Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-02-21
TOO HEAVY A LOAD
Reading Road in the Hand Of
Receivers.
The DIRECTORS GIVE II UP


P=fLspEIFHIs. Feb. e0.-Ths moss
uemen.iols saoek ne railroads snd
barlness circlss Of tns s2st have sx.
p>F.eae-d n many years wss caused
b tne sadsfen .naoanc=menl that The
Eeatlng road ~4s do~a ~ Ast- Since
sne great sluAp or krdAy on the >es
YORK stock eseesage tr<dsrs hosiils 10
Inc ROAD navs predicted 10 specify
dosnfsll. bal shsrs w.s still great cclu-
ndsEcs among Pal.Adslph;A holdefs
taat the seign. OF capital behind the
ksaa.pg vou 1 carry Ine road through
tns er.sl<
The stfain wss TOO much. however,
sna ms moEning the nssnsg~msntsac-
cameed. TIE attorneys for mo road
appeared IN court sua ssksd tat rs-
esivsf be- appointed 10 take charge AZ
nonn. A. A. AcLeot. Cnirt justice
- 4sard pzxson Aaa =. 4. Wilbur were
appointed receivers aud the Offices
have tesn turned Over ~ tnen. The
nsus 1as caastt frsnEy OF exeitement
m tue c.sy.
Ia the application that a recsiver be
appointed Tor the read. The statement
eas made t1at Z uas unable 10 pay the
S per csnt interest on the third pre-
fexrrd mortgage bcnfs and one case
va citest ~rerr tle interest amounted
~ y 80. Inls ictere -. togoIner slth
kas accrued interest on otner Ike
bonds. ~as advertised g. he PAID on
february I aud toe road had not met
its obligations.
sfsssae-s OF An.irs.
Continuing, the compia nant says;
The Philadelphia n Re aiding Rxil-
way. and ths foilkdelphls and Read
irg Coal aud Iron company. though
possessed of ample properly, II the
s4nie ts ludicicusl- administered and
held toEstnrr. to pay az their Indebt-
ccncss, are insoivens ln the sense that
they are without funds. IN the seape of
eash or <ssets, convertible into cash.
su ;fIcient 90 pay tnesr Indebtedness ac,.
tuslly uasturet. or snlch will within .
short Tine mature The property of
zach Of the companies . OF vast extent
auc enormous value, and the two COM
panies together require tho services OF
many thousand employee Although
the tso corporations are distinct, the
railroad company owns all the stock of
the Coal &nd lron company. The busi.
uess Of the two COMPANIES - 80 lnn-
mxisly allied that tne operations Of
ths railway e.mpany depend largely
ON those of the Goa ana Iron COM
psny.
by reilson Of the inability of the
two COMPANIES to procure the means
10 conduct the operations ot tue same,
tie rEilwly co-npsuy wi be unable t.
transport passengers. ffesgnt aud coal
over tne ~ stetn OF railroads extending
10 znd if.i0 tae states - PsnusysvansA.
Delaware. Maryland. New Jersey aud
49, York, xrd The Coal anu Iron COM
tsny wili be unable 10 pay the wages
cf sns persGns Employed ~ operating
its msue- &nd colisries. and will there
fors b, prevented frons continuing tue
nining % sne coal, sh;cn - necessary
for public use. The result of All thls
s,ii be great BARN and inconvcn-
ie1cs 70 the pubic. ss well a. serious
inconvenience aud damage 10 the rasi-
roads. cansls. mines and pros eriy by
reas.n Of the failure 10 run aud oper-
ate the same.
tsass ef an. trssh-
s'The property 81 tie railway COM
psny a iucu,abered by the orders of
the tfust = suing various issues OF
bonds representing lts funded debt.
ne so-CAiled Heating indebtedness OF
the company . Also very iarge- lne
company q also ndebsed for taxes. for
h.lsnce dt,s other railroad companies
and tne Adjustment and insercnsngs
cf Dusness. tor arrears Of wages and
saiar8ss due 10 eDl loyss. aud TOR
iarxe sums due for materials aud suf-
plss
'.Ih- property OF The Coal snd Iron
company . siso heavily encumberef
~ great variety OF mortgages. sscur-
iax bonds and ssnes of bonds. and me
clmp.ay a also largely inGrbted fer
materials aud supplies. and the wage
sod salaries due its employees are un-
pad - = very isrge amount Thess
companies are utterly unable. out of
sssets lmmecsstely available. TO Dis
ensEk- or provide fer tns indebteduess
sad th~rs = inminent danger OF i.s
uf pertY re.nS lrvisd upon. attached.
sod snd dssntezratst TO the rrepkf.
abe injury Of ia creditors.
"ins o1sn~ss of tas tvo companies,
roder % fiusry circumstances, would
yield an incouse FAR more thsn sutl.
cisnt - pfoxide FOR payment tor the ia.
lerest 1pon tie bends held ~ the com.
piaf1sus. fDe present cond ton II tie
esrfp rsulee isfxely due 60 the de
nssnds 81 iosns Of shicn there . ample
security pledged slIa the lenders. but
voico iosns the hoidsrs thereof ARE
un~illiox AZ ths present 10 renss~
- ssssr>ssy fs~ ~ Rs.s
There . iiuie sympathy among trad
sr3 cr citizens not Interested in the.
stccs Tor tne rosd or its promoters
k1r a long term Of veRfs fna Erztftfte.
hss beeu sssoc sted ritn rspata
t,an tor tAe cFarirst form II fnonobolg
sa1 "a fhe isSt Yssr the forrnst ~.
~ { % tne hsfd ccsl tfast hss nsa.iss
u especially dioas 80 the people. Tar
feeling tnis sftsfneoa . tat tas cor
pe~sfson - - cup dity hss lirzlly
nserrearned ifs~f Wtn 80 fsnars
ef =. sts<rnp< - secure a <er kagia0d
eenuecfso1. tne ster~i-ao saimosfy
.nd 4 strusf toward tbs nlsasz~nsnt
rp~aes 40 ia an enpsrs 'sira -sle Of
sserxs AL tie great tAri eosi sust
80 40 go - she rsit
risat4ra q TIE nosrd - 1fectols :
49, aeli tas ufernfp< sn5 the efst
s3aears frat sd Al = ref1 AZ sff
.asn. ia 80 tnitra states astfitf
sanrt tA,s sfteraucn. spp estioa -ss
m-sfs Tor q fecesFsr foE Ahe co.'s psnf
wnst nay D. esied ~ saceessl 81
p~rs'd a. tts s.sets risiafF go bees
fref at hf sot Ss1ls T~sr ~
- Fzorisrv ifl tas heatlnz. vnss
A*.t fsea 80 - thst tns~ "a 1asetr
49, ufl.d &C. -, vet sad9en lae
retsa Ias rzst as4 nss--f tefoak
maa4 = risss ietrs sos asa err~fenH %
tae aeeerai iissces - wscr fesfssfs-