The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-03-30

ne uaiNesion, La Porte and Houston
railroad viii soon be thing of Tho paet
IL practically passed out OF the hanls ot
Receiver I. W. House yesterday. whom AZ
l.. j. smith OF Kansas City paid into tho
FEDERAL court at Galveston The s,,n -,
SS'o'V"o' the amount necessary to wine
out the debt incurred by Mr. Smith when
ne bought the road. The road was soIa
for s425.O0O, it will be remembered ana
MT smith deposited $50 900 on tho DIV o
Inc sale. Last night MIR. Il. C. I1cssar nj
ponison. Mr.. Smiths attorney left for
Austin. where he will file an application
Tor charter for the Galveston. Houston
and Northern Railroad company, unaee
which name the road will be known as
soon as the reorganization is effected. Mr..
ID. w. Rider a. Kansas City will be gen.
eral manager.
Mr.. Smith. Mr.. Rider. Mr.. Foster and
Mr.. Z. s. Broadhead OF st. Louis arrived
in Houston yesterday afternoon after com.
pieting their business at Galveston
TO Post reporter, in the course of a
general conversation, Mr. Smith gave tho
information outlined above, but stated thut
nc was nor then in position TO 10 further
IN the matter. He could say nothing ne IN
the future disposition of the propertv ana
when asked directly il President Hunting
ton OF the Southern PaciA had n hand in
tne deal said that he was not In a posi-
tion TO answer. The deeds 10 the pron,rty
he said, would be placed in tho hands IF
Mr.. Q. ). Broadhead of St Lonjs. AS
trustee, and he would turn them over to
the new company as soon as it's charter
Is granted and permanent organization Is
effected.
In this connection Mr.. Smith was asked
as TO the amount OF the capital stock of
the new company and some of the details
of the reorganization. He was not in a
position to talk definitely on this subject,
either, and suggested that the commission
might see lt to take some action In the
promises. The new company would not,
he said. be bonded or stocked very heavily
He was at liberty to say nothing regard
ing the interests to be represented in the
now organization or the men who would
be selected as officials. The company ex-
pected to make the road pay as an indie
pendent line, but Mr. Smith would MOI
commit himself so far as 10 state hat it
would be operated as such, or that other
arrangements would he made The pres
ent general Office force would, he said, be
retained.
Mr.. Smith has taken apartments At the
Lawlor. and will remain here for several
days h Will make . trip over the road
TO Galveston today, or as soon thereafter
as will be permitted by the many business
ergagem ents he has en- hand Al pressat.
He is DESTROYS of ascertsining the exact
condition. of the property together with the
amount of rolling stock on hand as there
is still an equity in the rolling stock ius
the rolling stock company, He also wishes
TO look IN locations Tor sidetracss and
switches which will be put In by the new
company in order to handle business as it
deems proper.
Mr. Smith met and talked with Mr..
Huntington in Galveston yesterday morn
ing and saw the Southern Pacific maenste
again on the lattors arrival in the Grand
Central depot here yesterday evening. Mr..
Huntington's train remained hore only
fifteen or twenty minutes. during the
larger portion of which time Mr. Smith and
Mr. Foster were closeted with him in one
of his private cars. This fact was, OF
course. regarded by the crowd around the
depot as proof positive that the Southern
Pacific had control of the road, but Mr.,
Smith only smiled In answer to the sur
misses and suggestions made.
The La Porte's new owner has had
hard fight ever since he completed the
construction Of the new line and the
friends VINO have stood by him and re-
tanned their faith in his sagacity and
business ability throughout arc now OF
the opinion that he is on top to stay he
said to a reporter that he would have been
glad to hav-i settled the entire matter Dy
turning the property over 10 Mr.. Hunting
ton when the latter made an oher OF 81
OOO. 600 for il, as he was OF the opinion tnal
such action at that time would have peen
fair and equitable to all the interests
conts6ped. lie did not however, appear
10 regret the turn taken by affairs yester-
day.
The payment of the balance OF the pur-
chare money by Mr.. Smith and the com
cidence Of tkc presence of Mr. hunting ton
in Galveston at the time formed the SUI
iect of considerable discussion In raliroat
circIe9 during The day. A great many
roonle seemed TO think that Mr.. Hunting
ion went 10 the Island CITY for thc sole
r,rpose of handing Mr.. Smith check for
s37h O00 armed with which tho latter CON
summated the purchase OF the La PORE,
This NJ course. is unlikely 10 INC MONT On
absurditv. notwithstanding the two con
forences held during the day, people VINO
aro s,nnosed 10 be in position 10 know
arc very strongly Of the opinion that lne
Southern Pacific has noihins apsolVte'S
10 40 With the deal which was completed
vosterdav. This belief is horne out ny
Tho fact that 4 new company viii DC
fornsd 10 operate the Ia Porte Ihefe IS
nothing 10 Indicate. however tnal AT
Huntington may not interest nlmseli ~, in
the matter at some future tlme' ~
opinions in tho premises are nAseu w
notbing more than coniectures al pres
ami as MIR smith not only did not say
great deal for publication in MS tslks ~
reporters. but also declined to dlNuige h's
mans to other persons wao saw nj 70
question him,
THE DEAL Al GALVESTON