Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1896-11-18
TRACTION FAILURE.

IT is a source OF regret to this com
nupity that the people who were led
into investing more than 100000 in
street raiiwAyiDg In Lancaster, have
had their money so invested that
scarcely any thing short OF a financial
mirsoie can prevent them from los
ing what they put into it, ard should
the legal proceedings instituted
against the Pennsylvania Trsction
Csmpany as the Company is csllsd,
for he appointment of G receiver
rsach en- expected conclusion the
stock il all probability - watered
stock and AL -mey be assessed and
in that svert ths money invested will
not only DO lost but the stock hold
ers viii havs to pay an assessment on
the stock they hold. It is q pity our
people have been misled into follow
ing blind leader. How nearly to
the bunco cririnsl business the trans-
actions CONS future in Investigation may
revsal. Tho action against the Penn.
sylyania Traction Company at Ian
caster is in the United States Court
and has been brought by John A.
RcsbliHg's Sons Company for the ap-
peintment of q receiver. 1t is allsg
ed ty those asking for the appoint
mont Of receiver that the bonds of
the road were applied to other uses
than the meaning of the mortgage
securing them, and that the default
has bacn made in the payment Of in
tersst on bonds in April 1886 ard
October 1896. TIE case came up
for argument before Judge Dallas OF
this United States Circuit Court,
Philadelphia last Friday, but on &C
count OF the illness Of Patterson its
consideration was postponed till No
vember Is, this Wednesday. The
Lancaster Morning News says, Pat
tsrson the President Of this Company
WAS driven in carriage, the day the
case was postponed by the court, on
account of his illness. The News
also Gays:
1t is now believed that the insiders
of the traction company will not offer
any serious resistance to the sppoint-
msnt of a receiver, but viii nass
their strength in having q receiver ap-
pointed whom they car twist around
their fingers.
10 writing further on the subject,
tie News says in an editorial:
OF half q score or more financial
schemes that have muicted Lancaster
people out Of hundreds of thousands
of dollars within the last decade, the
most gigantic swindle OF them all,
seems 40. 10 be approaching a crisis,
snd before long the wounded and
crippled will be seen crawling from
the dsbris.
L. has been in spirit Of sorrow
and sympathy for those who have
been caught by the honeyed words
and golden promises Of the little CO
terie that have totally wrecked The
Pennsylvania Traction Company, and
By SO nesns gloa.ing over it's pros.
psctive downfall that the Morning
News has at various times laid open
its innsrd rottenress.
The spectacle presented is this:-
A system of electric railways passing
through the most thickly populated
and prosperous agricultural count y
in the union; system that upon an
honest Indebtedness and capitalize.
ton will easily pay fvs per cent. in
terest and six per cent. dividend; 9
system that should to day be Que Of
the most valuable properties in tbs
country, financially wrecked beyond
redemption; wrecked in three years
by ereck-brained financierlng the like
Of which, if the whole truth were
known, can scarcely be found in this
broad land.
II hurts Lancaster to be known by
this reputation. It would bsno won,
der if bunco shsrps and confidence
men focked here with the ides thst
it is the greatest field in the wsrld
for their trade. It hurts the people