New-York tribune., 1875-02-02
FINANCIAL INTERESTS.

CHANGES IN AN EMBARRASSED RAILROAD.
THE CONDITION AND PROSPECTS OF THE MISSOURI.
KANSAS AND TEXAS MISUNDERSTANDING
CHANGES EXPLAINED.
For some days past rImOrs relating TO the
Missouri Kansas and Texas Railroad have been In circu
Iation arising from the change in the administration OF
tho Company's afFirs and the appointment OF a re-
cciver. Tho road became very prominent during the
earlier days Of the panic, on account OF
the failure Of Messrs sKildy and Candy. two
Of the directors. They failed on account Of
paper advanced to meet purposes OF construction.
equipment Since the panic, however, the Missouri
Kansas and Texas Railroad has lost heavily by reason
diminished earnings and recently the lDe by almost
general consent passed into the hands Of receiver
Levi Parsons, the President Of the road for consid-
cradle ime has retired from the pre- sdency aud George
]. Forrest Commissioner Of Emigration and director OF
the Panama Railroad, has been installed President.
With view to ascertaning the exact status OF tho
Company'. affairs inquiries made yesterday OF tho
several persons interested.
George J. Forrest, the President. said that tho
road had gone into the hands OF a receiver for
protection OF the property Of the Company He be
eved everything had been found correct and the re
port of william Bond, receiver, would soon be made
to the Court letter had been recently received rom
Mr.. Bond ordering the New-YOrk office situated OF No
Nlssans 10 be closed for general business, and tho
Foh. l. when Mr.. Bonds report Is officially made
the exact condition OF the Company VIII be aScertainol
Henry b. enSIn &tI pSf% He3ry b. Henson, sccre
tary OF the Company, said the change IN tbe orgah
winch would occur in any body OF Directors
There was a difference Of opinion on certain
wish TO enter mt particulars The orgInizIton Of Tho
Board kept Up butt was merely nominal as al tno
affairs of the Company conducted by and under
m ne orctou th cnonv wnnId retn posse.son Of their
f,ffiaa afth " lN,lu
most necessary, that there should be an Once Oh some
been merely unfortunate, and the appoibtnrht OF
sVve Tarw w rom rntnons laSntts and attachments
HERON A. johnson, Of the directors OF t1e Com
out all right in the end IL had become embarrassed
through sYariOus msfortunes, and threats had Oeen
made on all sides 10 serve attachments. Ibe seizure "i
the rolling stock OF a road was somewhat Of serious
matter as mas laely I'm abe matter Of tho
NewYOrk and OswegO Railroad; therefore, IA Order 10
the property OF the road aud 10 protect an VINO
we're Interested creditors 10 determined To have
II receiver appointed, and Mr.. Bond was chosen. lie -
investigating everything connected %th tue tSau;
aud Is managiugIt. All who know NJ. b md viii feei
satisfied that he will cOuduct the affairs lmparuhlY.
When the trouble first began, au expert went cale!uF
through the books and made a thorough eAamnau0h
The aesut of that Investigation proved tnat everything
had been conducted honestly II hot AZ e4pos
WAS also along the line TO ascertain II any tuS lu
been carried on fraudnlenty 10 tho O tno
road; but the report o. mat omtia sioMeu tn" & t'o
work could not have been done lu the state OF ONO
where on for less than % per cent over "ndt
the Missouri, Kansas and Texas Ioaa hAs .ost & ino
why Levi Parsons lett the pre>ldehcDt thc CON
As he was absent III Europe when the annual meeting
was held election or President was had nr bs 70.
turn Mr. Parsons still remains IN the Board as on" OF
the Directors. There nothing to ihc dlcfedIt OF
Sr Parsons IN the caoce OF Nj Forrest, WAC Ws for
mprly one OF the directors.
Sheppard GanCy another director Of tie Contrary
the OF the change IN the pyc;dcpcl Vas
disagreement between Lew Parsons aud Tho directors
ia tne mana OF rOau. Whcu -, .4o''--- "a
tnA Company fist began cudravur was made 20 carry
under the direction Of turee trustees Out
it was found that OF the creditors were threaten
Ing 10 sue out attachments, and the trustee system
would have resulted Oisastrousy. IL was there
fore resolved by the directors 70 nave receiver ap
pointed. Mr. Bond will present bis report to the
Court time during the present nOIth, and
then probably he Will be appointed permanent
receiver. Mr. Parsons did not approve OF tee change.
and as he had expressed wish 10 retire from the pres
idency he was allowed ~ to do. He (Mr CANDY had
faith that the road would be good property at some une
other although the stock not now quoted on the
market 1t therefore necessary to keep up the or
panlzltiOu andng the fact hat the Board or
Direc Ors had power and not dollar OF money now
passes into their hands. DuluS tuc panic M ohlIII
and himself found that handling railroad moneys Was
not the most profitable affair." consequently Ia hked the
pre- sent duties Of the directors It1 Uettcr tlan Tor
meriy.