New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-28
BID Western Railroad, $500
Miles Long, Unable to Meet
Maturing Obligations of
S2,250,000.
FEDERAL COURTS APPOINT
Two Named in st. Louis and
Two More in Chicago for
Chicago & Eastern Illinois
Stocks Break
Violently.

st. Louis, lay 27.-Thomas IT. Wcsr.
chairman OF the board Of directors Of
the ST. Louis Trust Company. and B.
T.. Wincheu, president of the St. Louis
& San Francisco Railroad Company.
we're appointed receivers for the rail-
road in the Federal District Court here
late this afternoon.
The appointment or receivers here
took place about an hour after the ap-
pointmont OF ancillary receivers for the
Chicago & Eastern Illinois, a sub
sidarv ct the Frisco. by the United
states District Court in Chicago.
The application for the appointment
Of receivers for the St. Louis & san
Francisco was made 10 Circuit Judge
Walter II. Sanborn, who came here
from st. Paul to-day especially to heor
the Frisco matter, by the North Ameri-
can Company. which is said to he
creditor Of the Frisco to the extent Of
100000 A receivership was urged rs
the only solution Of the financial diff
cuties Of the road by James Campbell,
Of st. Louis. president Of the North
American Company. The immediate
cause Of the receivership was the ma
turing on June l OF short-time notes
issued by the railroad for S2,2J0,000,
which bear . per cent interest.
The impending crisis in the affairs ot
the Frisco has had depressing !nflu-
ence on its stock for some time. and
last week Chairman Yoakum OF the
board Of directors came to 81. Louis 10
consult local interests concerned in the
welfare Of the road as TO the oest
mored that some means would lie
found TO tide the company over Us
pressing necessities. but this hope was
dissipated early to-day. when Judge
Sanborn and attorneys and directors
for the railroad went into secret con-
ference.
At noon il became known In finan-
cial circles that petitions were being
prepared for the appointment Of re-
ceiyers. and the scurrying about of at
torneys representing various interests
started rumors that this proceeding
would be opposed.
-ehmann and Nagel Apply,
These rumors were verified in part
when the formal application was pre-
sented 10 Judge Sanborn late this
afternoon. Frederick W. Lehman and
Charles Nagel. attorney, representing
certain creditors, said they preferred 10
have as receivers men who were in no
way connected with the railroad, thus
opposing the appointment OF President
Winchell and Mr.. West. whose trust
company has looked after many Of the
financial affairs Of the road. Mr..
Nagel also asked that the receivership
be made temporary until he could get
definite Instructions from his clients.
These objections did not prevail with
the court. who appointed Mr.. West and
President Winchell receivers. Thomas
7. FaUntleroy. Of 81. Louis, was ap-
pointed special commissioner to repre-
sent the court in the future proceed
ings
The application for the appointment
Of receivers was laid before the court
by Henry s. Priest, representing the
directors Of the railroad and the prin-
cipal bondholders and acting in behalf
o the North American Company. He
asked the appointment of Mr. West
and Mr.. Winchell
The North American Company is
understood 10 hold as collateral for its
Continued on fourth page. sixth column.