New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-15
RAMSEY WILL NOT RESIGN
ASKS WAB4SH PROXIES.
Pledges Himself to Elect Board
Which Val administer WiseIu.

Joseph Ramsey. jr.. whose retirement as pres
ident OF the Wabash Railroad Company has for
some time been slated TO follow the approach
lng annual meeting of the stockholders october
~. has decided not 10 withdraw without protest
~ contest. He has issued a public appeal 10 the
stockholders and debenture holders. urging
them 10 send him their proxies running to him.
self for use st the annual meeting. and explain
ing that ne is obliged to resort public adver-
tiserent TO reach them. because access to the
books OF the company has been denied him.
In the circular. which is signed by Mr.. Ram
sey as president OF the Wabash Railroad Com
pany," he calls attention to the extension OF the
system during the ten years of his connection
with Il, in which period more than S12op0o00
has been taken out OF earnings and expended
u on the property. He pledges himself. If a
controlling amount OF proxies be given him. to
use them in the election Of a board of directors
who viii administer the property honestly and
wisely. and enable the holders of its stock and
debentures to obtain some return upon their IN
restmenr.
The wabash has S24ooo.oo0 preferred stock.
al outstanding, and s7S000,0O0 common stock,
Of which S3S OOO0 600 has been issued. 1t has also
t3500000 debenture A bonds and S26500, 900 Bs,
the par value of bond being $1,000. The hold
.rs Of the debentures are entitled TO one vote at
stockholders meetings for every 500 of princi-
pal and TO nominate one-half of the highest
even number Of the board of directors.
The Missouri Pacific Railway Company owns
IS 100000 of the Wabash preferred stock and
s5425. 900 debentures. all Of which naturally
would be voted for a board of directors who
would elect the Gould candidate for Mr.. Ram
seys place. It is said. however. that year ago
the Gould interests were so far short of owning
absolute control that q considerable amount of
stock and debentures were borrowed from Stock
Exchange houses to supplement their own hold
ings for voting purposes, and is reasonable in
ference that Mr.. Ramsey, in making his public
appeal TO the security holders, has reason TO be-
neve that so large "A proportion Of the securities
having voting power are not concentrated IN tho
hands Of the Gould parties as 10 make it pos
sible, if not probable, that he may be able to
control the annual election next month.
AT OUTS WITH GOULD.
The snirnosity between Mr. Ramsey and
George J. Gould has been a matter of common
knowledge for many months, although no au-
tboritative statement Of the causes for il has
ever been made Vast sums were expended in
bringing the Wabash into Pittsburg, and it has
been said that the fact that practically no re-
turn has Yet been obtained on that expenditure
was the real reason for the break. The entrance
into Pittshurg was effected against the long
continued. fertile and determined opposition Of
the Pennsylvania The credit for the achieve
snent has always been largely ascribed TO MI
Ramsey. Only recently has the Wabash been
able TO complete the connections at Pittsburg
which viii enable il TO enjoy the benefit OF its
twenty-five year contract for carrying one
fourth of the Carnegie Companys Immense ton
mage of steel ore and coke.
The Wabash got into Pittsburg through its
the construction of the Wabash-Pittsburg Ter
rrinal Railway. connecting that road with the
city of Pittsburg. It's long projected extension
from that city TO the Atlantic seaboard is still
far from completion only fortnight ago, on his
return from Europe, Mr.. Gould said that the
connection between Pittsburg and the Western
Maryland would not be by way Of the Little
Kanawha road. owned by syndicate Of which
Mr. Ramsey and his associates have been in con-
,rol; and Mr. Ramsey. arriving few days later.
announced that the Little Kanawha would so
to a railway system other than that controlled
by the Gould interests.
It has frequently been asserted that one Of the
differences between Aessrs. Gould and Ramsey
concerned the Little KanaWha syndicate. Other
evidences Of the friction have been the troubles
connected with the financing of the Wheeling
and Lake Erie improvements, Mr.. Ramsey hav-
.ng been rather sharply criticised in some quar-
ters.
NJ Ramsey several months ago resigned as
president of the Wheeling and Lake Erie, his
successor being r A. Delano- Later Mr. Delano
.Dccae5ed him as president OF the Wabash
Pittsburg Terminal Railway Company, and in
Aprll was elected first vice-president Of the Wa
bash
Early fn the summer Mr.. Ramsey went 10
Europe on a vacation trip, leave Of absence be
ing granted him until October l. George J.
Gould was elected acting president, although
he had gone abroad before Mr. Ramsey and re-
turned only a week ahead Of him.
The dissensions in the Wabash board have
been publicly known since the resignation
months ago Of Cyrus J. Lawrence as director
Henry K. McHarg offered his resignation at or
about the same time. but IL has never been
hcted upon: and it has been currently reported
that another directors resignation has also been
for several weeks before the board