The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-02-01
TEXAS AND PACIFIC
AGAIN N TROUBLE 70 |! Bile
Receivership Procee dings
Have Been Started in
Texas Courts.
~ 49, ~.
ai7I7SiIIIEI =


q 4 /, n
HByFAssocia ted Pressl
DAIsEAS. Tex Feb. 1.-The appn-
cation for arecet yership for the Texas
and Pacific Railway was Med by Ine
BanISers Trust Company OF New YORK,
Dec. ri. 1915, alleging default since
1904 ON interest on the '0Oo,0V0
second mortgage The petition
cf,arees that theSnet income has been
dfrefted 70 other purposes.s ana asks
nat the road be restrained from ap.
pEyInk 10 any other purpose the net
income applicable to; these bonds.
On nee. ST. at q Monroe, La, y. =.
Bush fof the Missouri Pacific and the
IRON Mountain lines filed suit agatnst
tae Texas and Pacific to enforce pay
fne,ut of $4,000 in Spromlssory notes.
Tfe Rrexasi and Pacific hallway was
il factor in thesrace. between jay Gouln
and COLTS n Huntington for the h .lt. !
seuthern tralsco ntinental route 70 tne
Pacific. which Huntington won. ~. =
fignred also III IA race between en- m.
caro-. ST Louis and New Orleans 1oF
commercial supremacy In the soutn-
west It's authorized capital STOCK d IL
So, 900, 900. ot which only $3s.I64,ooo
has been ISSUED. The line never mas
paid q stock dividend. It was charter'
I'd hi 1871, and reorganized during - q
receiyerahfp In a 1856 to 1883. Wnea = =, ~
issued two sets of bonds, one a. n I'VE
per cent first mortgage OF 'oVo,Vo9
and the other $25. 100000 IN seco On
inortgage income bonds. Upon the
~ see6nd az these bond issues the pres
efSf raceyership application was bas-
"a Tfe1 receiyership OF the sos was
fhe only one I'm the roads history. ts
I,resenf main lines extend from New
orleans to- near Ell Paso, making q
great arc across north Louisiana ana
north Texas, with "a short mileage also
Is Arkansas It's total main line mlle'
age Id 1852. jj ,.i, a.
me Original purpose was line
across the southwest to the Pacinc at
San Diego, California, the ROAD re-
eeivfng q federal charter for this op-
iect under the name Texas Pacihc
Rafir6ad Company. The following
ves:r tie name was changed to tne
Texas and Pacific Railway Company:
Thomas a. Scott and associates near
81 IN "a whom were in Philadelphla.
were tie Original promoters. The new
line acutifred the rights OF the Mem
Mis-. IN Paso and Pacific Company
snd 81 tfie Southern Transcontinentaa
Rai1road Company and 66 miles o.
sTaclt from Shreveport, La, to Long
INV. Texas. Extension OF this hne
sgestwara began In 1872, with the eX-
sSecfatfon that It would be raploly
nushed % the coast, but work was
Mated nv the panic of 1873. Scott anu
lYia associat les 4sold their holdlnss "
fav5 Could the eli Ter, and Russell sage
and associates in New YORK. me
could interests have controlled Tue
1fne ever since. s5s
IN 1876 extension fof the line was re,
sumed. 0nRJuys Is IS the Texas anu
Pacific reached Fort Worth, IeAas,
tha list railroad into that city. Early
ia 1850 there was q period OF rapla e1-
tension stWard over the great terr
tory toward I'll aPaso. but IN 1851, ~
Sierra Blanca,S Texas, 80 miles east o.
hi Pago; the Texas and Pacinc met
tie easthound transcontinental line
Of the Southern Pacific system, wnlcn
had pushed across country IRON g'in+, tne
paeftic, with the backing OF Hunting
TON, Hopkins. Croker and Stanford:
i Mis- Texaa ana Pacific already had
fradeti the so. miles running to Ell
Paso. hut the Southern Pacific inter
esfs had beaten them by simultane-
nukly grading and laying rails, ana
Ind trains running to Sierra Blanca
FIRST, Az this time; It is said: MI.
Huntington called ON Jay Gould IN
New York asked him whether ne
had seen the barrenness OF that par
ticniar s0smfle stretch. and inquired
whether he did not think that one line
Of fails would carry all the traftic
ayaliabla for some years. A Joint
traffic arrangement was made for the
Text ana Pacific to use the Southern
Pacific tracks into Ell Paso This ar
ranssment still exists. The Texas
and Pacific had federal charter all
tlie way fo tiie tactic, but the South
efn Raninc operating under state
charters. as It adyanced, had occupied
tho territory iitst,
About 1880 the Texas and Pacific
acquired theSNewS Orleans Pacific
Railway Company, which under Lou
isinna charter had some 65 miles OF
rails laid westward from New Orleans
to ponelsonyille! This line was ex.:
tended to Shreveport in 1882, practt-
caiiy comple ting the Texas and Pacific
main lines The original stock OF the
Texas and Pacific has remained intact
as issued. During the Ownership OF
1885 stockhold eTsE paid a 10 per cent
asaess ment TO make their stock good
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