New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
RAILROAD INTERESTS.
KANSAS CITY. PITTsBURG AND GULF N
RECEIVERS HANDS.

Kansa. city. April "A receivershp for the Kan
sas cltv pittsburs and Gulf Railroad was asked
for last nght from Judge Gbfon. OK the Circuit
Court by Charles Granns and other s'ockholdsrs
and creditors The application was granted. and
Judge Gibson appointed the following named on
cIais ~ tho road M receivers. r. L. Martin. vice
president: Robert Gilman. general manager and
J. Med Trimble. attorney. all Of this city.
The interest amounted TO $4,000 and y could
not be met When this fact became known move
ment was begun to secure the appointment ~
receiver who would be specially friendly 70 N.
Eastern interests OF the road. This move vas
checkmated by the preparation OF the papers Tor
the appointment Of local receiver
The application was made 10 Judge Gibson late
last night The petition for the appointment ~ .
receiver vas signed by Charles a Braley, 2 Y.
Silver and John 4 Eaton. ~ the Law firm o, Trim.
HE g. Brsley The outstanding debt o, The system
,s s22 600 90 % bonds The equipment ~ the system
amounts TO 5000 or $1,000 month. which con.
sumes the earnings and dlverts them from IN. In
tcrest fund
The reccivership does not involve any interest Of
the Port Arthur system other than the main line
~ tho Kansas city. Putsburg and Gulf Railroad.
The Northern Ines. Kansas city Suburban Belt and
tho Port Arthur Canal and Dock Company. together
with other INTEREST,". are said 10 he upon FIRM
basls The financial troubles that have involved
the pittsburg and Gulf directly attributable 10
the aght against the completion CT the cana. az II
derived the railroad OF terminal facilities at the
Gulf FOR more than year and compelled the COM
psny TO make use o. Galveston. whch made Il
necessary 70 give up large share o. the revenue
that would ordinarily accrue to the road
+ L. Martin said last night The application
VAS made IN order 10 prevent the road from falling
into the hands Of some one as receiver whom We
rnow nothing about. and whose methods OF
handling the property could only become known 10
the stockholders events brought them about
we are certain represent the sentiment ~ the
crea, ma iorify Of the stockholders IN our schems
fo- reorganization and cOnsolica; ion. | am conn
Dent In i've or six months the receiver will hsvs
the AFFAIRS cleared up.
+ Stilwell the president ~ the road asked
that he should not be included in the receiversnip
believing he could better serve the stockholders ~
hig hands were lett unified
NJ Stilweli says THE uncared-for indebtedness
OF the company. Including coupons. T. only NeOor.
or : per cent Of the capital The earnings ~ the
road for March were $4,000. far In excess Of any
ihInz that had expected before the canal was
completed with this amount ~ indebtedness u
will be very easy Job 10 reorganze the ROAD ana
10 put n on its feet In short time.
Had the road had three or four months more
uninterrupted II would have easily paid It's noat.
Ing debt without any trouble. and would have hsd
10 take only Of it- coupons OF $4,000
The general allegation IN the petition for recev-
ers was that the road insolvent. In that II
was unable meet the interest upon it BONDS
which falls due April l. and which amounts 10
$1,000 and unable - clear svSv certain other
debts which reach total ~ S"0m or sfn."N