El Nuevo mexicano., 1917-09-06

SoNCf ci9nt eyPCWiIthSV PoSSSs
Ely declares that under his optior
it would have been easily possible
to have made a deal contemplating
the destruction of the entire road a
any time with a number of different
syndicates, very greatly to his ad
vantage, but that 1t never has beer
the purpose, and is not now the pur
pose of this receiver, directly or in
directly, to countenance, connive at
contribute to, or so far as his influ
ence prevails, to permit the wreckine
of said road or any part thereof
Ely declares further that the allie
cations on this subject, contained in
the motion, are absolutely untrue and
have no foundation, unless it be idle
gossip of irresponsible persons, fol
which the receiver is in NO way re
sponsible," and that "all the facts
are in the possession and knowledge
of the bondholders' committee and
could be correctly and truly set forth
If the counsel for the bondholders'
committee was acting with their
knowledge, consent and approval"
Receipts and Expenses
Receiver Ely presents figures
showing total cash receipts in 1914
of $137, 297.77; in 1915 of $120,607. 80;
in 1916 of $122, 251.74 and in the first
six months of 1917 of $~S6,074.77. He
also presents figures showing a reve-
u in 1915 of $66,S50 and expenses
of $S3,050; in 1916 a revenue of $685.
ATS and expenses of $57,S74, and dur
ing the first six months of 1917 a
revenue of $40,O23 and expenses of
$4,000. A comparative statement OF
office expenses shows a total month
ly salary expense in the last year of
the r~eceivership of G.. G. Murray of
S433.33; a total monthly salary ex-
pense from January to November,
1915, under the Ely receivership, OF
$419.17; from December, 1915, to
July, 1916, of $3.50, and for the month
of June, 1917, $500.
Ely admits that he installed a die
taphone equipment at a cost of about
$500, but alleges that 1T is an actual
economy both of time and of money"
He also admits that one Of his stenog-
raphers is employed almost entirely
in connection with the work to which
he personally attends, but alleges that
he has little private work as distin-
guished from his receivership, and
denies that his private work is done
at the expense Of the railroad or the
trust fund,
Clark Coal Co. Transactions
Denial is made Of the incorporation
OF the Clark Coal company, but the
receiver admits that he and five
others former a partnership under
that name. because, he SITES forth,
other railroads were confiscating New
Mexico Central coal in the winter OF
1867, that it was necessary to seek
other sources of supply, and that the
associates felt it vas IAN opportune
time to develop a little vein of coal
and possibly profit thereby" 1t is
stated that. the receiver authorized
the purchase of 500 tons Of Clark coal
from the Santa Fe Gold & Copper
Mining Company. but that later the
superintendent reported that the
Clark coal was light and emitted
sparks from the engine ~smokestack,
thereby endangering property and in
volving the possibility of damage
suits, and that consequently the use
Of the coal on the railroad was aban-
doned. AS there remained about 400
IONS under the contract with the
Santa Fe Gold G Copper Mining COM
pany, the receiver suggested to his
associates in the Clark Coal company
that the coal be marketed in Santa
ne, STIMULATING that it should be sold
at cost plus freight and carriage and a
charge not to exceed 25 cents a ton
that about 100 tons were so market
ed, and that the rest of the coal was
taken over by G. J. Bacon. Ely adj
mits there is a balance due the Santa
Fe Gold C Copper Mining company,
but declares the amount has not been
determined, and that all the parties
indebted for the coal are ready to pay
for the same as soon as there is a de-
termination of the indebtedness. He
denies that he dealt with himself as
receiver in this connection, or that he
derived or expected to derive any
profit from the transaction, and that
the entire effort was with the object
of getting rid OF the coal contracted,
and with the hope OF finding a mar
ket commercially for coal, in regular