Congressional Edition Volume 6593 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ...Texas & Mexico Railroad was appointed July 5, 1913, in the person of Mr. J. D. O'Keefe of New Orleans, La., on the petition of the New York Trust Company, trustee under the Frisco-New Orleans, Texas & Mexico Division mortgage. Upon taking possession of the property the receiver found it necessary to spend a considerable sum to liquidate current rental obligations, make necessary improvements, and provide adequate facilities with which to handle the traffic offered. To provide the funds required for this purpose the court authorized an issue of $2,000,000 one-year receivers' certificates bearing interest at the rate of 6 per cent, this amount representing the needs of the properties to October 15, 1914. Certificates for $850,000 were sold at a discount of 2 per cent and interest and the proceeds were appropriated as follows: Matured equipment trust notes and interest $194,356. 07 Rental due July 1, 1913, with interest, for use of Yazoo & Mississippi Valley R. R. tracks 70,403.18 Rental due July 1, 1913, with interest, for use of Illinois Central R. R. tracks 3,054.03 Rental due July 1, 1913, with interest, for use of property New Orleans Terminal Company 33,824.15 Improvements on lines of N. O., T. & M. R. R 165,109.72 Advances to receiver St. L., B. & M. Ry 245,656.40 Advances to receiver B., S. L. & W. Ry 122,828.20 Total 835 231.75 The amounts advanced to the receiver of the St. Louis, Brownsville & Mexico Railway and the Beaumont, Sour Lake & Western Railway were based upon proof of the immediate needs of the receiver of these companies and not upon their ultimate requirements. Receivers' certificates were issued in both instances to the receiver of the New Orleans, Texas & Mexico Railroad, the advance representing 98....