Freeland tribune. (Freeland, Pa.) 1888-1921, 1893-08-10
READING DEAL BROKEN.
lEHIGH VALLEY is ONCE MORE AN
INDEPENDENT RAILROAD.

Corrupt Reading Could Not Pay Its Bills
and Is Now Alone with Its Troubles
and Debts-Rumors of the Valley Anili-
ating with the Pennsy.
The lease which has existed between
the Lehigh Valley Railroad and the
Philadelphia and Reading Railroad
Companies since February, 1892, has
abrogated by the former corporation.
The directors of the former COM
pany at their meeting in Philadelphia
on Tuesday voted to notify the Reading
Company of its action on the ground
that the Reading owed the Lehigh
Valley Company considerable sum of
money on account of the lease, which it
was impossible to collect. The resigna-
ton of Elisha P. Wilbur as receiver of
the Reading Company, who is also presi-
dent Of the Lehigh Valley Company,
accompanied this notice.
The money due the Lehigh Valley is
said to be for material bills and other
current expenses, which should have
been paid promptly. The Reading board
of managers accepted the proposition of
the board of Lehigh Valley without
dissent and the matter was taken before
Judge Dallas, of the United States court.
As there was no opposition, he made
the necessary order, which terminated
the contract between the two companies.
This order also breakes all contracts
between the Lehigh Valley Coal Com
pany and the Reading Coal and Iron
Company.
Early in the day Mr.. Wilbur resigned
his position as receiver of the Reading
Railroad Company, and during the after
noon Judge Dallas appointed John Low
Der Welsh to fill the vacancy.
PARTED HARMoNIoUsLY.
1t is said that the two companies part
their business relations harmoniously.
1t has been recognized for some time
that in the present state of Readings
finances that company was unable to
maintain the lease of the Lehigh Valley
and its monetary and business obliga-
tions, which require a large outlay of
capital. Both Reading and Lehigh
Valley officials have also recognized the
fact that if the Reading Company could
maintain the lease, it would eventually
be advantageous to both corporations,
especially the Reading. 1t was found
some months ago to be impossible and
: the step now taken is not unexpected by
those who have been informed on Le-
high Valley and Reading affairs.
The rumors about the financial condi-
ton Of the Lehigh Valley, to the effect
that there might be receivership, was
denied by well informed parties. The
Lehigh Valley, it is well known, has a
floating debt of $4 900, 900, but it is in no
way pressing debt, as it is well secured
and can be easily taken care of by the
company.
WHAT THE VALLEY WILL DO.
What the Lehigh Valley Company
will do cannot yet be ascertained. The
officials of the company say they will
operate the road, but it is stated that as
soon as plans can be prepared lease or
some binding contract will be entered
into which will in some way make the
relations between the Valley and the
New York and New England Railroad
Companies stronger than they ever have
been.
1t is also rumored that the Pennsyl-
vania Railroad will become the possessor
of the Lehigh Valley, as this acquisition
would give it a shorter haul to New
York, and open up territory which has
for years been given exclusively to the
Lehigh Valley and Reading Companies.
1t is now believed if Mcleod does not
lease the road through the New England
Company that in time it will be control
led by the Pennsylvania Railroad Com
pany.
PLEASED WITH TUE BREAK.
Reports received from Mauch Chunk,
Hazleton, Easton, Pottsville and other
points interested in the prosperity of the
Lehigh Valley Railroad were to the
effect that there was general rejoicing
over the termination of the lease. AT
Mauch Chunk the old Lehigh Valley
flag was again sent to the breeze and
much enthusiasm was manifested. In
Pottsville it was believed the Lehigh
Valley will now develop its own lands
and insure greater prosperity for the
lower Schuylkill coal region. The work
ingmen and railroaders are particularly
gratified with the change.
They Will Get Her Consent Next Time
girl in Chicago has recnvered ShO(