Word: receiverships
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Embarrassing as it is, a railroad receivership does not affect the routine of the company in striking fashion, especially where there is no question of bad management. Employes go to work as usual, trains run on schedule, salaries and wages are paid promptly. But all of this will be done in the name of Receivers Franklin and Nicodemus, not in the name of Wabash Railway Co. Instead of "President," Mr. Franklin's office door will be labeled ''Receiver." Many rubber stamps, much red ink scores of reprinted forms will be required for the new regime, but routine...
Immediate cause of the receivership was a petition of T. J. Moss Tie Co. which said that the road was "completely insolvent," could not pay a tie bill of $49,651.95. There was no question of mismanagement in the petition. Federal Judge Charles B. Davis heard the petition in St. Louis, appointed as receivers Walter S. Franklin of St. Louis, Wabash's newly-elected president,* and Assistant General Counsel Frank Nicodemus Jr. of New York...
...clue to the big bond holders' identity came when the protective committee was announced a few days after the receivership. Chairman of the committee is John W. Stedman, vice president of Prudential Insurance Co. Other members: George W. Bovenizer of Kuhn, Loeb & Co.; James H. Brewster Jr., vice president and treasurer of Aetna Life Insurance Co., Treasurer Henry W. George of Metropolitan Life Insurance...
...five-party plan, Wabash has had a strenuous career in its 94 years of operation. In 1877 it was reorganized after its original 12-mi. line from Meredosia to Morgan, Ill. had grown to 678 miles. Twelve years later it was again reorganized but escaped receivership. Twenty-six years of financial peace followed, ended abruptly in 1915. The company went into receivership, was sold under foreclosure for $18,000,000 cash and assumption of underlying mortgages...
...seven years that followed 1915 the Wabash was far from the only major railroad in trouble. This period included government operation under William Gibbs McAdoo. In these years the following carriers went into receivership: Chicago, Rock Island & Pacific; Western Pacific; International & Great Northern; Missouri, Kansas & Texas; Missouri Pacific ; St. Louis, Iron Mountain & Southern; Baltimore & Maine; Texas & Pacific; Denver & Rio Grande...