The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-04-17
The Texas 4 Pacific Sale.

Chicago, April l6.-A Philadelphia special tC
the Tribune says Colonel Thomas A. Scot
sold to Jay Gould, last evening, all his right
title and interest In the Texas & Pacific, New
Orleans Pacific, aud 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 ho had been since the organization Of
the company, May "a, ISL 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 ST.
OOO, 900 Of money was only about four years
ago .uch burden TO him that he had to call a
meeting Of his creditors and announce his
due. The stock in the Texas . I
Pacific which he held was without ouo-
ration on the market, and the bonds were
without sale. In lhis briefperiod, the revival
OF business and general prosperity, the stock
bonds are above par. Colonel Scott went into
the road when II was tne Texas Pacific.
General John Q. Fremont came on to New
York with the charter In his pocket, with the
stockholO ers were all Texans. and could not
have raised money enough to build single
mile OF the road, and he went into Wall street
to get money. Wall street bankers do not
Marshall o. Roberts In the enterprise, he had
TO give him outright l,OOJ out of
the 10000 shares Of stock. No
sooner had this been done than an
cilort was made by Roberts to freeze Fremont
out and get tho best of hlm by levylng an as.
sessment of five per cent THIS failed, howey.
er, thanks to the intervention OF friends, VINO
remembered the services OF the "Palhnnder;o
but no work was done under the Old charter
until anew one was got from cOngr IS. 1t was
one OF those bills that were rushed through IN
the last hours OF the session, and 1t did not
reach the preeidcnt-- --Grant--till the day before
his first term expired lie prompt signed It.
though 1t gave the company a lana grant of
twenty sections TO the mile through New Mex.
leo and Arizona, and ten TO tho mile through
California-.the richest part OF the nations
lands When the panic came and
Marshal o. Roberts and Henry q.
Stebbins stepped out and left the company to
Its fate. President Scott took the office To this
the Cincinnati, Hamilton q Indianapolis. and |
made him vice-president. The story OF their I
inen'ectual attempts In 1877 10 get u subsidy |
from congress- is one OF the Interesting chap
ters In the history oftLe Washington lobby,
Pacific enlisted Its own army In the work, and
the two companies Joined forces In their as.
sault ON the pa,ionAl treasury, the lobby reap
cd % golden harvest. but the railroad kings
gathered note OF the fruit. IL was not until IL
year ago that Mr.. Gould turned his attention
to the uncompleted enterprise, and the result
Of his negotiations was the retirement of two
Of the directors AND the elt ctlon OF himself and
his ldus Achates, Russell Sage, Ato the
board. The organ zatlon OF the Pacific I'M.
provemcnt company was aOon followed by u
contract between the two companies, under
which 0.00O or 1000 men are at w0rk'on the
llne, OF which 2t3 miles have been built ui-
ready, and the expectation now Is that San
Diego will be reached by the end OF the present
year. The stock sells to-day at IS. It's first
ind second mortgage bonds are above par, anu
IT, land grant bonds sell ut ~. Texas snd
Pacific subscriptions to the Pacific Improve
ncnt company csInmand II per cent. premium,
md New orleans Pacino subscriptions, which
we're allotted 10 tho lexas and paclnc
command premium of y!
,er cent, After President Gould took his seat,
Il II. Houston, y representative of the scott
interest and lately elected director IN the
pennsylvania railtoad, resigned, anu Thomas
Sckert, general manager oi the Western Un.
on Telegraph company, was chosen In his
,lace, In the place Of olunel Scott, Il. B, | ,
president of the New Orleans Pa |
lc was chosen. II NJ. HoNie was appointed ,
general superin endent. vice Noble There ,
III remain In the boarl ut least four repre- !
OF tue scott interest. One Of them, /
X, Jaueeon, II prJminent broker IN the ,
NY, promptly tcnd,red his resignation .pri. ,
at ~, hut Ooud requested him TO remain,
ANS IL. Scott holds the Office OF assistant !