New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-30
More than 100000 Now
In-PeriOd Extended
Until Monday.
RECEIVERSHIP NOW
VERY UNLIKELY
More than % Per Cent of Notes
Required to Force Sale of
Collateral.

Although the Missouri Pacific directors
had widely advertised that the time for
deposit Of the company's S25,oo0.0oO notes.
due June 1. would expire yesterday at
o'clock, they decided to grant the note
holders a last opportunity to come IN
under the one-year extension plan until
the close OF business on Monday, when
the notes mature. More than s2o,ooo.ooo.
or over so per cent, have been deposited.
but this amount was not deemed sum-
cient 10 declare the extension operative
yesterday.
The directors will meet on Monday at
IL o'clock, and then decide whether or
not enough deposits have been received
to warrant the extension for another
year. That this will be done was the
inference drawn from the statements OF
the directors at the close of yesterdays
meeting Of directors and the last SEN
tence in the official announcement OF the
decision to further extend the time Tor
deposit of the notes. which read:
ut is incumbent on the railway COM
pany on said date TO determine whether
or not sufficient notes have agreed 10
extend in order to make such agreement
definitive or to rescind the same"
As the note indenture specifically de-
clares that it Is not obligatory on the
part of the trustee to take action re-
garding the sale OF the collateral unless
requested TO do so "by holders OF not
less than one-fourth In amount OF said
notes outstanding" etc, Wall street
still adheres to the opinion that MISSOURI
Pacific will not go into rece'vership'
though only few more notenoioefs
may agree to the extension. This Is due
TO the fact that il will take more than
% per cent of the amount outstanding
TO start foreclosure proceedings unless
the trustee elects TO do so on its own
initiative.
This opinion was verified by Thomas
l.. Chadbourne, counsel for George D.
Gould, who in answer to the question
concerning the probability Of receiver
shin for the Missouri Pacific made this
statement
There will be no receivership until
an order for the sale OF the collateral
has been issued
Finley ]. Shepard brother-in-law OF
George Gould and a Missouri Pacific d.
rector. said that the directors were SO
much encouraged over the number Oh
deposits received up to the close OF ousi-
ness yesterday that they thought 1t was
only right to extend the time for de-
posit TO the last possible moment.
In view Of the assertions that kunn'
Loeb e. Co. would not enter into any
financial agreement with the Missouri
Pacific while George Gould was at the
helm, the latter was quoted indirectly
Yesterday, as saying that he would
gladly retire as chairman of the board
of directors and relinquish his official
connection with the property II he could
be reasonably assured that his and MS
family's large investments would De
properly cared for
! Up to the present Mr.. Gould claims
that he has been asked to efface him-
self and place his Missouri Pacific IN
terest trustfully in other hands, Tor all
PROPOSALS to date have been promised
on his retirement, after which action
bankers will agree to finance the prop
/ erty