Show TH A1I11SOiT IN 1 A VERY 1 BAD HAPE Enough Money to Even Pay Its Day Laborers MAGOWS DEATH CUTS LITTLE FIGURE Receivership lUll Afford Proper Protection Policy ot tIle Management Not Yet Made Known Bat i is Believed There Will he jo Retrenchment And That an Improved Condition Of the Great Road and Its Feeders Will Soon Be Manifest The Foreign For-eign Bondholders r Topeka Kan Dec 25Treasurer Edward Ed-ward Wilder who has held the position posi-tion practically from the inception O the Santa Fe road speaking to an Associated Press reporter today of the receivership said The receivership is not a surprise to me The death of George C Magoun although not necessarily neces-sarily embarrassing afforded a pretext for the bears who have been persistently persist-ently hammering our sureties to work on the fears and imaginations of smaller speculators and this fact broke the price of our securities still further Naturally such action had an effect upon the efforts of President Reinhart in providing for the interest on the floating debt due January 1 and there was no time for any new arrangements to be consummated While it is sometimes some-times considered unfortunate for a road t go into the hands of a receiver it is not infrequently and in this case it was a very wise move because it will enable the management to handle the property and the financial burden without the natural embarrassments that attend a period of general depression de-pression shrinkage of values and dull ness in business The earnings of the Santa Fe have been very satisfactory and under ordinary circumstances the floating debt could have been cared for without any trouble or even inconvenience incon-venience but every one knows what difficulty there has been during lasts last-s mmer and fall in raising money on any collateral or security The receivership in this case does not seem to me to indicate anything but a reasonable period of protection until improve conditions which we all believe be-lieve can be counted upon during the coming year shall permit the return of the companys affairs t be managed by officers elected by the stockholders We certainly need to feel no uneasiness uneasi-ness ecept thait the bondholders will have to wait a little while for their interest in-terest ut I do not believe it will be unreasonably delayed because our securities are ample if the condition of busies and the financial worlol was normal r Fzeivhexi seen to taY sId The appointment of receivers was a sur pnse to me and while I do not want to anticipate the general policy that will be pursued by thq receivers yet I will say J at the end of the receivership the Santa Fe road will be in the best condition con-dition pf any road in the world The road at the present is in better physical physi-cal condition than it has been fQ ten years and that condition in niy opinion opin-ion will be improved on The business of the Sahita Fe has increased much faster than its facilities and in my judgment the receivers will add to those facilities As far a the effect of the receivership goes it will not be felt by the public in fact people will not know the road is managed any differently differ-ently than it has been in the past It will give the patrons all the facilities I heretofore given and in my opinion better service The business of the road while i has not been a good a last year is gradually getting back to its normal condition and will reach i by spring reacI The death of Magoun probably brought on the receivership at this time but the real cause of it Is the general deplorable condition of the financial world and the tight money market No monev could hf realized on the roads securities to meet the January interest and there was only one thing to do and I do not believe the course pursued will be at all disadvantageous dis-advantageous to the business interest of theroad or I will be felt in the least bY any one except the bondholders bondhold-ers and in my opinion they will not be kept waiting very long While I cannot can-not speak for the receivers yet in my opinion no retrenchments will be made but it will not be long of course be fore their policy of management wil wi oe made known |