New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-20
RAILROAD INTERESTS.
A DEFENCE OF MISSOURI PACIFIC.
ITS RELATIONS WITH THE MISSOURI, KANSAS
AND TEXAS CLEARLY SHOWN.

ITS RELATIONS WITH THE MISSOURI, KANSAS
AND TEXAS CLEARLY SHOWN.
The committee appointed by the Missouri Pacific
Railway to inquire, in cooperation with similar
committee of the Missouri, Kansas and Texas. about
the relations of the two companies consisted of Jay
Gould, Russell Sage and Henry G. Marquand The
power of substitution was given TO the committee
| and fully exercised. f. C. NJ. Rand, who was Sc
| lected by Mr.. Sage, Is about TO print elaborate
report 1t is unfortunate, perhaps, that the other
alternate members OF the committee do not sign IT,
| The report seems to be defence of the Missouri
Pacific, while 1t docs not show clearly that any de-
| fence needed.
The competitors OF the Missouri, Kansas and Texas
enumerated in this order: Atchson, Topeka and
Sante Fe ST. Louis and San francisco and st. LOUIS
Arkansas an Texas. comparison Of the earnings
OF the system for seven years before and after tho
lease TO the Missouri Pacific proves that its manage
ment has been fair, while the charge of diversion
Of traffic is met by the that at Lungview,
Texas, the Missouri, Kansas and Texas received ol4o
per cent of the business while the Iron Mountain ana
Texas Pacific received only the remainder between
them The report reaches this sapent conclusion:
The problem drawn What will you do with Western
road with $50 miles OF productive property buidencd
with heavy debt and large interest charges In need oil
20s 300 for repairs and millions for floating debt with
substantially three competitive lines in direct com
petton. dividing business destroying profitable
rates passing through States which have enacted
unjust laws until its present managers have increased
|
ago without being able expenses and fixed cha9es
To solve problem. make the nonproductve produce
And the improbable profitable
ADJUSTMENT OF READINGS NET EARNINGS.
PHILADELPHIA Oct 10 Specialize Is generally be-
licved on Thrd-st., and among many members OF the
| Stock Exchange that the Philadelphia and Reading
Railroad will have sufficient money on February
next to paw full interest to all preference bondhoderS
and leave a balance OF at least 81 100000. Tho
bntv tho naf
OF 1887 shall be adjusted. There is an account OF
about 1880 900 which has not been put anywhere
as yet. When the reorganization was effected the
company in about 81 100000 In interest
the old consolidated and improvement mortgage
bonds With the first money received from assess
ments this obligation discharged the rcoreaniza-
ton trustees advancing the money 10 the company.
This aerwarl paid to the trustees but in the end
IL was returned to the company. The question upon
which the. determination of what are net earnings
rests is whether this 81 100000 should be taken
bodily out OF the income for the whole year 1887 or
whether It should be taken out of the last six months
OF the year, whether 1t should be considered part
of the floating debt and charged against the receipts
from assessments. Up to this time the matter has
never been considered all prominent railroad
man is authority for the statement that President
COrbin is extremely DESTROYS Of paying all the prefer
ence issues I'm full and besides, the stringent reading
of the mortgages leaves him no option If the money has
been earned. The fact that largo expenditures haNo
been made for improvements Is taken as another IN
dication that the full interest viii be paid.