CHAPTER XLII. OTHER GOULD ROADS IN THE SOUTHWEST :-(THE TEXAS AND PACIFIC. THE ST. LOUIS SOUTHWESTERN.-THE INTERNATIONAL AND GREAT NORTHERN.) As has been stated in a preceding chapter, Mr. Gould and his associates control nearly 9,000 miles of railroad in the Southwest. The Missouri Pacific system is of course by far the most important, but nevertheless the three others play a very important role in the development of the young States of Texas and Arkansas. The Texas and Pacific, connecting with El Paso, traverses the entire State from East to West-a distance of over a thousand miles-and embraces 1,499 miles of road. The St. Louis Southwestern goes to Texarkana, Fort Worth and other centres, and finally the International and Great Northern connects with Galveston and with Laredo, where it forms a junction with the Mexican National RR. The three systems are operated in harmony with each other and with the Missouri Pacific. THE TEXAS AND PACIFIC RR. This company was organised in 1871 by virtue of charters from the Federal Government and the State of Texas, and it acquired the properties, charters, land grants and other privileges of the Southern Pacific, Memphis, El Paso and Pacific and Southern Transcontinental railroads. These lines were rapidly extended West, and in 1882 the system established connection with the Southern Pacific RR. of California, which it met at Sierra Blanca, a little East of El Paso. A through route between St. Louis and San Francisco which availed itself of the St. Louis and San Francisco, Texas and Pacific and Southern Pacific railroads was immediately established. A few months prior to the completion of the line to Sierra Blanca the company had amalgamated with the new Orleans and Pacific RR., running from New Orleans to Shreveport, so that New Orleans also obtained direct rail communication with the Pacific Coast. In subsequent years the T. & P. lost much of its importance as a transcontinental route, mainly as a consequence of the absorption of the Galveston, Harrisburg and San Antonio RR. by the Southern Pacific, which thus obtained its own through line to New Orleans. The following is a summary of the lines composing the Texas and Pacific system, to which no material addition has been made since 1883: Eastern State Line of Texas to Sierra Blanca. 1,039 miles New Orleans to Shreveport. Gordon to Coal Mines 324 Leases: Vicksburg, Shreveport & Pacific The subjoined table shows that the development of the company's business has made satisfactory progress: Table showing Mileage, Passenger and Freight Traffic, and Traffic Revenue of the Texas and Pacific Ry. Co. The capitalisation of the company consists of $38,710,000 common stock, earning no dividend, $3,784,000 old 6 p.c. first mortgage bonds of the Eastern division, $25,000,000 new first mortgage bonds issued under the reorganisation of 1888, and an equal amount of second mortgage bonds. Both descriptions bear 5 p.c. interest, but that on the seconds (payable annually) need not be disbursed unless earned, so that these bonds are practically incomes; the 1892 coupon was not paid. Before the reorganisation there were land grant bonds to the amount of $10,300,000, but these were assumed by the Texas Pacific Land Trust, which bought all lands. Subjoined are statements of earnings, income account and general balance sheet, as given in the Chronicle. |