New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-13
JERSEY CENTRAL PEOPLE NOT ALARMED.

FOR APPOINTING A RECEIVER.
The announcement of the decision of Chancellor
McGl of New Jersey TO the effect that the Central
Eailroad OF Ncw-Jerscy may be placed In the hands
CT q receiver was accepted without distress by the
officers of the company yesterday. and there was no
excitement in the stock market IN consequence of it,
There was a sale OF 100 shares OF Jersey Central
stock at the opening OF the stock Exchange at 1o4 L.
Il decline overn ght OF per cent. Three hundred
shares sold later nj l2j IL and the last sale 900
shares at 1876, net gain for the day OF IL
per cent.
The reason for the caln,ncSs Of both the market
and OF the Jersey Central officers Is TO be found In the
fact that Chancellor McCill has decided TO appoint
Mastcrin -Chanccry, 10 take testimony as TO whether
the railroad company has removed the grounds upon
which the application for Il ownership was made Dy
Attorney General stockton As the lease 70 the Read
ing has been cancelled and the Lehigh and Wilkes
barre Coal Company has resumed its independent opcr
a.o,,s the Jersey Central people feel confident that
tr>v can avert the danger OF a rcccivc:ship. j.
Rogers Maxwell president Of the Jersey Central SAID
YESTERDAY that In the absence Of complete Official
report OF the Chancelors decision he coud say itue
on the subject. lie added. however:
we think We shall be able TO prove to the salts
faction OF the Chancellor that we have obeyed MS
order and that the lease to the Port Reading Kali
road has been cancelled, and also that the contract
between the Lohigh and Wilkesbarre Coal Company
Comnanv has been cancelled. and both the Cent?"
Railroad and the Lehgh and Wnkesbarre companies
are being operated Independently
President Maxwell also denied that there existed
any Joint ownership OF stocks OF the coal roads, whereby
the purposes Of the csal combination could be Effected
Uihont the need Of lenses. lie said that Inc mhcers
and managers OF the Jersey Central were Interested
only I'm that property, and were managing al III p'H-
feet sincerity and good faith as to the orders oi 'he
New Jersey Court. The Jersey Central people were
not interested in Reading stock and had not been.
If Is believed In railroad and financial circles that
the last decision OF Chancellor McGil gives The deaI
blow 10 the coal combine irrespective Of what the
officers OF Jersey Central may say. In vie" oi 'he
threatening aspect OF The NewJcsey authoriu's W."
courts the company from motives OF sell interest u"e
II is urged will be careful to commit no act that "ouiu
v color TO the idea that the combination s'l exists
an fact II IS further believed that decided chanc"
has occurred in the relations Of the Jersey Central
ord tho Reading In consequence Of the failure Of
President McIeod's scheme to control the anthracite
coal trade The Reading has managed The cosh
business OF the Jersey Central so as TO leave ahht
com,any with about 100000 tons OF unsAd coal On
hand ri the and OF kst year. The other companies
which have remained outside the Reading combination
by lease have sold their quota OF the cU%i u'neo W
1Seo While Jersey Ccntrls officers Will not charge
Inc Reading with any fault in this matter. ana WINE
they saw that the traffic relations OF the two cor
poratlons friendly su II Is believed ,u ,b ,r
ahli,y TO throw on the Reading lease and resume me
management OF their railroad ana coal aHelT9
As yet there is sign OF break III coal prizes, W.
rnucs the cold weather has Stipulated the demand
from retailers and mddlemen hnd the snow DO, Mues
have in,erfered with the movement o, antlrncre 10
ward warm weather the test Will be put TO the aoahty
OF the Reading hold the coal market IN the race VI
the independent operations OF tns Jersey H@u the
LackawaDna, the DfiaWare Ahu 'iu"o0h WI" ~
herDsyl vunla railroads.