SA&AP Railway enters receivership
On this day in 1890, the San Antonio and Aransas Pass Railway went into receivership, with Benjamin F. Yoakum as one of the two receivers. The SA&AP was chartered in 1884 to connect San Antonio with Aransas Bay, a distance of 135 miles. Uriah Lott was the principal promoter of the line, and Mifflin Kenedy was contractor for virtually all of the mileage built before 1900. The SA&AP, which eventually built hundreds of miles of track in South and Central Texas, was a competitor in many areas with various Southern Pacific lines and was acquired by the SP in 1892. The Railroad Commission brought suit in 1903 because the SP's ownership violated the law which prohibited common ownership of parallel and competing lines. As a result of the suit the SP sold its stock in the company, but was required to continue to guarantee the bonds of the SA&AP. In 1934 the remaining 819 miles of SA&AP track was merged into the Texas and New Orleans Railroad Company.