The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-18
rns nEADIxa 11r1eA1roM
Application or the Receivers to Jesse Ger
tincntes Argued.

PHILADELPHIA. Pa. June 1.-THE hearing in
the matter OF the application OF the receivers
OF the Reading Railroad Company for permits
sion to Issue receivers certificates for SIS OOO.-
600. was continued to-day before the Muster
appointed by the Court. The snmo array OF
LAWYERS. representing tho various interests
was In attendance, including Nathan Blur Of
New York. for Mrs. Hettle GREEN Charles b.
McMichael and John r. Dos passos.
for the New York Committee OF general
mortgage bondholders: r. c. McMutrie and
G. Hollingsworth. for the preference mortgage
bondholders; John NJ. Gest for the Fidelity
Trust Company. trustee for the holders OF
nearly S24.OO0000 consolidated mortgage
bonds: L. W. Barringer. for holders Of prefer
ence OF mortgages. and Samuel Dickson and
THOMAS Hart. Jr.. representing receivers Har-
ris, Wilbur and Paxson.
At the outset Mr.. McMurtrie presented the
following request for information: /. A etato-
ment OF what has been done since the appoint
ment OF the receivers. showing receipts. d.
vided into sources and expenditures, divided
into objects. 2 A abatement of the collatorals
held "a security and for how much. with esti-
mate OF the borrowing margin. 3 The re-
sources and anticipated resources Of the com.
pany. at tho time fixed by the receivers ms a
are to be met, so classified that the claim
20 RI h preference can be distinctly seen.
" ihV uIIlWutlpH lnlenupu TO De made OF the
money raised from receivers certificates the
su9,lGcts heing 50 classified as to be he capable
OF being objected H.. q. The purpose being to
De ahle To form an estimate Of the proprioty OF
granting the permission asked for and to 10
informed what liabilities must remain II the
hernlssion lie not granted. and the rights Of
inc holders OF these Liabilities.
counsel for the receivers had in their Dosscs-
sion statement Of assets and liabilities to Juno
10 aiI other figures which they clHimnd would
answer az OF tho questions. The questions
VIII be diEcstcd and answered at The next
mccting on Wednesday, June ~. they say.
lo-days hearing was Of an informal cha rac.
yer. the lawyers discussing all OF the questions
lnSoNcu. put arriving at no conclusions Those
Tepresen1ng the londholdcrs objected to tho
issue o. receivers certificates as Drejudcng
their clients interests. There was also crit :
cism OF no PROPOSITION to use portion OF the
outstandinR obts for coal. Mr.. Blur thought
1t might be possible for the receivers to bay
all OF thciy debts without rcsortinc to the
use o. certificates. He intmatnd his belief
that the receivers had mado their application
IN order 10 club the londoders into the re-
organization schema. lie quoted the decision
Of n:ted state Circuit Judge Jackson Of
lon Tor the removal of tho receivers for tho
Georgia Cen trail railroad. In which ho SAYS
that the receiver is an officer OF the court and
should therefore be impartial and not tho
friend 81 any interest.
Mr.. Dickson replied that .ho cases are not
analogous. and that tho Recalling receivers a
sucn, nave not taken any part in tho reorgan-
until noSt Wednesday, which is the last iay
that aBsents from the stock and hondholdors
to the plan Tor rcadjustng the debt OF the
company VIII be received.