Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-06

Partly estimated.
Three other companies the Augusta, Talla-
haSSpe aud Gulf. Harrisburg and EaStOn and
Kansas City Rich Hill ana Eldoradn. upon
whici. a good deal OF money had been expended
in surveys and grading. but upon which track
had not been completed. we're also sold. thus
really making The list of railway companies
fOrecloSeG nineteen.
Ii appears. therefore, that during the first
six months Of the wear sixteen completed
RAILWAYS. with a mileage of 1920 miles and
representing in their bonded debt and capt.
tai stock 500. 53l 900. besides many millions
of unpaid interest and floating debt, were
sold out 20 satisfy the claims of their credi-
tors. Much the largest of these lines was
the Chicago, Kansas and Nebraska, owning
141l miles of railway in Kansas and Ne
braSka. and representing in securities the
vast sum of almost SRI, 100000. This great
system was built and controlled by the
Chicago, Rock Island and Pacific railway
company. but was financed and operated as
an independent corporation. On account Of
the construction of numerous competing
lines and the failure of crops in the West
the earnings proved insufficient to meet the
interest on its bonds, and it was forecloSed
and purchased in behalf of the controlling
company. The nearly S2S.O0O.000 of capital
stock. which was largely held by the COM
muniticS through which the road passes,
has probably lost its money value, thus
sharing the usual fate of capital stock in
case of foreclosure.
The other most important property sold
was that Of the Texas Central company
representing :2229 miles and nearly ST, 600, 900
of securities. almost all of the latter being
in bonds which are pretty well secured by
the prOperty. The Dayton, Fort Wayne
and Chicago with POI miles, of which
ninety-SiX miles are narrow gauge. is an
other important property in the list, repre-
senting about s2O5OO,OO0 of securities.
Most of the other lines We're sold as the re-
suit of long existing insolvency, though in
the list are two newly built roads. the Gov
ington and Macon, l01 miles, and the New
Orleans and Gulf, SiXty-iye miles which
were compelled TO change ownership almost
as soon as they We're completed.
In comparison with previous records, that
of the first half of 1891 is not encouraging,
as the mum Der of roads sold. their mileage,
and the capital stock repres euted nearly
equal. and in some cases. exceed the CORES
ponding figures for the entire twelve
months of several of the years in which our
record has been kept, and If the rate of the
first half of this year is continued TO the
end the totals Will considerably exceed
those of either of the three previous years.
As the last six months generally show the
winding up of more properties than the first
six it looks as if the foreclosure record of
1891 would show heavier figures than that
of any year since 1856, when we found that
the foreclosures numbered forty-five, repre-
seuting 1851 miles and S314 l09. 600 of Securi-
ties. 1t may be. however. that the large
sales of the year are already disposed of,
and that the total will not be so bad as now
seems possible.
Ii is notable that four out of the sixteen
roads sold are of narrow gauge, examples
of the comparatively few lines of that
gauge width have still resisted the inevita-
bic movement towards the standard. The
sale of these will doubtless be followed by