New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-07
0ENAND FOR n. O., I.&
N. RECE|YERSH|P LIKELY
willard V. King Admits That
committee Is Seriously Con-
sidering Such Action.
FRISCO MANAGEMENT HIT
conservative Hinebaugh, Urg-
inc Resolution for Inquiry,
Hints at Tremendous
Jobbing Scheme"

rul.rd V. King, president of the
-,,rn,bia- Knickerbocker Trust Com
NV and chairman OF the committee
ssrr,sd BY William Solomon & CO. for
:. rrotection of the securities of the
- orleans. Texas & Mexico Railroad
cs.,,anv. which is involved I'm the st.
,.,,s & san Francisco receivership. ad-
IT'D Yesterday that plan to apply
d. ssnarate receivers for the New Or
'..,s line had been seriously considered
=. The committee. He said. however.
A., for the time being no definite steps
ID no taken until q thorough invesu-
lion Of the property had been made by
ooronetent experts. but later IL was likely
49, q separate receivership would be APP
Piled for. - 49,
,,,erests Of the common and preferred
.,octholders Of the Chicago Eastern
u,nois and that Of the holders of the
,r,s, certificates for such stock, have
n,;,sa Members OF the consolidated COM
..i,,sa are Alvin w. Krech, chairman;
y. Porter. W. Emlen Roosevelt, Cor
Son Abbott. W. Redman Cross, Horace
Morse and Henry a. Nernet. The
vcuitable Trust Company is the deposi-
,,ry for the committee.
snsyer & co. and the Bankers Trust
Company have made arrangements that
cha holders OF the St. Louis & San
francisco general lien 1870 year per
can, gold bonds may deposit them in Chi
csso with the Illinois Trust and Savings
Rank. in Philadelphia, with the Girard
Trust Company: in Boston, with the Old
Colony Trust Company; in ST Louis,
NTH the Mississippi Valley Trust Com
many. in London. with Speyer Brothers.
"a Berlin. with the Deutsche Treuhand-
Gesellschaft: in Amsterdam, with the AS
sociatie Casa; in Antwerp. with the
Credit Anvorsois. and in Switzerland,
with the Schweizerische Kreditanstalt in
Zurich.
Washington. June ga spirited attack
on the financial management OF the 81.
Louis & San Francisco Railroad was
made in the House to-day by Represent
alive Hinebaugh, of Illinois. in a speech
urging the aQOptlOn OF MS ltSoluIO''
directing the Interstate Commerce Com
mission TO investigate the operations or
the company now in receivership.
This resolution should be passed he
said. "and an investigation made II for
no other reason than this recelvership
has already been given as a reason why
freight rates sholld be raised. As usual,
the public is asked TO hold the bag and
psy the fiddler when the operations OF
these gentlemen who are given TO fren-
lied finance are brought to a halt.
Il am more than satisfied that
thorough Investigation by the Interstate
Commerce Commission will demonstrate
that the Frisco system under the man
agement Of B. r. Yoakum has never been
conducted as d legitimate transportation
company, but that il has been made the
basis OF tremendous jObbing scheme 10
enrich the men who have been In
position TO manipulate its securities. l
believe il will also be found that great
volumes Of the stocks and bonds OF this
company have been sold far in excess OF
the true value OF the tangible property
owned by the company"
Representative Hinebaugh charged That
the receivership was not actually neces-
sary.