Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-05-22
RAILROAD BoSDs-Actve but irregu
STAT. BoSps-Dull.

Srocgs-The calculations Of the bulls
In the stock market were somewhat In.
tsriered with and in some cases entirely
upset to-day by the announcmep Of
the suspension OF the Philadelphia and
Reading Coal and Iron Company. con.
nected with the Philadelphia and Read.
ing Railway Company, many Of whose
obligations are endorsed by the latter.
Though Reading sold at i6t in the
morning. IL fell TO BOT in the afternoon.
In view OF the panic in this stock, which
had its effect on the remaining coal
shares, almost the entire western lis,
displayed great heaviness. Lsckawsn.
M sold at 75i and recovered to 56t; Jer.
sey Central fell 10 62t and
closed ut 64i, and Delaware aud
Hudson fell of to 20, closing
70}. Canada Southern broke 20 ist. aud
recovered 90 10. Western Union ielI (?
per cent. and recovered per cont, and
Northern Pacific los, II per cent. On the
days transactions. The other huctua.
tions were unimportant Reading re.
covered per cent. from the lowest
point, and the market closed up steady.
The Post says: The Philadclphia and
Reading Railroad Company, by iis char.
ter, was unable 10 buy and hold coal
lands. Accordingly. when Mr.. Gowan
adopted for the Reading Company tho
policy OF mining m well ~ carrying coal.
II wss found necessary 10 create another
corporation. This was done by ouan.
iring the Coal and Iron Company. Ths
stock of this company was owned
wholly by the Philadelphia and Read.
ing Railroad Company, which also guar.
anteed wherever il could the obligations
OF the company which II had crestel.
The Railroad Company stands. there.
fore, In the position Of guarantcer OF
endorser OF the Coal and Iron Com.
pany. The Reading Railroad Company
under its former management, wRs a
coal carrying con pany, aud prnS""r-
ous concern. There were hopes u
when business revived, NJ II has N tho
last eighteen months, the cual company
could he tided over. hut u appears that
the burden has proved too heavy for the
good business oi the last wear and u
half. The Graphic says: The officially
announced suspension ~ payment by
the Reading Company aiicct.d i,o other
coal stocks in to.days market New
Jersey Central and Delaware, LAcka
wanna and Western both iell sharp.
v, but there Was q heavy purchase
Of these two stocks ~ every
decline, a. IL va. understood that the
failure OF the Reading company would
materially benefit the business oi the
other two corporations, inasmuch n
the Philadelphia company. should n
70 into the hands Of a receiver. will no
longer be forced 10 crowd production %
obtsin funds to meet it, obligations
Should q no more serious blow than
this occur to the coal business. short
sales OF Jersey Central and Lsckawsna
are by no means advisable " The follow
ing has Just come 10 hand:
PHnADSLrHIA, May II.
President Gowsn makes the following
announcement: The Philadelphia snd
Reading Railroad Company and PbiIs.
delphia and Reading Coal and
Iron Company have been com.
PEELED 10 suspend payments. The man.
ayers will take immmediats measures
10 protect In tact the property 81 both
companies, and will continue business.
For this purpose the daily revenues will
bs applied q FAR a. required 10 pay
wages and supplies.
BY order ofthe Board oi Managers.
FRAsEuS Is. GowAs, Pra't
The transactions on the stock Es.
change AYR, gsi.d iisD1 shares, oi
which 1000 were Canada Southern,
10000 Delaware, Lscsawsnn. and
Western, 400 Drlawsre and Hudson,
a, 900 Efie, 400 ~ Joseph, 2,0pO Iron
Mountain, 5000 Kansas and Texas. 2j,.
600 Lake Shore, 800 Michigan Central,
5000 Northwestern, 5000 Ses Jer,ey
Central, 1000 New York Central. 800
Northern Pacific, 5000 Ohio and Mis-.
sissippi, $500 Pacific Mail 300 Read.
Ing, 28,00O NJ. Paul. l.OJO Union Pscise.
1000 Central Arizona, 800 Wsbssh
and, 5000 Western Union, 5000 ~.
Louis and San Francisco, and 500
Nash Vile and Cbsttanooga.