The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-03-21
THE COMMISSION.

The railroad commission yesterday
issued the following: :.
This day came on to be heard the apph-
cation of the Galveston, La Porte ana
Houston Railway company OF Houston,
Texas, for authority to issue bonds IN
advance of the completion of said railway
not to exceed $4,000 per mile, on its line
of railway and branches, beginning at
Houston and extending to Galveston,
Texas, including trestles and draw
bridges, depot grounds and terminal facll-
Ties in Houston, Galveston and La Porte,
said bonds to become first lien on the
franchises and property of said railroad
company above described or hereinafter
described; to bear not exceeding D per
cent interest per annum and become que
and payable not exceeding 80 years from
date. r u,o
II appearing to the satisfaction of the
commission from the statement made IN
the application and exhibits one, TWO,
three, four, five and six, made a, part
thereof, that the capital stock of said rail-
way company consists OF 50oo Shares u
the mar value of 500 per share, each OF
which has been subscribed for and paid
in full, making 100000 capital stock
subscribed and paid up; that the right
of-Way has been procured as evidenced by
deeds thereto duly recorded in the ONCE
of the county clerk of the county through
which said railway company's railroad
has been and is to be constructed, Tor
= miles of said railway company
proposed railroad; that the. extent and
value of the work done and in process OF
completion is 33 miles of track laid, now
being ballasted and surfaced, valued al
100000; that said railway company
railroad franchises and property, includ
| ing depot grounds, machine shops, tools
roundhouses, terminal facilities and othel
appurtenances necessary to equipment
and operation, together with the paid W
stock, will be of the aggregate value Of
S2,O20,320; that said railway company
is acting in good faith and has in all par
ticulars complied with the requirements
of an act of the Twenty-third legislature
regulating the issuance of railroad Stocks eaa
and bonds approved April the 8, 1893
so far as the same relates to, procuring
the authority of the railroad commission
authorizing it to issue bonds, it is ordered
| that the said Galveston, La Porte anC
| Houston railroad company be and th'
same is hereby authorized to issue it
bonds in the sum of sos, 200 per mile OF
its line of railroad, to become first liel
on its franchises, property and appurte
nances thereto, including its depots,. roll
ing stock, roundhouses, machine shops
| terminal IacllllleS, anu VIII upplOhC aii'
direct the same to be registered in thu
Office of the secretary of state on com
pliance with the following conditions:
First-That the stock of the La Porte
Houston and Northern railroad company
and of the North Galveston, Houston ant
Kansas City railroad company, both o
which have been purchased and made
part of the Galveston, La Porte ant
Houston railway company by authorit!
of an act of the Twenty-fourth leglsla
ture, passed January %, 1895, be pre-
scented to the railroad commission for can
collation. in such manner as such commits
sion may deem proper.
Second-That the bonds of the La Porte
Houston and Northern railroad company
amounting to $150,000, approved by tn
commission October 10, 1894, and regis
tered in the secretary of states office
and which bonds are first mortgage Of
part of the Galveston, La Porte ant
Houston railway company's railway fran
chises and property be presented to tn
commission for cancellation
Third-That said Galveston, La Port
and Houston railroad company has &C
quired and fully paid for the franchises
property and appurtenances of its rail
way set out in its application and exhibit
| thereto for authority to issue it's frs
mortgage bonds on the completed part o
its road.