The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1881-07-14
Col. Thomas A. Scott--.In 1878 Bank
rupf; In 1881 WORTH ST., 0O9, 900.

In. all of Thomas a. SCOTS varied ca
reer- there was probably nothing more
notable than his abiding faith in the
Texas q Pacific Railroad. In 1873 it
had made him bankrupt; in 1881 it en-
abed him to foot up his assets with the
neat little sum of 81, 900. These
figures are not probiematical, but with
in the knowledge of one intimately ae-
'quainted with Colonel SCOTS financial
resources. Yet had not his self-reli-
ance asserted itself the story of the
Texas Pacific enterprise would consist
simply of how gigantic scheme was
planned and its impracticability soon
demonstrated. for friends with one ac-
cord sdiscountenanced the venture, and
when misfortune came even John Ed
gar Thomson lost faith in the brilliant
daring of his assistant. Colonel
Scott" said Colonel James Duffy, of
Marietta, when recently speaking in adj
miration of his friend, '.throughout his
extended railroad career never made a
single mistake until he went into that
South and West business-if that was a
mistake" and late events have shown
that it was not, but on the contrary fit
to be the browning act of a brilliant Ca
reer.
Even before the war the question of
building trans-continental line through
the generous climate of the South, where
the winters SHOWS would not prove an
obstruction to travel, was discussed and
measures even instituted to carry the
idea into execution. The beginning of
hostilities, however, between North and
South compelled the abandonment of
the project When the clouds of strife
had rolled away, attention was again
directed to the Texas route to
the Pacific, communication across the
continent having at that time, however,
been established by the completion of
the Central and Union Pacific Railways,
which pursued course through the
center of the country. That the new
scheme was intended to be prosecuted
with vigor was shown in the first in
stance by the election of Colonel Scott
as President of the Texas & Pacific
Railroad Company, although still re-
tanning his position as Vice President
of the Pennsylvania Railroad, which
latter corporation was virtually the
foster parent of the new organization.
He began making preparations for the
pushing forward of the new enterprise
with that whole-souled vigor that char
acterized his every action In order To
gain a practical knowledge of the needs
and capabilities IF the scheme, Colonel
Scott in 1872 visited Texas and Cali
fornia, and at once introduced method
of operations that promised an early
completion of the new route. At the
same time he laid the basis for ample
financial support by instituting negotia-
tons from which there was every rea-
son to believe there would re-
suit liberal investment by heavy
European capitalists. But to meet
current expenditures, and as an
earnest Of his own faith in the ul-
inmate success OF the enterprise, he
pledged his credit to an enormous ex-
tent aud induced those closely con-
n Q, with him notably President
thomson. to do likewise. Having seen
work along the road progressing sys-
tematically and rapidly, Colonel Scott
fastened TO London to complete the
financial arrangements then under way.
he met with gratifying success, and
had virtually accomplished the object of
his journey when an unforeseen event
nuilified the happy results of all his la
Dor.
The clouds that had for some time
obscured unnoticed the financial
horizon, so preternaturally bright after
the Rebellion, suddenly piled themselves
in heavy masses overhead and then dis
charged their torrent with scarcely a
moments notice. The first thunder
clap that heralded the storm and awak-
ened the people from their pleasant,
dream was the failure of jaw Cooke q
Co. This was in September. 1873. and
at the very time that Colonel Scott was
lust about CONCLUDING ARRANGEMENTS
with the Enolish eanitafists The manic
that ensued shook even the credit Of
old and well-established BANKING insti-
buttons and quickly denreciated n valne
the securities of richly having and con-
acknowledgements Railroad CORNERS
tions. SO that there was nothinp
strange in the fact that a new and
gigantic enterprise such az the Texas e
Pacific Railroad shonld coma 10 he
looked on with .listrnst. The moneved
men of England naturally refused TO
carry out their almost completed bar
gain and Colonel Scott hastened hack