The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-02-21
THE READINGS FALL.
The Great Combine in the Hands
of Receivers.
INTERESTING TALE FROM BOSTON.

" Explains That the Latest Move Is
Really in the Interest of the Stock
holders as Against an Outside Combi-
nation-NIcLeod, Paxson and Wilbur as
Receivers.
PHILADELPHIA, Feb. 21.-The affairs~of
the Philadelphia and Reading Railroad
company were brought into court late yes
terday afternoon. All day there had been
rumors On the street that receivers were to
be appointed. The Offices of the United
States circuit court were constantly be-
sieged by newspaper men and parties in
terested in Reading matters, who were
eager to obtain the latest news
About $50 o'clock Attorney John G.
johnson and Lawyer Thomas Hart, Jr.,
made their appearance and were closeted
q long time with Judge Dallas in the
court chambers Clerk OF the Court Bell
was kept busy going to and fro, but could
not give out any news until something
Official had been done. This did not take
place until a few minutes past o'clock,
when the announcement was made that
Judge Dallas had made the appointments.
The proceeding was brought by ex Senator
Thomas G. Platt, of New York, holder
Ofthird preference bonds against the Phil
adelphia and Reading Railroad company,
the Philadelphia and Reading Coal and
Iron company and the Pennsylvania Com
pany for assurances on Lives and Grant
iAg Annuities, of this city.
MIR. Piatts Complaint.
After explaining his interest in the
Reading combine and It's large holdings by
lease and otherwise the complainant pro-
ceeds:
by reason of the inability of the said
companies to procure the means to con-
auct the operations of the same, the said
philadelphia and Reading Railroad COM
Pany will be unable to transport passen-
gers, freight and coal over the system of
railroads above referred to, extending to
and into the states of Pennsylvania, Della
ware, Maryland, New Jersey and New
York, the said Philadelphia and Reading
Coal and Iron company will be unable to
pay the wages of the persons employed in
operating its mines and collieries, and will
therefore be prevented from continuing
the mining of coal, which is necessary for
Ipablic use, the result of which will be
great harm and inconvenience to the pub
Lie, as well as serious Inconvenience and
damage to the said railroads, canals, mines
and property by reason of the failure TO
xnh and operate the same.
@fhe companies are indebted for taxes,
for balances due the other railroad COM
phnies in the adjustment and Interchange
os business, for arrears Of wages and sal.
aries due its employees, and for large
Gums due for materials and supplies. The
ssid company is utterly unable, out of as
ssss Immediately available for the purpose,
to discharge or prove forthis indebtedness.
There is imminent danger of the property
being levied upon, attached, sold and dis
integrated to the irreparable injury of its
ersditors.h
The Receivers appointed.
1he receivers appointed were Archibald
A Mcleod, the president of the company;
Chief Justice Edward NJ. Paxson, of the
supreme court, and Elisha p. Wilbur, ex-
president OF the Lehigh Valley Railroad
campany. Justice RaXson at once sent his
resignation as chief justice of the supreme
cenrt of Pennsylvania to Governor Pat
tsou.
The security of each receiver was fixed
al S500000 for which they are to enterther
0va bond. George l.. Crawford was ap.
master
A similar bill, it is said, is to be filed at
Trenton, N. j.
The order of the court provides that the
receivers shall continue to operate the
properties OF the combine, pay the expenses
OF the same, and report with all con.
vtaient speed" the condition of the prop.
erSies
President Mcleod denied himself TO nh
sxspaper men yesterday, but last even
isg announced that he would prepare
statement of the company's troubles He,
however, guye no intimaton rs to when
tits would be done.
George II. Earle, Jr., president of the
Fiaance Company and commercial agent
fes the Reading road, said hat he Finance
enmpnny has from ss000,09o to S10o00.e10
wtrth OF Reading coal on hand upon which
ne advances have been made, This amount,
M. Earle declared is enough to pay the
Readings floating debt twIce over When
asked the cause Of the present difficulty,
Nj. Earle said it was due to every body
demanding his money at once, which was
unnecessary, for the company was able to
pay its debts.