New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-26
THEATCHISON RECEIVERSHIP
a STATEMENT FROM AN OFFICIAL OF THE
RAILWAY.

E. d. KENYA TELLS OF TUE FINANCIAL DIE
nIcULrIEs THAT CONFRONTED THE VAST
PROPERTY PREPARING FOR AN
CILLARY RECEIVERS.
st. Louis. Dec. 25-The Atchison, Topeka ana
Santa Fe and the St Louis and San Francisco Rail-
road officials who. Saturday last. secured from
Judge Caldwell. at Little Rock. the order for the
appointment OF a receiver for the roads, returned
to this city yesterday morning over the Iron Noun
tain. T. ID. Kenna, general attorney OF the st
Louis and San Francisco Railway system. con-
scented to give the details in the matter.
1T absolutely impossible for us TO announce
to the public our intention Of applying for receiv-
ers" he said. but there Is nothing 10 prevent
the matter being given the fullest publicity. Had
we allowed the knowledge 10 creep out beforehand.
much of our stock and securities would have been
thrown on the market in advance OF such action.
and would I'm consequence have deprecated much
in value. Inability to meet our obligations was the
primary for the move on the part OF the
roads. The payroll about ten days behind
The interest on January bonds could not be paid
and the roads way behind in the payment of
their taxes In addition to this. the roads were
totally unable to meet their floating debts"
when was it definitely decided make the ap-
pllcation?'
Last Tuesday or Wednesday. Until then
think it was generally expected that the roads
would be able to pull through. Judge Caldwells
Jurisdiction covers practically all that territory
traversed by the two systems. and he was mani
testify the proper Judge to apply 10. Both COM
panics have collateral which In more prosperous
times would be than sufficient to meet all de-
mands; Just now however. 1t could not be disposed
Of except at a great loss. Had not receivers been
appointed sale of some 100000 worth OF colat-
eral would have been forced at great sacrhice
Had this amount OF securities been thrown upon
the market In its present unstable CONDITION d
small panic would have been precipitated winch
would have had its effect in dcpreciating the value
of almost all other stocks on the market. Inc IN
teress of the public would be best served Dy Ine
action we have taken. as the ines WIN DC i''" ''
The directors OF the company believe that WITHIN
three or four. at least six months, tney WI,
can ape be- taken out OF the receivers hands This
plan will not Involve any assessment OF stoG hop mH
but viii be formulated BY use. OF collateral the
company has basis for collateral trusts s ,,,
be ." filed tomorrow, the Atchlson petition
Fsqsss court sbe T 9Pssap sta aTe
court here General Manager Morrill, OF the Frisco
sent out to the Frisco employees tomorrow from
here and the Atchison employees later III Ine
week @n Top e the middle the
month so ii is evident that they have been delayed
The principal cause Of the Atchs9n and Frisfc
S D il f to pay TO over Se sf that il owes
Little Rock. Ark. Dec. 25-Judge H. C. Caldwell.
of the United States Circuit Court who is spending
Christmas here with his family. this afternoon
gave additional particulars relative to the Atchiso
and Frisco" receivershps. Counsel for the rail-
road companies are preparing the papers Tor
ancary receverships In al the districts OF this
circuit not covered by the orders made SATURDAY
These papers will be presented TO Judge Caldwell
Colonel Reynolds is the present United States
District Attorney for the Eastern District of Mis-
souri, Judge Johnson Is the Federal Circuit Court
Judge at Topeka. Mr.. Olney, the United States
Attorney General, consulting attorney OF the
Atchson Railway until his election to the Govern
ment Office
Judge Caldwell appointed two special masters IN
ohancery to-day for the Santa Fe system Judge
j. IL. johnson. of Topeka, was appointed master
for the Santa Fe proper. and Colonel H. IA. Key
nolds, of st. Louis master for the Frisco
road with instructions to cooperate with the re-
ceivers heretofore appointed In adjusting the AFFAIRS
of the Atchson, Topeka and Santa Fe road Ihese
appointments were made on the application OF at
torneys and in following up the rule where large
corporations placed in the hands or receiver
The special masters will be required to file reports
from tirpe to time giving Il statement Of the con- |
TopeRa. Kan. Dec. 2-GeneraI Manager Frey. |
OF the Atchison Topeka and Santa Fe, on saturday
returned from the East He said the company |
would begin the payment OF wages Tor MoyemneTF
push the matter until all the employees are paid |
Kansas City Mo. Dec 25.-Recever Joseph T. |
Wilson. of the Santa Fe system. passed through |
here this morning his way to Topeka. He Will |
go to New-Vork Wednesday to meet the other re-
ceivers lie believes that there VIII be few changes
Il. Robinson has been appointed general agent for |
the receivers. 81. Louis banks were arranged with |
for $4,000 to pay Frisco" employees, whose wages
were In arrears and they will be paid at once
The the main system VIII be paid by
January 3. Mr.. Wilson declared that he believed
that the receivership would be good thing, as
the forces the shops would be increased and
other needed improvements would be made Mr..
Magouns death did not the receivershp.
The papers drawn up in August. and it was
simply question whether Mr.. Renhart could get
the money needed at the beginning OF the year;
not hasten matters In the least; Mr. Wilson Will
have charge OF the Topeka and Kansas business
especially. lie has resigned his place clerk OF
the United states District Court OF Kansas and
George f. Sharritt has been appointed his sue
cessOr.
Galveston. Tex. Dec. &.-George Seay. vice
president. and b. +. Yoakum general manager OF
the Gulf, Colorado and Santa Fe Railway have
Issued this bulletin
''The Gulf Colorado and Santa Fe Company will
continue to operate It's own lines. and Is prepared
to pay all its current obligations heretofore not
the appointment Of receivers for the
Atchison Topeka and Santa Fe Company. We
state this TO allay any apprehension Of financial
trouble the Gulf. Colorado and Santa he Rail-