New-York tribune., 1888-08-28
STOCKHOLDERS ANSWER AT LAST.
LONG DELAYED AID STILL INCOMPLETE.
MAKING runric THE REPORT OF tn. MISSOURI,

| LONG DELAYED AND STILL lNCOmrLCiH H'
MAKING PUBLIC THE REPORT OF THE MISSOURI
KANSAS AHp n xAs COMvIrTEE
! The executive committee Of the Missouri, Kansas
and Texas Railway Company, at meeting yesterday
decided 10 publish the report OF the investigating
committee about the condition OF The properly sra
the relations OF the company with The MISSOURI Psc'no
Railway The report Is replefe with geographical
Information about the nnc Of railroad but the holders
OF the company's securities will derive from " ushs
Information about their best course In inc c'rcum-
stances No recommendations OF any sind are msdo
In It. The necessity OF an expcnd fure OF r2,"V
mile for the entire system Of 1850 miles, 10 p'sco
IN good working condition 10 recognized oui re''u0'
fIon In this estimate s considered possible % tno
ground that the cost OF restoration may be extended
over not less than three years In the first hve years
OF the lease 10 the ssoir Pacific. from January l.
1881. the earnings of the road were Sl'o4o'.oo'
but more than half Of this amount was absoroeo 10 e
payment Of overdue Interest and other CLAIMS "n''"
had accrued before the lease Even this accumulation
OF surplus made al the expense OF renewals WHO
the operation Of the International and Grea' Nohern
epta led constant loss. In 1887 there was large
reduction IN the rates OF transportation OWING ~ 'h0
extension Of The ST. Louis and san Francisco ana 'he
Aichison Topeka and Santa Fe lnes The inlud'c ou'
economy In maintenance expenses In previous years
became manifest al this time ana large sums "eio
spent In bcttefments.
The deficit In earnings has been carried by the
Missouri Pacific on notes secured By collateral and
by cash advances. The notes were supplemented
aftcrward, the report says. by the improper use Oh
International and Great Northern sfocb. The inior
nation obia ned by the committee Indicates IN its
opinion that the original construction Of The ROAD was
chiefly to acquire certain land grants, and In the ex'
pcctation that in a short time The infIan Territory
would be opened to settlement. The company haa
exclusive right OF way from north to south, thoush
the territory, and In conequence hoped 10 AVOID compe-
tltlon. These expectations have not been reaizco'
while, on the contrary. the Territory still remains
closed, development OF business by settlement or
otherwise has bco. small, and competitive lines
have been built. In regard to the relations Win inc
Missouri Pac ,fc, the report says: Under us opera
ton 10y the lessee all terminal charges are eAscted ana
paid but no squ able allowance Is made for orginS
ton OF business from which The lessee derives largo
income. The entire Missouri Pacific line Is operated
Without references TO LIS parts, and business IS trahs
por.d by the shortest dld nlos' svalspe rouesii ~
but whcre business ahen from the leased iOso anu
esome 80 eSden you'd seem S thai Il can
remeded uy some provision Tor arbitrary charges S iCa
leased properly into The system a, an integral part,
sharing In tn; profits u ihe enliie system r,nrss
Bedford Atkins and William P. Robinson, the com.
| miitee of the Missouri. Kansas and Texas Railway
| Company.
TO ISSUE SECOND MORTGAGE BONDS
rHE CHICAGO, BURLINGTON AND NoRrnkBN's CIR
CULAR-TO PAY III FL'hTtNGp BIZ
Boston, Aug. 27 (speciaD.-The Chicago Burlington
and Northern Railroad Company to-day issued tho ioi
lowing circular:
To the stoc khoders: During the pas. seven months
most Of the railroad. the West have very small
net earnings Your company has been no exception TO
the general rule. ard has been forced to Incur con-
siderable floating debt To py OF this lnie tedness and
put the company In o good financial condition. your direct
voted TO issue second mortgage on the prop
erty OF company The bond are to b. dated June L.
1885, are to thirty years from that date and 10
bear the rate o per cent per snnum after that
date be secured by second mortgage at the
rate OF $4,000 per mile The right Is reserved to re-
the whoe ssue pr and a. ue1 Interest o. Ju
| %, any coupon day thereafter by giving SIX
I months notice Two million two hundred and dfty
thousand dollars these bonds will be reserved 10 cover
the ut.tandne debentures Of company AZ meet
Ing OF the board OF directors Of this company held August
81, 1883 lie lo1 to one 5000 600 of the remainder
q; these az bonds so an ac,Fuei interest,"
stockholders OF record at the close OF business at
3 D. NJ on August 81, 1855, which time the transfer
books will BE- ed and rem In closed until September l.
SS The of the proposal are that each hol1er OF
100 shares ghts" any multiple thereof shall have
the right subscr b. bef ne M on September ID
1883 for $40 600 bond or each 100 shares or rights
hell Payments TO be made as follows 30 per cent on
September 90 less so per cent October l5 1913 In
Will BE- alIowo prpavmen,s Al the rate Of per
after allotment All subscriptions must be for
81 COO Joni or some pie thereof Rights belonging
any number OF shaFss be ass gnei and for this
purpose blank form Is attached with blank form for
scrption The Chicago Burlington and Quincy Com
pany will subscribe for its prop ton Of bonds under this
circular Any balance OF this 900 Of bonds not sub
srihei for by stockholders has been sold upon tho
same term and y Ice a er in n1med
J. MURRAY FORBEs, Treasurer.
An attempt 10 learn something In det all a. the COM
pany's Office. In addition to what the circular says
was unsuccessful II was thought necessary there
to give any information n regard to the mileage upon
which the new Issue would be made. nor whai amount
Of wOuld remain the a.ter the hOat
ing debt was cancelled. nor wha' uses IL any there
bel eyed to be 365 and GIGS 900 n second mortgages
could at present DO issued.
MORE TROUBLE FOR THE ARTHUR KILL BRIDGE.
The Pennsylvania Company has begun suIi against
the Baltimore and Ohio and Staten Island Rapid
Transit Companies builders of the Arthur XIII Bridge
between Staten Island and New-Jersey for SoOoO,Ooo
damages The complanants allege that as the bridge
Is not constructed approved plans. 1t is an OBJ
struction to navigation. Three tugs are now ucceS-
sary to tow who're one formerly answered the p,r-
pose and only two canal boats can 60 through the
draw abreast where, before the bridge was built,
eight could be lashed together. They slso claim
that their boats arc damaged every day by being
dashed against the abutnents by the strong tide
c0py of Tho complaint has been served on President
J. Frank EmmOns. Of the staten Island Company
MISCELLANEOUS RAILWAY INTELLIGENCE
Kecne, ~ H. Aug. 27--An important hearing before
Judge Allen began here o-iny In the suit OF Dr. Thomas
e. Hatch assignee. against the Bostoh and Lowell snd
the Concord Railroad COmpanics aud various other suits
growing out Of tho The ownership OF ten miles OF
tho Manchester and Keeno road, extending from Keene
TO Huntsville involved. the having been set OH
10 the assignee execution These cases have been
In tho courts for many years and several hundred
thousands OF dollars involved
Richmond Va. Aug. 81 tSpecia).-The consolidation
Of Richmond aud Auechany and the Chesapeake and
Ohio Ralroais through Lease OF Che former the latter
is by no means IN IL bas been alleged that
ptrol NJ
Chesapeake and Ohio September but is said
OOO 900 of the 5000 600 Of art mort
gago bunds Of Allegheny road refuse go into tho
proposed arrangement Both roads In the hands
Of receivers
Chicago Aug 27-Ths general passenger agents OF tho
Chleag, ST. and Missouri Kyer roads notice
to-day through Chairman Abbott TO the Eastern Trunk
lines cancoing any authority which may heretofore have