New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-08
TELLS HOW He TOOK
S37,0OO,0OO RAILROAD
Joseph Ramsay, Jr, Explains
Capture of Wheeling & Lake
Erie from the GouIdS.
LATTER'S PROXY OUTWlTTED
Failed to Vote the Majority
Stock at Meeting Organized
by the Minority
Holders.
Ia relesraph 70 The rrlbune. !


Pittsburgh, June 7.-Joseph Ramsay,
jr.. ex-president Of the Wabash Rail
road, stopped in Pittsburgh tonight, en-
route to New York from Toledo, where
on Tuesday he wrested control of the
Wheeling & Lake Erie Railroad from the
Goulds. In telling of the battle for this
$37.00O,0O0 corporation Mr.. Ramsay
said
81 went to the stockholders meeting
with no intention of taking control OF
the road. 1t was not apparent until the
meeting had been called that such a
thing was possible. My purpose in at
tending the meeting was to protest
against the proposed assessment of so
q share, or % per cent on the stock OF
the Wheeling G. Lake Erie for the pur-
pose of refinancing the Wabash Pitts
burgh terminal. If this plan had gone
through the shareholders in the Wheel
ing G. Lake Erie would have contributed
S9,00O,000 TO saving property in which
most of them have no interest. The
Wabash controls 81 per cent OF the
Wheeling stock.
I'VE went into the meeting ready to
vote 1900 shares belonging to the
minority stockholders. We found the
Goulds had delegated J, A. Watson, of
Cleveland. to represent their interests.
He had voting proxies for 191 400 shares.
He proposed himself for chairman of the
meeting, seconded his own motion and
declared himself chairman After that
he lost his head
u had with me George \. Rust and
Judge T.. A. Henry, Of Cleveland; c. NJ.
Splitter, Of Toledo and Henry McGraw,
of Cleveland. Mr. Rust proposed me for
chairman and 7 was elected Watson,
for some reason, refused to vote his
stock. He wired to Cleveland for r. NJ.
Johnson. Of the law firm Of Johnson &
johnson. The polls closed at 3 o'clock,
and at 3:15 MIR. Johnson arrived. He
was not stakeholder and did not hold
q proxy. so that the motion he put to
reopen the polls and let Watson vote his
stock was not legal.
Up TO this time Watson had declined
10 recognize me as chairman, but when
Johnson arrived Watson was willing to
recognize me. which he did by second
ing Johnson's motion to reopen the
rolls. In the meantime, however, we
had proceeded and elected a full board
of directors, all of them in sympathy
with the minority stockholders.
The minority stockholders are op-
posed TO contributing S9000O00 TO take
the Wabash Pittsburgh Terminal out
Of a receivership We contend. too
that the Wheeling & Lake Erie, under
the wise management of B. A. Worth
ington, is solvent and should be re-
l leased from receivership.
The stockholders instructed the di-
rectors to sell bonds and adopt any
other means possible to take the road
out of the receivership as it is making
money and should not be thrown into
bankruptcy again by being tied up with
the Wabash in all it's troubles. We ex-
pect court proceedings. Of course, but
we are confident Of winning"
The new board of directors are F. a.
Henry. Cleveland; Joseph Ramsay, jr.,
New York; R. L. Slavens, New York;
John 6 Tsussig, st. Louis; Ralph L.
Cohen, Steubenville; Colonel w. D. Holi-
day, Altoona; Frederick Reynolds, To-
iedo: George T. Rust and Henry Nc
Graw, Cleveland; c. NJ. Splitter, Toledo
II. 4. Worthington. Cleveland; Z. a.
Palmer and Messrs. Carey and Avery,
Wort