The Sentinel=record., 1911-12-19
.RECEIVERSHIP
 FOR WABASH
STEPS TAKEN TO READJUsT FIN. ANcEs OF THE ROAD IN A
 FRIENDLY AGREEMENT.
Gould Family Still Credited With the Control of the Line Despite the Reports to the
 Contrary.

New York. Dec. 1S.-The appoint ment of a receiver for the Wabash Railroad Company is the sequence of the appointment here about two weeks ago at meeting of directors Of committee to readiGst the fin ances of the road which for several months had been the subject of grave concern to tae roads security hold CTS.
 The receiyership is said to be of an entirely friendly nature and to have been the outcome of the committee's deliberations as to the best possible way of placing the Wabash on it's feet. This committee consisted of Winslow s. Pierce. chairman, Edwin Hawley. Robert Goeset, Alvin W. Krech and General Thomas ii. Hub bard, of whom the last four were elected directors at the meeting. These four men are also directors of the Equitable Trust Company. trus- tees of the railroads $40.VOO,OO first refunding and extension four per cent mortgage bond, the semi-annual inter- est which was due January 1 next This amounts to sSO0.00O and it was the eompany's lack Of funds to pro vide for its payment that precipi- tated. it is understood the present situation.
 immediately after the receipt here of the news of the receiyership the announcement Of a protective com. mittee for these bonds was made, consisting of Robert Goelet, Edwrn Hawley. Thomas H. Hubbard, AlFin w Kredh, Robert Fleming and Wins low s Pierce. This committee met toight and announced that it would conduct as expeditiously as possible an investigation of the financial con dition and requirements of the road and of the physical conditions with the object of formulating and carry ious out. in cooperation with Kuhn Loeb and Company, such measures as may seem to be best adapted to the situation and to meet the wants end develop the possibilities Of the properties.
 The company's last annual report for the fiscal year ending June 30 showed deficit of $4os,0OO under the requirements necessary to pay the company's total Increase charges, but arrangements were made by the di- rectors at that time 10 provide the money for the July first payment. Since that date the monthly earnings reports by the company have shown a stead falling off and it seems k1. equitable in Wall Street opinion that stens would have to be taken to rehabilitate the company unless it's earnings improved.
 The management has been hamper Fed ia the opinion of the road, accord ing to statements of Its representa- tives by the fact that insufficient funds were forthcoming for adequate maintenance.
 The company's total bonded debt amounts to over $114,00O and is one of he heaviest of the country. Besides being burdened by these heavy fix ed charges, the company, few years ago became involved with heavy ob- ligations in connection with the pur. chase of the Wheeling and Lake Ere Railroad, and the building of the Wabash Pittsburg Terminal
 George Gould and the Gould es- tate are credited with control ot the Wabash system. Recently the banking firm of Kuhn, Loeb and Cn which appointed the company's fiscal agent, sowewhat to the surprise ol Wall Street. No public statement was forthcoming from MT. Gould in connection with the entrance of the Equitable Trust Company interests in- to the directorate. but it was assum- ed in Wall Street that MT. Gould ac- quieseed to this arrangement.
 
 The Wabash refunding four per cent bonds have recently been sell ing below 50 on account of the rumor that receivership was imminent. President Delano. together with Messrs Goelet and Krech have been making an inspection trip over the Wabash system during the past sey.