Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1899-04-04
Western Stockholders Behind the
Move to Head or Action By
Eastern Men.
WILL NOT INTERFERE
WITH REORGANIZATION.
II Il Stated That the Plans 10 Put the
Road In Good Condition VIII
BE Carried Out as In.
tended.

| hIllNAN WY aHlAA IffNlNtTr
ship for the Kansas City. Pittsburg and
Gulf railroad granted in this city late
Saturday night by Judge Gibson, Of the
circuit court will. according TO the
companys officials, interfere in no way |
with the operation Of the property and
the reorganization plans which have
been making for some time since and /
which will 20 forward without delay |
The receivers all Of whom are Kansas
City men, are friendly 10 the president
Of the road. Arthur T. Stillwell. who has
engineered the property from It's incep-
ton The act they declare is a friendly !
one, and was made necessary 20 head OIL !
unfriendly eastern stockholders who
contemplated similar action
The history Of the Kansas City, Pitts
burg and Gulf railroad and the joint
enterprises the northern connecting
lines and the Port Arthur ship canal,
contains practically a realization Of the
long desired short line to the gulf The
finishing Of the line was accomplished
mainly through the efforts Of A. +. Still
well. formerly vice president. now pres
} ident Of the road The road grew out
Of the old Kansas City. Nevada and
} Fort Smith line, Of which Z. II. Martin
was president The Nevada and Fort
Smith line was projected 10 run 10
the gulf, but only comparative
" short part Of IL was finished when Mr.
Shllwell picked mp the proposition The
road was built during the financial crisis
Of 1923 aud was an undertaking which
few men believed would ever b. com
pleted. The original purpose was TO
make Sabine Pass, Tex. the southern
terminus
Ko1ntz Bios Of New York owned 49,
900 acres Of land In and around Sabine
Stillwell made a proposition 70 build his
road TO Sabine II the Kountzes would
give him 81 per cent Of their interests
there The Kountzes declined the offer.
Mr. Stillwell then went to Holland and
interested Dutch capitalists nthe enter
prise. Il was finally decided 10 make
Port Arthur the road terminus and 10
build ship canal from that point eight
miles TO Sabine lake. The last spike in
the road was driven on Sept II. 1897.
and the first through train reached Port
Arthur on that day.
While the canal was building. In.
junction forwarded injunction TO delay
the work. and II was only finished ON
March 25 last. when the first shipping
was brought up 10 Port Arthur from the
gulf. In the meantime. Mr. Stillwell
assumed the presidency Of the road, +,
L. Martin being made vice president.
Branch roads becoming necessary for
northern connections. the Pittsburg and
Gulf company bought and built lines
giving them Omaha and Quincy con-
nections These latter lines are not In
cluded in the receivership A bid for
the Alton road, for Chicago entrance,
was MADE but tcll through.
It's long fight 10 complete the canal
made II apparent several months ago
that the road would not for the present
be- able 10 meet the interest ON it, bonds
and reorganization Of the whole prop
erty was talked of Mr. Stllwell spent
three months in New York working on
the project aud when he returned 20
Kansas City last week it was announ-
ced that satisfactory plans had been DEF
cided upon and would soon be annouw
ced.
A few days ago II was learned. ac,
cording 20 the legal officials OF the.road,
that the the State Trust company 81
New York, which holds the roads bonds
10 the amount Of $23. 100000, was pre-
pared 20 take decisive action II the in
terost payments OF 500 900 due on April
I. were not met Saturday. learning.
as they claim, that certain eastern stock
holders were intent on applying for q
receivership IL was decided by local Of.
fcials Of the road 10 head them of. Ac.
cordingly, G. T. Grannis Of New Haven
heavy stakeholder who Is favorable
10 the local interests, applied for re-
Ownership, arousing Judge James Gin
son Of the circuit court from bed at a
late hour Saturday night to appoint TO.
ceivers. The men appointed. Il. L.
Martin, Robert Gillham and J. Med
Trimble are respectively vice president
general marager and general counsel Of
the road, and are friendly to Mr.. Still.
we'll.
The general allegation in the petition
n for receivers Is that the road is insolvent
In that Is Is unable 10 meet the interest
upon in bonds which fell due April l.,