Omaha daily bee., 1909-01-14
MEN FACE PROBLEM
0fRcers Of Independent Company Ad-
justing Financial Affairs,
MEN FROM OUT OF TOWN HERE
Secretary Graves that
Money IL Being Provided with
which 20 Carry On work
OF the Plant.

Important matters pertaining to the fu-
ture ~ the independent Telephone ompany
will be definitely settled ne a meeting 20 Be
held within a day OF two. Conferences pre-
liminAry to this meeting have been IN
progress for two days between Sanford +.
q. Harris, vice president Of the Automatic
Telephone company, and two other men
representing the creditors and bondhoiders
and +. r. raves OF Los Angeles, secretary
of the independent company. r. II. STOW.
vice president; A. p. Matthews. general
manager. and Ben B. Baker, attorney.
1t IL announced by Mr.. Graves hat sutti-
Client money has been pledged by three men,
Of whom he is one. not only 10 meet all
current obligations. but to provide for con-
siderable necessary construction work.
The visit of Mr.. Harris il connected with
the matter OF the interest OF the c~ompany's
bonds. his company being one OF the heavy
bondhoiders. with him are w. II. David
son. another officer Of the company, and
Albert n. Wilson. its attorney.
Independent company men assert that the
situation is not serious and that all neces-
sary money to relieve the immediate prob
lem has been pledged. +. +. Graves, who
has come here from Los Angeles to attend
the meeting md who says that two other
men with him have pledged n large sum.
declined to state the amount OF this SUM-.
I'VE have pledged q sufficient sum Of
money for all necessities,' said Mr..
Graves, Including q large amount Of con-
struction work, which win be done this
spring and summer"
Find status Of Company.
'our mission here" declared A. 70. VIII
son, attorney for the Automatic company
and personal counsel to. Harris as well, is
to find out how the Independent company
stands. or its indebtedness to US part has
been In the form Of. notes, some OF which
have been taken up and on some extensions
have been asked for. We wish to discover
just what the situation is with reference
to the future and any action which we
might take is entirely contingent upon what
we shall discover. We know nothing Of
this ourselves st the present time.
'"There 10 no truth whatever in the rumor
that the Independent company has failed
to pay interest due on bonds. There were
two coupons for insignificant sums which
were not turned in by the owneFa at the
proper time and provision was made b. the
Independent company to the trustee for the
amount Of coupons which he reported sent
him. When later these two coupons came
in the trustee very properly Informed the
owners that he had no money TO pay them.
One OF these coupons was for SIS and the
other for a similarly small sum. That Is
all there Is to the bond default rumor."
This meeting Will be n formal one,
for meetings have been held at the
Rome. where Harris and Graves are stayA
ing, continuously since Tuesday. when all
out. of-town parties arrived here. It was
stated. but not authoritativeiy, that tho
formal session is being delayed to give
the Independent people time to solve their
problem.
The action OF the State Railway COM
mission January l. in prohibiting further
free telephone service by this company IA
said to have its bearing on this general
situation. b