New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-16
NO RECEIVER FOR
"MOP" EXPECTED
Directors and Protective
Committees Agree with
Prediction.


rectors OF the Missouri Pacific and
members Of the two protective com
mittees organized in the interests OF
the company's convertible per cent
bonds and the forty-year per cents
tended 10 verify The Tribune's predic-
ton that the roads complicated fin
ancial difficulties would be worked out
without the necessity OF a receiver
ship. The admission was general.
however. that some plan OF reorganiza
ton must be adopted in the not dis
tant future which would involve &
material sealing down in securities.
Alexander J. Hemphill president Of
the Guaranty Trust Company and
chairman OF the committee represent
ing the convertible IS, was one Of
those who believed that a Missouri
Pacific receivership was not imminent.
but he held that the roads fixed
charges were too high and that they
should be reduced. In explanation Of
the reasons for the formation OF his
protective committee. he said:
1--WE saw b. the decline m Missouri
pacifc's securities that something was
inpending and naturally thought It
hest to Immediately take steps TO pro-
tect the interests OF the bondhoiders.
I do not look for a receivershlp at
this time. | do not believe the Gould
family would have gone down in their
rockets to paw of the notes maturing
June /. which were not deposited
under the extension agreement. II they
had any intention Of allowing a de-
fault on the later maturities.
That there will be no Missouri Pa
ci6c receivership in the near future
was also predicted on the assertions
of two prominent directors. They said
that the company had enough money
in its treasury 70 meet all August ]
ALLEGATIONS. amounting 70 approx
matelv s35O.0O0; but as regards the
scn,i-annual interest due September !
on the convertible IS and the forty
wear A. they said Il was too carly 70
talk about those maturities.
Although these two directors de-
clared that nothing would in all PROB
ability be done toward the 1ornlu,
Latino Of a readjustment plan until
fall tho IMPRESSION prevailed tnat inc
two bondholders' committees were
formed because the organizers ne
Iiovod that something should be done
committees had this 20 say: .
"Tbo directors have had plenty o.
.,r,o "a man out a rcadlustment plan
brt tho time has gone bv when the
secu~itv holder will wait until there
Las boen default or something else
that would call for court acton.
otto n Kahn. who Is MEMBER o.
tho con-,ittep representing tho Wis
.ouri paciic's fortv-vesr per ceh'
hond.. returned YESTERDAY on me III =.
no-a,or When asked A. the offices o.
Kuhn. Loeb & Co. whether ms mem
bersbin on this committee ard INC
membership of Jerome !. Hanauer' MS
ror.rnr or the committee tor tne co"
rcrtiblo 5s. meant that his firm nae
arain decided 70 become interested 'n
Missouri Pacific affairs. Mr. Mann
would make no statement ne I'M f,
nression was strong in the tnancia..
distr,ct. however. that tho influence
tho William 81 bankers would ne feit
in tho creation or anv readJustmeh'
rlar which NAV ne adopted.
coou after the Official announcement
cas- made in Yesterday mornings news,
rar.rs that protective committees had
!oor fo-med for Missouri Pacihc 3
e. MS stems we're taken IN behalf Of
b, ckboldors and the following pro-
.ve Committee was named; Jane
Y sllace. president OF INC central
Company. chairman: J. Horace
Of G. r. Barney %
TO- K Strauss. OF J. & W. Selig-
ran Co: Albert II. WIgg ~
nrcsiGen. OF the Chase National Bank:
and Pobe. ? Wusor. The formation OF
,h;s co. ittee. members stated, was
due 70 creation Of the committee.
ronrcseni1g the bonds. Deposits oi
N stock o. not asked for ~ tins
> -. but 70 areholders arc re
egtcd % furnis the committee with
their names. addresses and the amount
OF their holdings. while awaiting iurtn-
or Developments in Missouri racine al
falrc