New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-06-12
READINGS FORECLOSURE,
HEARING BEFORE EXAMINER POLLOCK.
PRESIDENT GowEN CRoss-ExAMINEs TWO MoN
WITNESSES,

PRESIDENT GOwEN CROss-ExAMINEs TWO MoR
WITNESSES.
PHILADELPHIA, June IL Especial. The suit
Of William W. Robinson, OF New York, to forccose the
Reading Railroad was taken up this morning before
Examiner Pollock President Gowcn Gallo TO tue stand
Samuel r. shipsy president Of the Provident Lfe and
Trust Company. and an original member Of the Whelen
Barto Committed After hs had identified the plan fot
reorganization as prepared Jointly by tho different 10
terests Mr. Gowen said that in hayi the plan indentt
fed and explained by Mr. shpley his object was to sho"
that the foreclosure proceedings In progress were
the interest OF pan In other words. TO show thas
signatures to the petition for foreclosure were ors-
nay obtained In urherancc Of the scheme a. outlined
In this plan. Mr. ShIpley said that the plan
the ougrowth OF the combination made between the
whelen and Bartol committees when they csme TO
gethsr The original pan however. did not provide foi
the placing OF the company pending
the hands OF outside persons
"Tho syndicate nxed tho rans so that they mghs
take the road from the creditors and put /! into the
hands Of others who not interested u the creditor
classl" asked Mr. Gowsn.
The witness did whether the subject could
be correctly stated In that nor did he know who
composed the syndicate unless they were "Drexe Nor
gan Co.. OF rewYork; Drexe Co.. OF Philadelphia
Brown Brothers Co.. and Austin Corbn. and. believe
j. Lowbcr Welsh. John Jacob Astor and Mr. Dinsmors
Of the Adams Express Company" lie was not snrs
whether the Pennsylvania Railroad was represented.
but thought IL was
President Roberts remark at recent meeting OF tns
committee that 1t too late to keep the Il tnora
and ONO out OF Philadelphia, but 10 might he shut ons
OF NewYork'l Did he propose to have the Reading
disrupted and the Lehigh Valley Company given under
the arrangement, the Bound Brook aud North PeAasyl-
vanla leases T.
The witness said "I do not know. He came TO tho
meeting and said that he did not come as repre'entA-
tive OF the Pennsyiv ania Railroad Company. but he
showed that he interested IN the affairs or his com
| pany. lie said he anxious for harmony, which
was essential to success'
Well. that harmony was secured by keeping tho Ba-
| timOre and Ohio of New York ~
"He might have ntimated sucn but don't remem-
| ber"
President Thomas Cochran. Of the Guarantee Truss
ami Safe Deposit Company custodian OF ths Don u u-
der the syndicate called and asked by Mr. Gowsn
how bonds his company had received 81 FAR Ins
the trustees oDJectei 10 tns
of this question. Mr. Cochran declined 10
answer. Mr.. Lewis, counsel for Mr.. Lockwood. asked
| Mr.. Cochran what the general mortgage bonihoders
were to get under tue syndicate REORGANIZATION pan
The witness replied:
"An per cent bond and preferred stock"
Mr. GOwcn notice that he would refuse 10 pro-
duce his witnesses until the PLAINTIFF brought forward
Messrs Paul and Dick for further crOssexamuation ss
he wanted time when trey bought the bonds
they held when they signed the petition. The neXs
| bearing will be held June IL