New-York tribune., 1888-04-20
s1.e36.s5O
EARNINGS LARGELY DIMINISHED.

EARNINGS LARGELY DIMINISHED.
During the past year the cledt Of the company has
teen severely shaken and It's earnings largely diminished
owing to the following causes, viz.
l. The entire failure OF the corn crop on the COM
psnyss lines Of railway In Missouri and Kansas This
cause will CT disalpear with new and tountiful
sropa
2 The construction of three lines into Texas,
viz The Atchison Topeka and Santa Fe the west-s
parallel and competing line from Kansas City TO Calves
tom the St. Louis and San Francisco the east-com
petrg Texas business and from St Louis and the
s. Louis Arkansas ana Texas-reaching all the main
interior pcints in Texas Worth and Waco
These competitors not only In the hed for bus
before brey sucent for the old road but
Nis competition has resulted in greatly reducing pre-ex
listing raues.
During past years the company has also been
Vigorously pressed and family almost driven to the wall by
income bondholders under the leadership OF their
attorney Nj E. Enery Anderson. This litigation cumi
nsod In unavora6e decision against the company In
court and the bonds required to the
sppeal the United States Supreme Court would
several millions OF dollars. the alternative was
presented Of either allowing Ieceivershp attempting
! settlement with the bond and seripholders
The directors adopted the latter alternative, and ae
sordngly basis OF settlement arrived at involving
large increase 10 the general consolidated mortgage debt
very considerable dininuton In the amount Of securities
held In the and heavy cash payment when the
company struggling to the utmost to meet lts fixed
charges To 60 into particulars respecting these Items
the of settlement then exscted required increase
R1,71O,000; the delivery OF Galveston Houston and
Henderson Railroad first bonds in the treasury
the amount Of s1,l4o,ooo, ana a cssn payment Of
S21425
receive very large counsel fee amounting TO
nearly $4,000 Even these exceedingly favorable terms
to scrphoders refused by holders to the amount
Of $500 900 and upward who are now pressing their suits
and Judgment for the amount Of their claims is am
Informed by counsel likely to be entered within the
next few days
APPROVING THE SYNDICATE.
On ny q few weeks since from absence abroad
announced in the public prints that syndicate Of
eat strength had taken hold OF the affairs Of the
Missouri and Texas Company and that board Of
directors equally strong names would be presented for
the coming annual meeting Of stockholders.
This movement met cordial appreciation and cheer
fully decided not to make any opposition
had given my and attention the affairs Of that
company for eight its president without
receiving dollar Of salary therefor and not only
willing stand aside in favor Of but also TO welcome
any one who could render efficient service Just
the close of the transfer books, however Mr.. Bull
one Of the active in the movement. sent 100
the transfer be ressued In the
following william s. Herndon 10 shares; j.
Montgomery jr. 10 shares; J. de Neuvie, 10 shares;
Simon Stern 10 shares; f EIery Anderson 10 shares
and w. L. Bull, so shares. And Mr.. Martinsen,
other member Of the committee also transferred 10 Ru
dolph Kepper 10 shares; Daniel I. worden 10 shares
John McCOok, 10 shares and w. L. Bull, 20 shares
1t 10 assumed that the foregoing transfers made
for the purpose Of qualifying the persons named mem
bers Of the proposed board Of directors II this
sumption Ia the list embracing It does three
lawyers, several brokers' and the names Of some who
active In pushing the the uttermost
IN connection with the income scrip suit is certainly
very disappointing 1t has also been announced In
the public press that z. Eery Anderson. the
for the income boDdhoders in the suit referred to- would
be the president of the company.
1t Is my duty under the circumstances present the
foregoing facts you, II 1t should be decided by your
o
lease prompt should be given
board Of directors Of the Missouri, and Texas
Railway Company order that the necessary
arrangements may be made elsewhere for It's immediate
interest requirements In OF the earnings Of
Ihe road Respectfully,