New-York tribune., 1911-12-20
NFV WABASH COMMITTEE
ooo Formed to Protect the In
terests Of Shareholders.
FRIENDLY TO PIERCE BODY
pordbolders May Act Indepen-
dently-Gould Defends the
Roads Policy.

erst refundlhB anu eA'ShsiOu HiV' ''S"eN
'.s,o,ders Of the Wabash Railroad, a
.-,r,jttee 10 represent the common and
.-.fsrred stockholders has been formed and
:. onposition bondholders' committee is in
o,5,smpation. The protective committee
=. the common and preferred shareholders
!. con,posed Of J. Horace Harding. of
,c,r,es .. Barney * Co; Franklin G.
o-,,n Of Redmond & Co; Charles H
,,ssn president Of the KnickerbocSer Trust
H,r,nany: Frank B. Keech. Of Keech, Loew
"a, philip Lehman of Lehman Brothers,
5F X. Sturgis, of Strong, Sturgis x Co.
ter Ledvard & Nlilburn are counsel for
ms committee and the knickerbocier
, -r,st company will be the depositary for
4 ,he stock
4 The independent committee To represent
soldiers u the per cent refunding and eN-
,,,sjon bonds in this city, Philadelphia and
:, Louis WILL If organized, have as its
counsel samuel Untermyer, who IS counsel
Dr the Chaplin committee Of the Wabash
p,,sburch Terminal Railway Company.
W Tntermyer said yesterday afternoon
nat IL had not yet been decided whether
committee for the Wabash would be
e,-r,ed. Il is said that this committee. If
q shall be organized will ask permission TO
intervene in the receivership proceedings
and will apply for the appointment of re-
,sivers independent OF the present manage
ment.
The committee representing the stock
holders q IS understood, is in entire hhr-
,,onv with the Pierce reorganization com
wntee. OF the latter body fvc arc the
directors Of the Wabash, all trustees OF the
vouitab'e Trust Company the trustee of the
srst and refunding mortgage 4 per cent
b,-8s. whose election as the new executive
committee was announced on December o.,
n, which DAY four Of the five entered the
h,srd and who were also empowered 20 act
as a committee for the financial readJust-
reDt or reorganization OF the company.
The sixth member of the Pierce committee
/. Robert Fleming, Of London, who has at
various times represented the interests ot
English investors on committee IN this
country.
The Pierce committee. which IS expected
70 take the principal part il the Wabash
reorcanization. will, IT, is authortatlNely
said, undertake the task with q view solely
N the benefit Of the road and Of the secur-
itv holders as body. without showing favor
20 any particular interests. The Gouids
are supposed 40 be the chief owners Of the
Wabash securities, and the Missouri Paclhc
and Iron Mountain companies also are large
holders The Missouri Pacific had a ieN
months ago 100000 Wabash preferred
stock, and the Iron Mountain held Srs-5'-oo
rreferred and S2S2o2o) common stock and
ga3aO Of the per cent bonds.
George J. Gould said yesterday, when
asked about the Wabash receivership.
Under the conditions as they have de-
y.6ped IL became the conviction of the
Wabash Railroad board Of directors that
ne course pursued 10 date was the best
,-3 will ultimately promote, more than any
cher course. the true interests Of the Sc
Crty holders
ne announcement by the Pierce commit
,.s that IL had arranged to advance the
hruary interest on the first refundlng ana
u,ension bonds. in case Of default by the
nrpsuv. includes only the bonds which
ssn Be deposited with the committee and
4 The uncertainty as to the meeting Of the
/ interest by the company is expected to
1 hing in many bonds which otherwise might
te withheld by their owners
Wabash common and preferred stocks, on
/ both q which assessments Of considerable
/ sze are expected TO be laid, closed yester-
cay with a net loss OF Is Of a point each,
although not al the low Of the day The
bonds improved, the first SIS closing ss
above Monday, the second IS gaining IL
uolnts and the refunding As closing az
ss,' = o,- -o;,.+-
/ o'-.' nel ADVANCE OF -.2 POI-I'S'
and Edward B PRYOR. two Of the receivers
appointed yesterday for the Wabash Rail-
road Company. arrived in ST. Louis late to-
day from New York and prepared tonight
TO confer with W. X BiXby the other re-
ee!yer. Il was thought possible the receiv-
srs would go before Judge Elmer b. Adams,
% the United States Circuit Court to-
uorrow
Nr Delano issued a statement saying
that no changes in the service were con-
tsmpated. Il follows, in part:
The dAc;sio7 ~ ourl, for receiver was
ertireiy unexpected 10 me: at the. same
er5ss Ss.a cit >, to. OF Ihe fOlP@IS{ Univ
saMsed Of the condition Of the company
lsndcsuped ever since The reor~anization
q 1889 which reorganization provided no
III, liz l lol improvement or oeFeiopnenI
r.ET n Len fl s, ~ tS rei'ire,ef me- or
% successfully compete with its aggressive
'"r - iiShet rirais. s.......-
/ srm nv aprojntusat as receiver il viii be
ny earnest endeayor in cooperation with
6oSor ci[r lecel eS, 10 Put lhg cotnpany IN an, III m
4, YyS{oA S.S as spee1.y as possioIe 10 pay an al
stockholders.
cs,..
-. Da'Oaso DEC, 4'.-Fiahs loF Inc appoint
,s,o-, - o',,.'',,' ~.
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