New-York tribune., 1890-06-28
RAILROAD INTERESTS.
THE NEW PRESIDENT OF READING.
A. A. MLEoD CHOSEN TO SUCCEED AUSTIN
CORBIN.

4, A. MLEoD CHOSEN To SUCCEED AUSTIN
CoRBIN.
philadelphia June 27.-Austin Corbin formally re-
signed from the presidency Of the Philadelphia and
leading Railroad today and A. A. Mcleod the VICE
president and general manager was elected TO succeed
him. Mr. Mcleod resigned from the Board of Managers
and Colonel James Boyd Of NoITiStown, one OF Inc
attorneys Of the company, was elected TO NIL the
vacancy No other changes were made.
Mr. Corbins letter Of resignation which was laid
before the board is dated London England, June IL.
1890 and is addressed to the Beard Of Managers. In
IL Cor5in says:
There has been practically and substantially
nlishcd what set DO and Il only remains 70 con-
duet the growing business Of the company with that In
tanigen prud and which is guaranteed by tn"
skill and energy the accomplished gentleman whom
hall recommend TO succeed supplemented ~ your
cooperation and advice.
have determined upon the present time for presenting
my resignation mainly account Of having arranged to
spend greater part not the whole OF the coming
abroad and a. the present moment contemplate
longer period Of absence than when left New-Yock:
Thu chief executive officer should think, be in daily
communication wiI the heads Of all departments. and
do fcci warranted IN remaining at the heaod Of tho
corporation whsn may be absent from the country foL
considerable period. especially 1 should be
willing to continue IN Office, in any event. beyond the
current year.
Lave, gentlemen very respectfully tender my resig
nation president Of this COM any and recommend the
election OF the yiccprtent, Mr.. A. A. Mcleod fill the
vacancy. during fifteen years OF intimate per.
scna relations between u.s. have found MIN gentleman
Of the highest hoo and ability and his connection with
Reading Company and its aas during the past three and
half years and upward renders him especially competent
MI my place.
While thu. scvcrng my with ire adninstra
tol OF tho affairs q Tie company shall continue to dis
charge the dulles and responsibilities assumed by
member Of tho voting trust until s expiration and In that
.I.l1 a. F. 81 q, I
the Interest Of Tic company and it, security holders
The resignation was accepted and o minute adopted
expressing the regret Of the Board Of Managers in
ccpng the resignation and thus yielding to Mr.. Cor
bins frequently expressed desire to be relieved from
the care and responsibility incident to a personal
oversight Of the details Of the business Continuing,
the minute says:
lie assumed the presidency tine when, owing TO
the Insolvency OF the company. the duties unusually
multiplied and onefous but h. brought to their discharge
Of mature Judgment and intelligent insight which,
coupled with such vast and rdr executive faculty,
speedily master the manifold complications OF the PROPERTY
and business. and brought them under control 10 his
possession Of these qualities and the courage Wit, which
h" confronted m" great responsibilities involved, due
largest the successful reorganization of the
finances whereby oreco.ur. a>ert-d and
qucnt dlsinterrdt!on OF the property. which
sant o the bonGhodcrs and sto hhoders UP TO
the last moment. was avoided.
While absorbed Performance OF these services ne
cal'd upon . deal with the labor organization watch
hai fo tme dominated the employees along line,
soganKcd The service, and threatened the destruction
Of all dlscIno he responsibility with
6qul promptes' and courage, and his hrmnC,s
proper departments that control opera.
tons which essential to tie regular orderly conduct
II u. tu-.noss.
Tie board then unanimously elected Mr.. Mcleod
president His resignation a member of the board
then accepted, tie charter Of the company pre-
venting the PRESIDENT from being member Of the
Board Of MandgcIs.
Tie resignation Of Austin Corbn president Of the