Garland Globe | 1908-03-07 | Page 2 | Gould Road Goes into the Hands of Receiver

GOULD ROAD GOES INTO THE HANDS OF RECEIVER Texas Railroad Is Insolvent and Unable Un-able to Meet Its Operating. Ex- ' penscs and Costs of Improvements. Fort Worth, Tox. On petition ot tho Mercantile Trust company of Now York, trustee for a large number of bondholders, United States Circuit Judgo A. P. McCormlck of tho northorn north-orn district of Toxns has appointed Judgo T. J. Freeman of Now Orleans receiver for tho International & Great Northern Railroad company nnd llxed his bond at S50.000. Tho petitioners allege that the railroad has defaulted In tho payment of Interest to the extent ex-tent of $194,020 on bonds; that It- is Insolvent nnd unablo to meet Its operating oper-ating expenses and obligations nnd to defray tho costs of Improvements now under wny. Tho railroad company, through Its general solicitor, filed Its consent to tho appointment of a receiver. re-ceiver. Tho International & Great Northern is a Gould lino, and recently underwent under-went reorganization, when Loroy T. Prlco was superseded b Horace Clarko as general manager. Tho reports of tho Texas railroad commission show the road to havo been In financial difficulties tor over a year.