St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-22

line policy to be pursued. AT 1915
| p. m., when Mr.. Mcleod emerged, he
| greeted several reporters, and after
| shaking hands with every one, ex-
| pressed his lasting friendship for them.
| You have treated me very kindly"
| said he, ''and shall never forget YOU"
When asked about the situation i'll
| New England, Mr.. Mcleod smiled, but
| said nothing. A moment later he said:
81 think [ have adopted the proper
| course, and think | know how to treat
| this property"
Although it has been officially an
nOunced that a statement OF the Read
| ing's affairs will be issued, Mr.. Mcleod
declared that it would not be given out
today. A press of business Will prevent
its issue today, the head of the Reading
system saId and then he bowed himself
from the room and rejoined the other
receivers. Whether the statement will
be issued by President Mcleod, or by
the receivers jointly, is not yet known.
Did Nothing Important.
Later Mcleod concluded to say this:
'Outside of ratifying the deal with the
Finance Company of Philadelphia we
did nothing Of an important character.
We expect to get down to business by
Thursday, when we will probably make
some official announcement"
A circular signed by three receivers
was issued, stating that they have taken
possession of the pro )erty and effects of
the Reading Railroad and Coal and Iron
companies, and that the business OF
both companies will be conducted by
the receivers, and all officers. agents
and employees of the companies will be
continued in their positions. All over
due mortgages will be paid III cash. Due
notice of the time and place of payment
will be given. 1t is reported here that
one of the first moves contemplated by
the receivers is the wiping out OF the
preference bonds.
1t is said that the first Reading loan,
the one which brought about the
trouble last week. was called by the
Farmers and Merchanics' National
bank, of this city. The amount, was
100000. 1t was paid. Other loans
were then called, and the company
Could Not Respond.
Receivers Mcleod, Paxson and Will
bur, of the Reading railroad, today, in
the office of Clerk Boil, of the United
States court, signed personal bond
for $500, 900 for the faithful performance
of their duties. They are bound jointly
in the amount named, and were not re-
quired to give individual security.
1t is officially announced that the pay
cars of the Philadelphia IL Reading
Railroad company Will start out Thurs
day morning with sufficient funds to
pay off all the employees OF the road.
This statement has been authorized by
the receivers.
One of the results of yesterdays meet
ing of the direc iors of the Lehigh Valley
is said to have been the formal notitica-
ton today to the receivers of the Read
ing that the Lehigh Valley would con
sent to the continuance of the lease be-
tween the two roads. There was no
meeting today Of the directors of the
Lehgh Valley, nor was any conference
known to be held. The officials of the
road denied number of street rumorS,
one of which was to the effect that
separate receivership would be asked
for the Lehigh Valley.
President Maxwell, of the Central
Railroad Company of New Jersey, was
quoted this afternoon as stating that
the Reading only owes his company
Sl27,000 under the existing agreement
for the exchange of traffic, the balance
III the Jersey CentraPs favor being
Usually Much Greater.
To the Lehigh & Wilkesbarre Coal
company, the control of whose property
was recently turned over to the Jersey
Central by the Reading. the latter COM
pany is understood to be indebted to
the amount OF S103, 600. A number of
the individual operators, the product of
whose mines, as already stated, is sold
under contract to the Reading, have not
yet received the checks for bills payable
Feb. 10.
The Reading railroad today confirmed
the five years contract between the
company and the Finance Company of
Pennsylvania, whereby the latter
handles on commission the coal output
of the Reading system, The advantage
of this contract to the Finance company
lies in remunerative profits, while the
Reading will be benefited by securing
convenient advances secured by coal
without resorting for aid as heretofore,
to the open market.
Reading developed little strength at
the opening of the stock market this
morning. The first quotation was
Is 1-16, a gain of 1-16 over yesterdays
! closing figures. 1t then rose to 151S,
but reaction followed which sent it
down to 14$4, and after fractional losses
| ana gains IL was gu oted at the latter
| figure at 1920 o'clock. Although the
air of mystery surrounding the Read
ing's troubles has been partially cleared
| by the appointment of the receivers,
the pressure to sell continues. Lehigh
Valley opened at 40, gain of IL over
the closing price yesterday. but in a few
minutes it had dropped half, and a
decline continued until at 10:30 it
touched AZ. 1t later rose to 49. The
excitement in the market continues.
and will probably not be allayed until
the Readings receivers give out the
| cd tnt