Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-19
Monday, Passes into the
Hands Of Receivers.
The Westinghouse Air Brake
Company The Petitioner.
Part OF Scheme TO Siraighten Out
The Roads Finances.

st. Louis, Dec. lS-On the applica-
ton of the Westinghouse Air Brake
Co. Judge Elmer Il. Adams, in the
United States circuit court. this at
terneon. appointed FREDERICK ]. De
lano. Edward &. Prior and w. X.
BiNby receivers OF the Wabash Rail-
road Co The receivers bond was fixed
at $SoeIe zoe each, to be given In 10 da~s
Wells II l2lodgett, who has been gem
eral counsel of the road, was appoint
ed counsel for the receivers FL De
lano is president of the road now and
Mr.. Prior until recently was diree-
tor.
Mr.. Prior is or his way from New
York to st. Louis W. X BiXhx did
not know of his appointment as one
Of the receivers until informed, to-
night. by newspaper men. No state
me1t could be obtained from the rail
road company. early tonight, regard
ing the claim involved in the receiver
ship proceeding, but IL was said in
some quarters that il was $4,000. Mr..
Blodgett did not return to St Louis
from New York until late tonight
President Alvin W r. krcich OF the
Acquitahle Trust Co. Of New York
and Robert Geelet. members of the
Wabash executive and REORGANIZATION
committee, who We're in St Louis.
Saturday. after an inspection OF the
Eastern lines of the system, returned
to New York, yesterday, by way of
Toledo They We're accompanied by
President Delano and H. r. Winthrop
and Were expected to reach New York,
today.
New York. Dec 1S-The appointments
of a receiver for the Wabash Railroad
Co. is the sequence Of the appointment
here about two weeks ago at ii meeting
of directors Of a committee ta readjust
the finances of the road, which for sew
eral months past had been the subject of
grave concern to the roads security hold
ers
The reeeiyership IS said here to be Of
entirely friendly nature and to have been
the outcome Of the committees delibera-
lions as to the best possible way of plac-
ing the Wabash on its feet. This COM.
mittee consisted of Winslow s. Pierce.
chairman. Edwin Hawley, Robert Goe-
let, Alvin W Krech and Gen Thomas
H. Hubbard of whom the last four were
elected directors at the meeting Thesa
four men are also directors of the Equit-
able Trust Co
Immediately after the receipt hero
of the news of the receivership the
announcement Of protective commit
tee for the bonds was made, consist
Ing Of Robert Goelet, Edward HaW-
ley, Thomas II Hubbard, Alvin ".
Kreeh. Robert Fleming and Winslow s.
Pierce. This committee met. tonight.
and announced that it would Con
duct as expeditiously as possible an
investigation of the financial condition
and requirements Of the road ard OF
the physical conditions and require
ments of its properties with the object
of formulating and carrying out in CO.
operation with Luhn Loeb & Co.
such measures as may seem best
adopted to the situation and to meet
the wants and develop the possible
ties of the properties"
The committee requires the holders
OF these bonds announcement coutin-
ues, Ito deposit them with the Equit-
able Trust Co, of New York. which
has been appointed depositary.
Arrangements have been made with
the bankers to advance to the commit
tee the funds necessary to enable it to
advance to depositors of bonds the IN
tefest maturing, Jan. l, 1917. III case
the same should not lie paid by the
COMPANY"
Alvin Krech who returned to New
York late tonight, said.
I do not wish the impression to get
abroad. that this recevership was
brought about by the organization
committee. 1t is not surprise to Us,
however, for if the Westinghouse Co.
had not acted some other company
would have stepped in. The connec-
ton of Kuhn Loeb &, co. viii continue
Just as arranged by the re-organiza-
ton committee. We had hoped IA
get through without a reeeivershiP,
but recently the company has been
pushed so hard that il was only a
matter of time for the receivership to
be brought