Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-08-18

that the road is now in receivers |
hands althoush evidence shows the |
earnings of the company We're in 1914 /
The largest In its history
Astonishing High Finance.
In 1901. the report sets forth, Dam
iel ~ Reid. " ". Moore. j. HI Moore
and W. b Leeds purchased 100000.
000 of the company's stock, Leeds be-
came president and Reid chairman of
the executive committee. A syndicate
was formed which procured the cleo
ton of r. l.. Hine. George McMurUy
and George II. Boggs, as directors. Ac-
cording To- the report this syndicate
controlled the board through the di-I
rectorships held hy themselves ana hy|
those subject 10 their wishes In JULY
1902. the syndicate organized two
holding companies, the Chicago, Rock
Is aud q Pacific Railroad company Of
Iowa and the Rock Island company of
New Jersey. Practically all the road
stockholders exchanged their stock,
depositing about S7l,Ooo,0 Of the
railway stock, while the par value OF
the holding eompany's securities is
sued in exchange aggregated $l9l,-
eco, 600
BY the organization OF the two
1 holding companies" the report says.
the members OF which had hut little
more than one-fourth of the railway
stock, secured control of and dommat-
/ ed the affairs of this transportation
I system
Ncnner's Lucrative suit.
/ c. H. Nenner, stakeholder Of the
railway i'm 1903. instituted proceedings
I to enjoin organization OF the holding
/ companies and exchange Of the stock.
In February March, 1904. the railway
| company paid Venner 1921, GOO, osten-
sibly for his delivery 20 IL of securi-
ties of the New Jersey company and
of the railway company, valued at
$4,000 and stock Of the Nebraska
( Central Railway and Nebraska Con-
/ solidatiou company nominal value
| 5000, 900 The commission declares
Nenner obviously was paid for his re-
framing from further prosecuting OBJ
position TO the syndicate plans.
Many large contributions were
made to officers and directors Of che
I railway COMPANY, says the report
"aggregating $l000,00O
George r. BoGgs, director ana sec
rotary Of the board Of directors Of the
railway and director Of the two hold
ing companies, was given $4,000 in
cash when he retired from the sec.
I retaryship Of the railway.
~ e. German, first vice president
in charge of freight and passenger
traffic, was secretly paid $1S,750 q
year, making his total compensation
$43.75O, whereas the payroll SHOWED
$4,000.
I.orce Is Wen Paid
"As an inducement to l.. II Loree
chairman Of the executive committee
to relinquish, after ten months serv
ice, a joint contract with the railway
company and the Frisco under whicl
he was to receive a salary of $4,000
per annum for five years and in adj
dtion bonus of $4,000 at the enc
Of the period of the contract, he wa,
given bonds Of the railway company
of a par value of $4,000. This wa
borne equally by the two companie
and the proportion of the railwa!
company in this transaction exceeded
$4,000.
&C H. Warren, vice president, va
given by the company $4,000 in pa
value, common and Sl05,000 pa
value, preferred, stock Of the Ney
Jersey company and $4,000 IN cash
&C. A. Morse chief engineer, reoeiv
cd salary Of $4,000 per annum an,
a secret bonus Of $4,000 on the frs
Of each year.
Upon the retirement Of r. A
: Jackson as general solicitor, he wa
given 100000 in cash
Robert Mather vice president, wa
r given $4,000 in cash
r. r, Cable member of the exec
, utiye committee, received from tn
railway company $4,000 in bonds o
the Iowa company, then worth $24,
500, for his services in acquisition o
S The Burlington, Cedar Rapids an
q Northern Railway COMPANY and h
= was paid by the latter company $50,
Y 600 in the same transaction.
i SS8O,5OO Is Given Away.
when the capital stock of tn
4 railway was increased to $I5, 600, 00C
= shares of the par value of $880,5O
i We're placed in the name Of the pres
i ident to be distributed in accordanc
70 with a resolution of the eXecutiv
committee passed at a meeting i
New York, July /, 1902, "by tn
D president for the benefit OF such OF
70 ficers Of the company as the presi
+ dent shall elect and determine"
- The commission charges there ar
l. unexplained vouchers aggregating ~,
% 253 disbursements to the railway OF
l. flcers for purpose not clearly defin
d ed, including $6,S23 certified by
e G. Reid to w. H. Moore for losse
T. sustained by him in supporting tn
IS market while the railway bonds wer
n being sold
o Twenty-Five thousand dollars in ia
vor of the Liberty National bank G
New York in exchange for a cash
e ier's check issued to Robert Mathe
IS described as CLEARLY suggestive c
political campaign contributions y
5 the light Of the practices INDUCED
l. by the syndicate
Haul BY Denver Post.
" Forty-four thousand. sixty-siX do
4, lars 10 the Denver Post for advei
It Using in editorial and news columns,
e $40. 900 covering a refund on freief
e, and $4,000 to S. NJ. FELTON, for tn
n railway S proportion of amount pai