, 1880-05-22
The Philadelphia & Reading Coal
and Iron Company suspends
Payment,
And Dra9s Down with It the Phil
adelphia & Readine Railroad
Company.
$176, 600, 600 Capital Invested in the
Two Corporations.
Tremendous Excitement In Philadelphia
Over tbs Event.

rr1, ,.1pv, p,r. vnt-,rho s,,t,o1, .,,a+
uo i,nvo ~, ,o,,r n,tjct,,ot,,.1 o,,,n to.,lnv
int n wn. uonn ia loas y ahnc,, fn. H.. a,,a.
,,cnatom nf n comnonv W. svttt AZ, mn mn cnn,
itaf mist ho alIock IN emnnrtn, ar
rloa nil ovor I'M rori,, rho ortv
reason IN s,,anect tho ro,inre waa
In tin cor,lIt1or y. tha coni ,narkct
and thu knnwIedeo NJ TIM hcnvv tnterrst
burdens TINT the Compa,,y Ind to carry.
The stock hui fulton out Of proportton to tho
DECLINE In coal stocks. but no ono had any
idea how low tile Company wis. Tlero
is not the si,rl,test st,s1tfcfon that any
to lis managers, or Tint = single "i penny ~ was
made by nny ons connected with tho CONF
pany by selling short, Whatever tho
criticisms cru, ISM Invited by the maaRers tsy have 10
oeeli 1lee from STOCK 1opD'ns, ana t'oro IS
not one OF the many sufferers today not oven
Of people who received their checks
!onored w''s .i"k @ I'll! sst tho TIC o'1'sers Of t''a
Company navo proiltcti by prior knowledge
Of the straits In wlicl, Its aifatrs have fallen.
Not mo sn sSaak n'S s tay ,ns way s;s .eais nnt st
National n Bank had been for years
'ts ~ ts financial n, ~ ns1nt Tor os s Os1
@ tsS for se IT, List IT, gos Ggess Of So sc
toov t,,a ci,oois s, ~ ta 1ei,,',o1,,,," mu T.
iscn'iinp Coo1 ] nn'i Iron ri ~ 1vcpa trov,,
out s S on wes account Hno o1 G 1 fans w,s A. sSen se
~ - t,a "'ss o,,a s'.u"n ~ H. 't,cto was tus
M strsot o ar ~ c sa,t ot ." ~
s.fsS1 o ama hrat aowsn W sent out the f0
"Tho Philadelphia & Reading iron and
lng unable 10 meet lis obijEntioils,"
At . O'Clock a meeting was held BY the
Board OF Managers ut tlie ofilce OF tile Presl-
dent, and, after session Of Ill hour and d
half the following circular q Nv was Issued;
Gail and Ire Iron " Comnanv % jlava been ',,rs eo',',
rallied tn s;,sn"ntl % navtn''nt1 rim Inn ,nnnoSnTs
vii takn iii,n1eHiatta ,i't,nsires to nronct IN
tact tho propcrty Of botj1 Cu,npa1ilcs sdd md 10
fGnHS n nS tS nasss @ bo For tbs busness
rcnnired @ M to That tfe nSvn,cnt M of vans AZ mil NJ fnr
s,,t,nIes+ Hy ortlnr ~ iha nonrt ~ d'' Sfan.
rF aerrs' FnfyxrIw Il KIN i. GowEY' @ ; I'resident.n Id %
= inele nus oeen 1lo suen u''y On lhe o!oek
II to 81 on n single salo III July. 1871. The
and during tho first boattl was steady BE-
sales between those extremes. It began
tn wcnknn hctweon The Hoor1,a ,,'tii
~ ~ "saae. oosneoI s,s1 'e .te noau'' , ', u''s.'
tho runner reached tho street. wien
It foil threequafters at once, and
tho sales were fast and heavy, and It dropped
49,. :" & uoat,o ~ 'oot slsn. H .'1Ii1, a suso
was sou al ~. AT mo second loard there
wns moMentary effort to steady It by
the "bnll5," a1ll it did mol. fall below TX.
Then canle tho news ot tho meeting of tllo
Board Of Managers, and aftor the 'nonrd 1t
III, was ratt!e.! down 70 Is, closing at higher:
The Boarl hnl closed brfore the
announcement OF tho suspension. but
nt 4 O'Clock It ,was offered
Mt Il, without sales. Very little disturbance
to the market seems to be, apprellended BY
my one. The Company has not for n long
collateral, md NIL companies having any deal
Ing with 1t hnye been prompt to Keep tluIr
balances we'll closed up. Some Of Its checks
are out, but the condition Of the Company
Ind BEEN so thoroughly discounted
that LehtRll Navigation alOnefcll off materials
~. Lehigtl Wiley fell to par, and Pe1lsylyn-
nIp pcr cunts to J0N, Tie maEn{tut1o
t.,Anroo&n &Lf- f1l1.S. ,,liI