Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-02-21
RECEIVERS FOR READING.
Progress OF McIeod'a Fight for the New
England Road.

1 1sOssos
The counsel for the Reading railroad came GU
from their conference with Judge Dallas il
Philadelphia yesterday afternoon about
O'Clock. A few minutes past 4 o'clock the an
nouncement was made that Judge Dallas hat
appointed receivers for the road.
The proceeding was brought by ex-Senato,
Thomas c. Plat Of New York. holder of thirt
preference bonds. against the Philadelphia and
Reading Railroad Company, the Philadelphi,
and Reading Coal and Iron Company and III,
Pennsylvania Company for Insurance on Lives
and Granting Annuities OF Philadelphia. The
receivers appointed are Archibald A. Mcleod
the president Of the company; Chief Justice
Edward NJ. Paxson Of the supreme court and
Elisha Wilbur, ex-president of the Lehigh Val.
icy kaiiroad Company. Judge PaIson At once
sent In his rcstgnation a. chief Justice Of the
supreme court Of Penns ania to Gov. Pattison.
Inc security of each receiver was fixed at $500,
UoO, Tor which they are to enter their own
bond. George L. Crawford was appointed
master. similar bill, it was said, is to be filed
at Trenton, N. ].
President Mcleod Of the Reading railroad
denied himself to all newspaper men yesterday,
but late in the afternoon announced, indi-
| rcctly, that he would prepare a statement Of
the company's troubles. He. however, gave
no intimation as to when this would be done,
1 ~ 'so 'hOo6us Phooooao tuos ~ WOuiu Oo
/ given out today.
George II. Earle, IT,, president Of the Finance
/ company OF Pennsylvania and commercial
agent for the Reading road, yesterday after
noon said that the Finance Company had from
Is, 600. 900 to $40 600 900 worth of Reading coal
on hand upon which no advances have been made.
This amount, Mr.. Earle declared, is enough to
! pay the Readings floating debt twice over.
When asked the cause OF the present difficulty,
| Mr.. Earle said it was due to everybody de-
handing bis money at once, which was unneces-
! sary, for the company was able to pay its
| debts
The Readings pay cars, which were called
back on Friday before their contents had been
distributed, were not sent out yesterday.
One OF the effects of the panic in Reading was
the failure Of Richie 4 Co. and w. A. Stevens
q Co., stock brokers Of Philadelphia. Both
firms were caught long" on Reading, and they
were forced under. The failures attracted
little attention on the street." as both firms
did but a small business.
The appointment Of Messrs Paxson, Nc
Leod and Wilbur as receivers Of the Reading
railroad was received with considerable appro-
baton in Wall street, and is regarded as en-
tirely in the Interests of the company and its
present management. therefore making sure the
continuation of the present policy OF the COM
pany as far practicable.
President Sloan of the Lackawanna when
seen yesterday, said that the appointment OF
receivers for Reading would in no wav affect
the price OF coal, and those who are looking at
this furry rs the disruption of the combine ard
hope Tor chenpening OF the price Of tho great
commodity are likely TO be disappointed.
THE READING-NEw ENGLAND WAR:
The following is given authoritativey as the
true story of the ReadingN New England war
After Charles o. Parsons had developed the
network of roads in northern New York into
the system known as the Rome, WATERFOWL and
lodi hylr Il
rectors meeting of the New York Central and
asked the directors if they were aware that ut a
comparatively small expense the Rome, Water
town and Ogdensburg could parallel the New
York Central and Connecticut railway with the
Fitchburg at Albany
The directors we're astounded and immedi-
| ately ordered surveyors to enter the Rome,
Watertown and Ogdensburg field 1t was found
| impossible to parallel the Rome Watertown
and Ogdensburg. rs it was such a Web and the
New York Central bought it to keep it from
| connecting with New England railroad inter-
ests.
When Parsons again appeared in the New
York and New England railroad after several
months study of the property MIR. Morgan
went 10 the New York, New Haven and Hart
ford people and said: You want to pinch this
man Parsons all you can and not allow him to
build up line to the north of YOU, as he did
north of the New York Central"
The policy of pinchinG THAT man Parsons
was inaugurated by the New \ ork. New Haven
and Hartford Immediately and while the consoi-
apneared mon the feId OIL onnonnoaI ~
the control OF New York and New England had
terests Of Inc ph;I.dninti. 90 paaa;, d.,
road Comnonv A -''"s A'"
Mr. Parsons and almost or.r,,os,, .,.o
fused to believe tbis announceme,,t bn. NJ
Morgan became cony;nc.3 that - Vs. $50 IA
went To Mr. WcI cod onJ asL.J -, ~ III,
the control 81 the Nv VI 81 ~ -. :, :,
over 10 him Mr. NcI col conr,aon.i. H.,
6rmlv declined u'
Pre,arations for ,vor ,rora ;,,r,oa;o.o,u :;
aupnrated on bo,b s;des NJ ~, ~, =. III
his compan;es fron ,bo canaro, TIaaotn; 3 on
York New Haven and uartford 80 - " Wv lev
the issne Of secnr;,;as 90 ,hat r., Zap
disturbed br commotioTs ir tha $500, ~. "
NJ Mcleod IocIad nv ,ba on ,t ne ma NJ NV.
York and New FncI,nd ond HE fr;.rda 49,
diatelv beoar seIIn ot tba;r D.,
some Reading peopIe have scored = bandso "mo
nrofit nv beina sbart os R.ad;ns, !, tta ,a,Ia.
or course. it il the ACKNOWLEDGEMENTS
Observation-Disclosures interest against the
he aS fnliman ana New England interests
tho Raad;n,, 60 Eoh, A : II.
s34 063 1I2 ~
WHAT MN w,rron s.vs
NJ, MI 90. :. 49,, -
M -"'u wa. ~ souu spri.s las. nign'
when seen at the Aldine Hotel In Philadelphia.
He said:
81 am very sorry that We were dr;ven IN ,b.
necessity of a receivershin hnt II ,,as ,ha 81