The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-25
TnE swAnPED CORPORATION.
BIn In Equity FILED Against the Irsolv.
ent Philadelphia d Reading Iron d
Coal company-Reesiyersappoinied.

ent Philadelphia d Reading Iron a
Coal CompaRy-Reeeiyersa appoInied.
PHILADE.PHIA, May PA bill in Equi.
ty was fled to-day in the Clerks Office oil
the Circuit Court Of U. s. for the eastern
district Of Pa, against the Philadelphia &
Reading railroad company & Philadelphia
&Reading Coal company. The plaintiff is
Moses Taylor, Of New York, who sets
forth he is the holder OF one hundred
thousand dollars income mortgage bond
Of the Philadelphia & Reading R. R. Co.,
executed December lst, 1879, to Edwin
N. Lewis, and that the bond is secured BY
assignment by the R. R. Co. bond to the
Coal and Iron Co. in the sum OF SO, 900 900
conditioned for the payment Of ten mil.
lion dollars in ten years from date; that
said bond is secured by certain mortgages
executed by the Coal and Iron Company
to George D. E. B. Keim.
The bill then sets forth that the Rail.
road and Coal and Iron Companies are
both insOlvent aud have been compelled to
suspend payment; that the companies EN-.
ploy the service Of % 900 men; that both
companies are really operated under the
same management, and that Improvement
in the coal and iron business is all that Is
necessary TO restore the companies TO a
condition Of prosperity.
The bill concludes that in the meantime
the receiver or receivers OF said railroad
and coal company be appointed with such
power and authority In regard to the
preservation and use Of the same as to the
court shall seem best adopted to protect
and promote the interests OF all persons
having interest therein.
Counsel left last evening for Pittsburgh,
where application will be made in the U.
s. Circuit Court for the appointment OF q
receiver. II is understood that the names
OF franklin B. Gowen, Edwin NJ. Lewis,
President OF the Farmers and Mechanics'
Bank, and s. A. Caldwell, President OF the
Fidelity Trust and Safe Deposit, will be
submitted to Court.
PITTSBURGH, May 2i.-In United States
Circuit Court this morning, Judge Nc.
Kennan on the bench, Samuel Dixon,
Esq Of Philadelphia, representing Moses
Lallois WIZ holuu Ouo uuuuIeu LuOusAnu
dollars OF income mortgage bonds, asked
for appointment OF receivers for the Phil.
adelphia & Reading Railroad Company
and the Philadelphia and Reading Coal
and Iron Company.
Mr.. Hart represented the companies,
but made no opposition. Mr.. Dixon sug.
gested the name Of Edwin NJ. Lewis, who
manged the Jay Gould estate, and Frank.
lin b. Gowan. Judge McKennan said he
was fully prenared TO appoint Mr.. Gowan
sole receiver, but as two had been asked
for he would name the third, Stephen A.
Caldwell, President Of the Fidelity Trust
and Insurance Company of Philadelphia,
gentleman who would command the
confidence OF all interested.
The receivers were required to give
bonds for Eve hundred thousand dollars,
and to report as soon as possible the con.
dition OF the affairs OF the Company, and
to continue all operations OF both corpo-
rations. Messrs. Joseph A. Clay and
George NJ. Dallas, Of Philadelphia, were
appointed special masters to whom the
receivers will make monthly reports,