Word: wabash
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Dates: during 1930-1939
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...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 will not change much. Chief sufferers under the receivership are the bond holders...
...Wabash Railway it has been said that "it begins nowhere and ends nowhere." That is not very complimentary to Buffalo and Omaha, its terminals, or to the mining districts of northern Michigan, which it reaches from Toledo with its Ann Arbor Railway (99% owned). But "somewhere" to a railroad is either a great seaport or the gateway of a populous, raw-producing hinterland. The Wabash developed a system 2,500 mi. long, with 4,500 mi. of track, 701 locomotives, 26,000 freight and 411 passenger cars. Last week this whole property, $358,000,000 in assets, passed...
...Wabash 5½% bonds of 1975 broke 19 points, the 53 of 1939 17 points. Average price of 20 listed rail bonds made a new bear market low at 72.7 against 102.2 a year ago. The receivership surprised rail investors more than it should have. Bankers & brokers had known for months that Wabash must have help or failure was inevitable. The public, shocked at the news, had supposed aid would come from one of three sources: the Government, the road's bankers (Kuhn, Loeb & Co.) or Pennsylvania Railroad Co.. largest stockholder. The Wabash management tried all three sources...
...still pushing its own consolidation plan, ordered Pennsylvania to get rid of its Wabash stock. I. C. C.'s plan was to consolidate Wabash and Seaboard Air Line (put in receivership December 1930) into a fifth eastern trunk line to be known as System No. 7. This scheme has pretty well collapsed but the I. C. C. order has not been withdrawn...
...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...