The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-09
IN THE RAILWAY WORLD.
Receivers of the Galveston, La Porte
and Houston Qualify.
SOUTHWESTERN COMMITTEE MEETING
view track Mileage of tho Southeastern.
ing Car Charges-Earnings-H
light Flashes-Personais.

The last act attending the creation ~ N,
receivershp for the Galveston, La port,
ana Houston Railway company havin,
peen performed upon the approval of IN,
| Dohus or the two receivers by 1udr,
| Bryant of the United States court for III
eastern district of Texas, Messrs. NJ. r
Jones and I. w. House, yesterday 40.
saeu formal possession of the entir,
ploperty ana all belongings thereto of the
eciilinai road. The bonds of the re.
eeiVers. which were yesterday annrovad
by the court. are for $40. 900 each with rho
I,on"wing well known men as suretjes,
y, a. Heit'nann, j. z. McAshnn ana
Gnaries Dillingham; for NJ. r. ZONES.
saoge T.. p. Hill. I. II. Seaman and #
NJ. McAshan for 7. w. House.
MIR. Morgan NJ. Mann. prominent at.
.o'ney OF galveston, has been appointed
as master In chancery.
Judge 7. W. Ford. vice-pres,dsr, sra
general attorney for the railway comnanv
returned yesterday morning from TYLER
WHere ne attended court in the interest of
,he receivership proceedings. He was met
Wy Fost reporter Mt the company's gen
.i'i ollces last evening and In response
~ question OF the representative Will
lngly conserted TO talk of the Affairs %
'he company. and In his interesting st,lc
related the facts of the whole case ~
saic that everyone interested In the rail-
way con pany, which includes the stock
noluers, creditors and officers, were ner-
iectiy satisfied with the course pursued
ana most highly pleased with the excel
Nht selection OF the receivers, who were
MN ,, efninentiy tit for such a responsible
u ,. ana Wbcse integrity, reputation and
niEh standing In commercial ard financial
circles were such as to insure the success
or the mana cement of the affairs on
trusted TO their care. ard the protection
ana interests of the parties who had in.
vested in the enterprise.
me whole story can be told in very
re" words remarked the Judge, 1--WE com
menced the construction of the terminal
inc under the most favorable auspices and
progressed smoothly until almost the
completion of the road which now lacks
put couple of months work to be in
iift class shape. when our capital gave
out. Having been authorized by the rail
road commission to issue bonds 10 the
extent of one million dollars. we had the
handsomely engraved bonds now repos-
ing in our safe printed, signed approved
etc, but found 1t impossible TO raise s,,f
ficient funds to insure completion of the
WORK. 1t is hard matter to raise money
on an uncompleted piece of railroad prop
erty and the bonds were carefully laid
aside until some future date when they
IAN be floated, and that time is not far
Instant. We have no hon1holders to com
plain or contend with. and under the cir
'umstances the plan. willingly agreed to
by all interests, that receivership be
created was deemed the most advisable
and safest policy to pursue. Instead of
having some dissatisfi bcndholders drag
he company into an unr ecessary and ex-
nensive litigation, We have the property
md the bonds ana the completion of the
'inest terminal line In Texas is guaran-
.1 Ia Il; ,,~l
nR to sacrifice the interests of any one
n the property. The receivers can raise
unds for tie work where the company
With Its large amount OF eilt-edged bonds
oUld not secure limited sum at even
/ large discount. The receivers certificates,
which will be Issued in payment OF con-
racts and the necessaries for the COM
'lete construction Of the entire line. are |
S good as gold. Everyone connected in
ny manner with the company is perfect |
Y satisfied to accept the state of affairs |
which had been agreed to in advance Of /
ur action. Work will he resumed at /
nee and by the time of the excursion /
eason in May commences the road will |
Ne in perfect condition and everything
4 readiness for the handling of this traf-
ic. With the line once finished, the COM
any will be all right and the realiza-
ion of plenty of capital for the successful
peration Of the property can be had with
ut any trouble"
Receivers House and Jones, who spent
he greater portion of Yesterday putting
matters in shape. famlliarizing them
elves with the details connected with
he compeny'a affairs, We're seen by
'ost reporter, but they had nothing to
i've out as 10 their plans. having. as
hey said, not yet fully organized or pre-
AIRED to state their course As to the
election of their staff they had not fully
ecided upon the names OF the fortunate
ppointees and would hardly be prepared
, announce their choice for a day or two.
nder the receivership management there
Ill probably be three appointments of
viz: General manager or gen.
raj agent general superintendent and
ttorney. While II has not been officially
lven out It IS said. that the other en-
loves of the company will he retained
18th possibly one or two exceptions.