The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-02-21
THE pnILApGLPHIA END.


The Zig Raid Results in the Road Going
into Receivers Hands.
PHILADELPHIA, Feb. 20-The great
raid on Reading eliminated to-day,
when the road was again placed in the
hands of receivers, A. A. Mcleod,
Chief Justice Edward Paxson and E. P.
Wilber have been appointed receivers.
Tho board of directors held a meeting
this morning and statement is expect
cd later in the day.
The excitement at the opening of the
stock exchange this morning was in
tense, and almost u panic prevailed.
The first sale OF Reading was at Is,
loss OF "a over the closing quotations
Saturday Following this drop the
stock steadily declined, and at 10:l5
o'clock was quoted at IA.
The stocks OF tho roads allied to the
Reading were also hammered down.
New England showed loss Of Il per
cent on the opening sale, at 40, while it
soon dropped to SAG. Lehigh Valley
opened at So, loss OF l per cent, and
dropped in Just twelve minutes to 449.
The application for q receivorship for
the Reading company was granted by
Judge Dallas late this afternoon. The
application was made by ex-senator
Thomas G. Platt, OF New York, 30 q
holder OF the company's third prefer
cnce bonds. The receivers appointed
are: A. A. Mcleod, president OF the
company; Elisha P. Wilbur, OF the Le-
high Valley division OF the Reading,
and Edward NJ. Paxson, chief justice OF
the supreme court ot the state af Penn
sylvania. Justice PaX1on has forwarded
his resignation rs justice OF the supreme
court to Governor Pattison. The re-
ceivcrs' bond is S5O0,0O0. A similar bill
has been, or Will be, filed tomorrow
morning in New Jersey.
All day there were rumors on the
streets that receivers were to be APP
pointed. The Offices OF tho United
States circuit court were constantly be-
sieged by newspaper men and parties
interested in Reading matters, who
were eager to obtain the latest nows.
About $3.50 o'clock this afternoon
Attorney John G. johnson and Lawyer
Thomas Harte, jr., made their appear
ance and were closoted n long time with
Judge Dallas, in chambers.
The bill in equity Gays: Tho above
named complainant brings his bill OF
complaint against tho defendants above
named, on his own behalf, and on bO-
half OF all other holders OF bonds OF
like character, tendoring to such other
persons and holders the right to inter-
veno II they should SEQ lit. He AYERS
that ION or about tho third OF January,
1883, the Philadelphia & Reading Rail.
road Company made an issue OF third
preference income mortgage bonds Ia a
largo amount, the amount OF said issue
being now in excess OF $2j,000,000.
The bonds thus issued worO for
81 900 each Each OF said bonds
provided for the payment TO the owner
at tho office ot the company in the city
Of Philadelplha on the lst day Of Janu.
ary, 1858, ot the sum ot $l,000,000 in
gold coin oil tho United States OF Amer
lea, OF tho then present standard Of
weight aud anPnuIs, with inicroSt there.
on, meanwhile, payable in gold coin, on
the frst day oi February OF each year,
only out oil the act earnings Of tho
railroad company lor ils fiscal year,
| ending on the SUN uAE Of Pha prcce1lhg
November, available for tie purpose, up
to b per centum per Rnnum, after pro.
vidiag iar certain payments theFeln set
forth And enumerated.
"1hc bombs thus issued were secured
by cUrtnn mortgage bearing date tho
third OF january, 1885, executed and de-
livorod by tho PhilHdGlphia aud Read.
ing railroad company and the Philadcl.
| phia and Roading Coat and Iron Com.
pany to the Pennsylvania company for
nsnranCus on lives and granting an.
nuities.
"said mortgage, subject to certain
prior onCumbrnnCas therein rcctcd,
conveyed all tho railroad properties and
railroads owned, leased aud controlled
by tho Philadelphia and Reading rail.
road company and all railroads aud rail-
rond properties which II might there
nilcr own, lease and control
"rhc complainant isthc holdoroiSjj,.
| 600 third proioroHcp income mortgage
bonds, interest upon which to the
amount oi Sl1jO became payable on tho
lsl day OF February, 1873, Demand was
made In writing BY the complainant for
| "A filing OF tho pfgspnt bill to pay him