The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-10-22
MUST BE FORECLOSED.
Joseph G. Waters on the Condition
of the Santa Fe-
IT IS HOPELESSLY WRECKED.
The Meeting OF the Committees Here
VIII Amount to Nothing He says
The Head Musr ne sold

The l1eefHnE OF the Committees Here
VIII Amount TO Nothing ne says
The Road Musr ne sold
1.-The meeting Of the Santa Fe directors
IN Topeka next Thursday, has absolutely
no significance whatever" said Joseph
g. Waters, formerly general attorney for
the Santa FL company, to = JOURNAL re-
porter today. Dir. Waters is somewhat
embittered against the management Of
the Santa Fe, which should be taken into
consideration. There has been a great
deal said about the Importance Of the
meeting and it, being the most critical
time IN the history OF the Santa ts-
continued BIT " aters, .but | tell you Il
viii have no more effect than as though
YOU we're one OF the committees and
were the other. The two re0rg anization
committees are supposed by most people
10 represent directly vast wealth involved
Ia the Santa Fe property, but they do not
They are simply seeking desperately 10
get the people Who hold stock 70 comply
with one more assessment before the end
comes and the property is foreclosed- If
they can't get $12 a share from the stock
holders they Will take ST. and have q
nice fund to pay themselves salaries IN
der the pretense Of keeping up q formal
but expensive organization
TT Is not generally known, but the
directors and mead officers Of the road
get no salaries now. There Is no provis-
ion for q presidents salary under the re-
ownership, because there Is no need Of
president Edward Wilder gets no salary
for being secretary and treasurer OF the
Santa Fes bis salary IS for being treas
urer 10 the receivers It is the same way
in the case Of George r Peck and the
other principal officers.
The directors get no salaries and have
absolutely no voice in the management
ar- z Il
their wishes may have some weight with
Judge Caldwell and the receivers The
road il com pletely out of their control
The directors even had to 70 TO Judge
Caldwell. and beg 70 get a $4,000 apprO-
priation to pay the expenses Of the To-
peka meeting. Why Is It then that the
fight over the directory of the road is 50
bitter, when there is absolutely neither
salary nor prestige attachele lit ID be-
cause those engaged in the fight want to
get one more chance at the feeble. top
ping road They want one more whack
al the santa Fe grab-bag before the
change comes.
Judge Caldwell has said that the San
ia Fe property must be fOracl0sed before
long. He has expressed himself as be-
ing wearIed Of having the road on his
hands, aud il must either 20 into the
hands oI the first mortgages or prove it
self capable of running without a re-
Ceiver. The latter IL impossible, as it is
bonded and mOrtgaged to twice its value
and is away behind in its interest It is
barely earning operating expenses and
can never hope to catch up. The road
will be foreclosad within year and the
mortgages viii assume the Management
It will probably be organized under
the laws Of the state Of Illinois Instead of
Kansas, which means that the headouar-
tiers Of the road viii be transferred from
Topeka to Chicago.
The crowd now il charge Of the road
will then be released and new men from
top 70 bottom viii take their places.
Then Santa Fe stock will be sold on the
market again az a decent figure."
Receiver y. G.. Wilson was asked for
his views on Mr. Waters statements to-
day He did not wish 20 be quoted in tbs
matter, but being pressed said that while
AIr. Waters might be slightly preiudiced
there was "a good deal Of truth in what
he says
Another gentleman we'll up in Santa
Fe affairs says: Nv bile Mr. Waters Is
right in most of the facts, he would look
At matters much differently if he had
few thousand dollars in stock There
are men in both committees who would
not stoop To a dish0norable act. and who
I believe have the best interests Of the
road at heart"