New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-22
RAILROAD INTERESTS.
THE READING RECEIVERS PETITION.
MASTER TO PASS on THE QUESTION OF
ISSUING CERTIFICATES.

MASTER TO PASS on THE QUESTION OF
| ISSUING CERTIFICATES.
| Philadelphia, March c1.-Tudgc Dallas. OF the
United States Circuit Court, this afternoon on petit
Of the receivers OF the Philadelphia and Reading
Railroad for authority to issue receivers certificates
| to the amount Of IS 900 issued an order re-
| fcrring the matter George L. Crawford the master
with instructions 10 report TO the court ms 10 'he
advsabity Of making the order thereby prayed for or
| any other or modified order. The master Is directed
| to give publicity to his proposed hearings In the mat
| ter both by advertisement in the newspapers and by
direct special written notice 10 any person who' IN
| his Judgment should be so specially notified
| The first portion Of the receivers petition deals
with the condition OF the roads nnances~as embraced
| In their statement already published Proceeding
| the receivers state they have used large amount
| Of their current receipts In the payment OF wages
accrued and due at tho time OF the appointment OF
| the receivers bat they have been unable IN make
any substantial reduction in the sums due for materials
and supplies furnished. and 10 connecting lihes on
account Of interchange Of traffic and as result OF
This necessary application Of their income they have
been further unable to meet the payments winch nave
fallen due since February 20 on the accounts named
Further they state that the following Is correct
statement Of the Indebtedness AZ the Preseh' ""e VII
| the accounts gained AN .
p,,road con,pany materials and supplies 81 $4,000
balance due other raj road companies. Sl11OoOo coal
and iron company materials and supplies S'''''oo"'
| coal purchases about Sl,'S0.ooo.
| In addition TO the above amounts. wages nave
accrued since February 90, 1893. 10 inc iolo"lhe
| amounts: Railroad company. III 100000; coal ana
| iron company, 100000; making to'ai III III VI
| 81 .O53.OO0 -
| Tho petition continues " Your petitioners are
| so,,seed tbot It vii, be impossible for them to pay
| in cash for materials. supplies and Other liabilities
| OF the company at the time OF me cr'a'io" vi VI"
receIversh,p and thereafter to be in possession OF
than, IN moi
liabilities They already unable, with the ca.h III
,,.,r hands to meet the liabilities which are Deihg
| created from dag to day, beginning with me I"
ownership They believe that II they arc auIonAen
| 10 Issue certificates TO the amount OF SoooV'o"' "
be negotiated or to be delivered 10 the person, i"
whom IN. oompanes are indebted for material supplies
coal purchases etc, as above enumem'cd, '"e' VII.
no .he with the current receipts. to meet inc cur.m
liabilities OF the companies as the same VIII ,soh
n"ndnr ali inteTcst charges rentals and rnaran'"
and Including the OUTLAWS required 70 d. , o,uuny
S,ap" he year on contracts made prior TO January
ii. 1888"
Til. adv,ces from Philadelphia that application had
| been made In that city for authority 10 ISSUE or
| usco,cs nv the receivers OF the PMiadeipma anu
pe,dinr Railroad have caused no chang" IN 'ne "'"
tude OF, re sccurity-lolders OF the company "e,'
General Louis Fitzgerald. president Of the Mrrcnh''
| Trust Company OF the members OF inc COMMITTEE
| ~ General Mortgage Bondhoders, SAID 'ha' ~ ""u'
stood that the Philadelphia Court. "hiie hssen""e
q, ~. tssuc Of receivers certificates withheld juds
| mint npon the question OF their priority over '"e
General mortgage bonds. John II. Dos Pnssos' co""'
| oI for tho committee said that the case had peer
turned over TO n referee and that the bohohoiu'rS
| would appcar in the proceedings before hi'"' ~
| .ou,a acncnd upon the findings OF the referee WIFI
| action would be taken by the bondhoder. III"
| camera, mortgage bondhOders are Determined 10 op
| nosc cny action which would impair their He"'H.
| y T. protberton vicc.chairman OF the Lohdoh
| cr,m,,,co Of Reading Income Bondhoders, ms ar
| lived here He called upon General frhser"i' """
| rave assurances that the English security ho'u''S
| would warmly cooperate win any H"er''"' ''
ment TO GUST a. A. Mcleod from ''e p''''o" u
| receiver. a., .,c,,
o..u,.,,vcx Of Reading security holders there docs
| not seem TO be any aegressivcncss III 'nc "''e"''
| talked OF for the removal OF Mr.. McLcod rs ~
coivcr Yet the large houses that negotiate A''nc""
securities abroad are receiving constant 'o'p'"'"H
from their European correspondents oil the injurious
roc, ON American credit abroad OF the Reading COL
,.r These letters call attention 10 the fact tha'
| c,c English press rings the changes uPo" "'''
| mana cement OF American railroads, ana al v" s'""
da,, Of the past revived by tho kcad'hg ep'so"e'
II is said by these foreign writer's that here mas '
decided shock the revivng confidence OF h"roPe""
| ,ryo.,or. and the writer's call upon their CORE
| srond.pts here 10 secure the removal OF Mr. Mcleod
n ,bsv wish TO facilitate the negotiation oil America"
railway bonds abroad. The scfinterest OF o'"e'e"'
creditors of the Reading seems to prevent coopera
ton that would effect the'cure.
Mr.. Mcleod was In Newiork yesterday. lie was
seen coming out Of the Mills Building IN the after
MON hut he declined TO discuss the Reading situa
Us'n Mr. McLeods visit Is generally believed 70 nave
some relation the floating DEBT o. ae sre hs
NAV TEND 10 restrain action their part In nosti'ity
to t,r receivcrship ms now const,luiea . o,rs and
| tos attracted wide attention because Of the promi-
ncnee OF the parties thereto ana the cnsrgr, o. ms
onetes Senator Davis and exsecreary Elslns from n
| anr wrong doing and the court can ma notnhR III
the , management OF the road to criticse.
A NEW DEPARTMENT IN TIE CONSOLIDATED.
| New-Haven, Conn, March 81 tSpecial)-A new
department has bsen made BY the Consolidated road
| directors, called the car department. W. II. Fry.
until recently Of the Pullman carworu Of Pullman.
ILL.,. has been appointed superintendent and to-day