ,.
ei.rIIrflf arf fhrra viii b. nuntsrlesl
ofher chnnres before long his q
ne f-rf so IN The lcrE-ttlkef-1t
,1rr.i alfirn ffhs aouffwestern .c-. ~
fisrId nv crrfr1ls beyord q d1u.t re Huus.
- a 1s-ras CsrIiral. the Nissan. kansa 4
49, arf - has = rerr large Interest IN tns
o. fsrrr. ind a Ertlf Nrrlne-n nr1 l1s -