New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-25
TIE FEELING IY PHILADELPHIA.

GENTRAL SATGsFACrlpN Al THE APr"INIMENIS-A
MORE CONSERVATIVE POLICY Likely TO BE
Auurrf D-MR. TAYLnHs BILL. IN LQrITY
PmLAprIrHIA May 2l.-Thc appointment Of re-
cciyrrs for the Reading Companies is generally re-
crivrd iavorablv. A certain class consider Mr.
Governs appointment the height Of bad policy
and insist that 10 good can come of 1t;
but friends of the road maintain that he
was necessary. and that the Court will put Il stop
to all his wild flights. Messr4. Lewis and Caldwell
the two others appointed with Gowon, arr prcsi-
dent, of the Farmers and Mechanics Bank and of
the Fidelity Trust Company respectively. Mr.
I."wis ia not In robust hcalth and can hardly
be expected to do very much. Mr. G0wcn will
practically control the direction. The position was
offered to others before rendered to the pres
cnt iucumbcnts.
these appointments will put an end to n scheme
that was canvasscd last Saturday, whereby syndi-
cate was t. take control of the rOad purchasing the
first mortgage bonds and guaranteeing interest.
The plans of the receivers arc not y0t formulated,
though protractcd session was held to-day.
Franklin b. Gowcn has been president of the
Reading Railway Company for several years.
Mr.. Caldwell retired from active business about
ten wears ago. having been for fifteen years
before head ot the dry goods commission firm of
Caldwell. stokes Il Co. lla had accumulated Il large
-
of Tie Fidelity Trust Company he was elected,
about four or five years ago to the vacant position.
OF Mr. Lewis, 1t was said IN tins cIty today
that he had been largely instrumental in re4Igan-
ling The Central Railroad of Ncw-J Jersey. 1t was
the general opinion among financial men that tile
s,leutiOn of receivers had been wise one.
bill in equity WIS filed to-day IN the Clerk
Office of the Circuit Court of the United States for
the Eastern District of PcnnHylvanla, against the
Philadelphia aud Reading Railroad Company aud
tho Phadrlpha and Reading Coal Company.
M I,,tsls .IN Ia -lArg
Who sets forth that ne is hOldcr of bonds amount
ing to 100000 of tho income nnrt@age bonds or
the Philadelphia and Reading Railroad Company,
executed on December l. 1875, 10 Edwin NJ Lewis,
and that said bonds are secured by assignment by
the Railroad Company of bond To the Coal
aud Iron Company III the sum of T2O,OOOOOO, con-
ditIoncd for the payment OF SlOOO0OOO IN twenty
years from date; that the sand bond - secured by
certain mortgages executed by the Coal ana Iron
Company to George DE B. Kenl.
The bill then sets forth that tho Railroad and Coal
and Iron Company are both insOlyrnt, and have
been compelled to suspend payment of their debts
that the companies employ the services OF 10000
men, and that both companies are really operated
under the same management and that improve
mcnt n the coal and IRON business l5 all that ~
necessary to restore the companies to condition of
prosperity. The bill concludes that IN the nean-
time a receiver or receivers OF SAID Railroad anu
Coal Company be appointed, with such power and
the same as the Court shall deem best adapted to
protect and prOmOtG the Interests OF all persons
having amy interest therein.
EFFECT OF THE FAILURE IN TIRE COAL REGION.
A dispatch from Reading says; "The Reading
Iron Works. which suspended payment OH Saturday
last are all in operation to-day. No tronble in any