The New York herald., 1876-11-05
KANSAS PACIFIC RAILROAD.

There was much surprise among Tho bond holders IN
this city Of the Kansas Pacific Railroad occasoncd BY
tho announcement in the HERALD Of yesterday that
local in Kansas had appointed receivers oil
the company's property Mr. John A. Stewart, Of this
CITY, the sole resident trustee OF the FIRST mortgage
bondhoders, had tclegraphed to ST. LOUIS Thursday
last requesting adjournment for ten days in the
nomination OF receivers enable tho bondholders
express their wishes to the custody and admins
traiion or thor property. Yesterday = telegram
arrived from ST. Louis stating that tho application
would be made at Topeka in Kansas, at tho instance
Of Mr. Upshu the attorney for Tho stockholders, and
u appears that the parties selected by him the
same officials and floating dobs claimants whom the
bondhoders werc SO anxious 10 avoid. Upon ths
announcement Of this action some of the bondholders
prepared paper Tor signature by their fellow creditors
requesting Mr.. stewart and the other trustees OF tho
mortgage TO enforce Their rights trustees Tor the
protection OF the bondholders and TO secure the
adm instratton OF tho property in manner NOS
hostile TO the bondhoders, and also the prop
eriy protected by the United States courts In their
annual report for tho year ending January 1876 tho
directors OF the road admit that II has earned
$L512sso over aud above operating expenses The
total interest $3 0O0 900 rst mortgage bonds OF
all The different series would DO only fraction over
$500 000 OF this The bondholdcrs had agreed
10 take ons-haf but even this proportion remains
unpaid The earrings OF 1874 aud 1875, above all OK
pcnscs are more tnan $3,250,0o0 according TO the
offcisI statements The to.l amount OF bonded debg
Is neary 81 600 900, including the income bonds OF
-, ooo on which no interest Is payable sxcsps
goge dobt on tho main line aud Leavenworth branch
about SIC, 100000 Half interest on that amount ~
per cent. thoneh none Of tho bonds bear loss.
would DC 1854. 500 and u appears from the above
figures that the company has earned nearly three
times this amount in both Of tho years
Sin, their FIRST default, when tho bondhodcrs
| consented still longer leave the property undsr
the control OF the officials representing the stock
holders the floating debt claimants. 1t appears
that they nave used this interval 70 Apply more
than ~ 0O0 satisfaction Of the floating claim
ants and have eft first mortgage hondho oders
even or the one snd per
| cent due on tho lss OF November The receivers ap-
pointed yesterday named by the representatives OF the
noating debt interest, instance Ind0rsers
she noating debt itsef and IN tho other the repre-
sentvss OF those claimants who procured the assent
the bondhoiders to the continued possession of The
property by those claimants during the past yeAfz
Some OF The bondhoIdcrs think that the trustees
should them against any further application Of
the OF the company 10 other claims before
tho payment OF the nrs mortgage interest and u 10
understood that Mr. Stewart prepared enforce the
full and proper execution Of the trust Such, In sub
stance, are the fncts which action 10 now beng
The disposisisn Of this vast properly