New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-02
Directors Approve Plan
to Extend $25,00O,000
Notes for Year.
GOULDS AND SPEYERS
COME TO THE RESCUE
Agree TO Purchase Disorders
HoIdings-No Remuneration
for Bankers.

\ rocoivorShip FOR the Missouri tacih'
Railway. tho most important Of the Gould
lines. was avertcd yesterday when the
directors at tho close OF hceilns "''"
lasted nearly five hours. declared opera
tive the plan FOR extending the con-
psny's Ss.Ooo0o maturing notes unti'
June I 1915 Although APPROXIMATE!
$500. 900 Of the notes were stu uhhePos
tied At the close OF business, the eA'ehs'ou
became effective because the GouId estate
and Speycr & 20 agreed 20 purchase the
notes still IN The hands Of dissenting hold-
cIs.
James Srevcr who Vds tho hist 10
emerge from, thu protrac;cd meeting Of
the board read the official announcements
of the company. and amplifed 1t by de-
claring that his banking Arm would re-
ceive no commission or remuneration OF
an. character for its share in the pur-
chase Of tho undcpositcd notes
This il the first time this has ever
been done" was Nj. Spc> er's comment.
There will he no underwriting or any
charge for taking M the notes. The
company had no money with which to
nav them off and SO this plan was
adopted because II was tho only way ol
which the extension Of the notes could
be declared dednitive. I agreed TO the
plan because II vas the only method by
which the noteholders Who had ALREADY
deposited their securities could get the
additional collateral behind the new
per cent notes
Another director Of the Missouri Pacluc
WAS asked whether Kuhn, Loeb n 60.
would be invited TO participate IN plans
for the compauys pcrmanen, financing
which viii be considered during the next
fiscal wear. This question was put IN
view Of the refusal Of the William
81. bankers go undcrvrite plan for
taking caro- NJ the notes that matured
yesterday.
Kuhn. Loeb 4 90 haven't al the
money in wall street, Vas his response.
lie also sajd that the willingness Of the
Gould family to assist i'm cNtr,csunE the
Missouri paciuc from threatened receiver
ship vas excellent proof that George >.
Could would remain IN control Of the
property, thus contradicting tho numerous
reports or the past few weeks that he
was about ready TO abdicste
Because II was generally expected That
Missouri Pacific directors would adopt
some plan Of financing the June ! mstuT-
il, few OF the notcholdcrs were on hand
at the company's office, ~ 10 Broadway.
yesterda, 10 demand payment Of Their
notcs That the extension plan would bc
declared definitiVe was also indicated by
tho action OF the stock, which after open
ins al ls,7 sold up 10 1914, the highest
in some days. and closed ~ is9, gain
Of J.. over Saturdays closing price The
notes we're also strong. being quoted At
gcto IS in the afternoon
Under the plan for the extension Of
its notes for another year the Missouri
Pacific agrees to increase the interest
rate from TO + per cent and deposit IL
collateral an additional 10000 OF the s
per cent bonds of the St Louis Iron
Mountain & southern, subsidiary prop
ertv. According TO the announcement
made tv the company. noteholders who
still wish 10 deposit their notes under the
extension plan may DO so until June >.
inclusive Those not desiring 10 avail
themselves Of the extension will be paiG
off by Speyer & Co. on presentation OF
their notes Holders of receipts for their
deposited notes will be paid the interest
due by the Union Trust Company, de-
postory under the extension plan