New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-08
WHO REALLY OWNS THE ROADF
THE FIGHT FOR MISSOURI, KANSAS AND
TEXAS.
PRESIDENT MART1NsEN SAYS HE CONTROLS
MORE STOCK THAN MEssRs. GOULD
AND SAGE.

President Rudolph v. Martinsen, of the Missouri
Kansas and Texas Railroad. returned from Europe yes
terday where he has been actively engaged In secur
fng tho support Of the English and German security
holders of the road for the present MANAGEMENT ana
its scheme for thu reorganization Of the company.
which will be made public after the next election OF
directors In May. Mr.. Martinsen was seen al MS
homo last night by Tribune reporter, ana ne ap-
peared highly pleased with the result OF bis Trip
He said:
During the ten days was in Europe visited
London Amsterdam Paris and FRANKFORT whero the
bulk Of the foreign holdings in Missouri Kansas and
Texas securities are and can say beyond any doubt
that after nv explanation Of the situation both tho
stock and bondholdes in those places will support
me in nv efforts to keep the road out OF the control
Of Messrs. Gould and Sage. When 1 explained my
plan for the reorganization Of the road there was not
a stockholder whom / saw who dissented from the
policy of the present management with regard 30 Its
future Three of the stockholders, who Individually
represented blocks of stock amounting TO $4,000,
and s13 0o0 told me that both the stock and
bonds had been placed the market there repre-
sentations made by Mr.. Gould that the bonded inter
est would be paid regularly, and after that the road
could pay quarterly dividends on the stock Of L.
per cent As soon the securities were taken the
earnings Of the road suddenly decreased and the
holders have suffered.
awhile In Europe secured all the capital required
to build extensions Of the road to Kansas City and into
ST. Louis and bondholders to the amount OF s34oooooo
support my policy Independent Of S24,oOOOOO worth
Of stock for which hold proxies. Mr. sage's state
ment that he holds the greater part Of the bonds is
Incorrect and wish emphaucally to deny mo state,
made at the expense OF the company, Although slch
IS the custom, In this instance paid every cent OF
my own personal expenses out OF my own POchet,
and have done so on my European "TRIP. Inc uuy S y,
the management TO the seouny-hoders is ~ put the
road on paying basis, and we Intend 10 40 So nrst
by taking the road out OF the receivers hands ana Then
reducing the fixed charges by scaling the interest on
the per cent bonds down to per cent which al inc
whom have seen. Tho operating expenses VIII also
be kept down 10 o minimum 1870, -. IN !.
TThe unpaid coupons on the bonded dept VIII DC
provided for by an issue Of preferred STOCK ana inc
nav issues of securities will Ind ready market In
the European cities visited The present buIoPchi
holdings were sold by Mr.. Gould az par and some OF
the bonds at o premium. Instead OF our roaa oelng
sacrificed to the interests OF the Missouri racine "
10 mako H. The Missouri Pacific docs not give US
anything like the amount Of traac which ~ rs Salu
10 do ana II, when the company Is reorganzod' VIC
only earn ths same amount as We arc no" uotis; we
net earnings, which Will be Increased by cntuNS uoNl
tbe operating eXpScses The representations mene
10 induce European investors 70 put Their capa i,O
the road were made through the management OF the
Missouri Pacific when our ROAD was lease" I" ui"'
< study OF the geographical situation OF the two
roads will show plainly that We run through oe'ter
territory than the Missouri Pacific and can hoiu Gg
nndar GOOD management. Messrs. Gould ana sac
are enfeavoring 10 brighten the securHy hodeS nlO
the belief that the control Is in their hands bnt am
confident that AZ the coming election we SHAH De ape
IN keen the control in the hands OF those persons who
have the largest amount OF capital invested IN Us
secuHtless