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Show California A Texas CouHlruc lion I'otupuuT Fnllcil. Philadelphia, 4. A lute edition of the livening Ttltyraph nttys the California Cali-fornia k Texas Construction Company, Compa-ny, engaged in building by contract the Texas Pacific railroad, was unable to mee t all of its paper maturing today. to-day. The present financial condition ol the country has rendered it impassible impas-sible for the company to realize ready cosh on its assets, although tbey are very largely in ex civs of itd liabilities. Over $31)0,000 of its paper, endorsed by prominent stock holders, went to protest. The liabilities of the Construction Con-struction company are reported at$l,-500,000, at$l,-500,000, in notes variously endorsed, all maturing within ninety days, $1,-000,000 $1,-000,000 of loans on collaterals and individual in-dividual security, $000,000 unsecured obligations in the shape of drafts, and $250,000 floating debt, amounting in all to near $7,000,000. This amount, with over $1,000,000 cush paid ! in on stock of the Construction Construc-tion company, has been expended expend-ed in constructing the Texas Pacific railroad, and thero are three hundred miles ot the road comoleted, equipped and in operntion, and about 150 miles additional graded, bridged and ready for the iron. The resources of the construction company, consist of $35:000per mile of completed road first mortgage IkukU of the mi! road company, secured se-cured by a lien on the road and its equipment; 1,000 acres of land per mile, granted by the State of Texas; over $2,000,000 in unpaid construction construc-tion stock, most of which will be promptly paid, and private property and individual endorsers which are very large. It is believed the creditors, cred-itors, most of whom hold large amounts, will speedily arrange for an extension of liabilities so as to give time to realize without sacrifice. |