Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-04-14

he severed under pressure Il few days
ago, began III 1886, when, in the re
organization Of the road, Austin CorbiI
was placed at its head and Mr.. Mcleod
was selected for the position of gen
eral manager Previous to this time
he had been connected with Il north
western railroad, and his progressive
spirit attracted Austin COrbn's atten-
ton and led to his promotion. AS gen
eral manager Mr.. Mcleod devoted him
self most successfully to improvements
in his department, and he speedily Sc
cured Il better roadbed, q finer rolling
stock and Il more efficient train service.
In June, 1890, Austin Corbin resigned
the presidency Of <the Reading i'm his
favor and Mr.. Mcleod took active
charge
Since then one improvement has fol.
lowed another, all directly traceable
- the new executive. His methods
differed from those employed by other
roads, and his far-rcaching policy be
gan to be felt almost as soon as he
grasped his reinS. From the outset he
devoted himself TO the study of IL
scheme whereby the coal roads might
be consolidated and the useless and ez-
pensiye rate war done away with
When he had completed this scheme
he plunged into the negotiations with
q Figor and boldneSS which carried
everything before them and SmOthered
opposition before it had time to mani
fest itself
10 him belongs the credit of the bic
deal Of Il year ago. He did not believe
III Il pool What he wanted was alb
sOlute control Of the anthracite coal in
austry, and with this end in view he
completed his plans ana made his Of
fcrs. II was rot until the purchase of
the Poughkccpsie bridge was annonc-
cd, followed by the lease of the Central
NeN England and Western railway,
that rumorS of the big deal began 10
float about in financial circles No one
knew what it meant, ANA it WAS not
until the great deal was completed that
President Mcleod showed his TRUMP
hand
Mr. Mcleod, as his name indicates,
Is Of Scotch descent He is 10 years of
age, and the Youngest man in the coun-
Try to hold i position of equal r.
sponslbilty lie went into the rail
road business rs soon rs he left il pub
lie school as Il rodman in the conStrIlc-
ton Of the Northern Pacific railroad.
lie has acquired no personal or bust
ness interests outside his profession,
and he dcyotcS more time to his work
than any clerk in his employ.
During the past year the Reading
president has been made president of
the New York and New England ana
Of the Boston and Maine railroads.
The story of Mr.. McLcod's big coup,
which was announced 10 the world on
February /, 1892, was one which for
the time set all the railroad world to
thinking and wondering what would
come next. The Philadelphia and Read
inc railroad had, through President
McIead'S efforts, secured control of
the Lehigh Valley and Jersey Central
for Il term of 800 years and thereby
gained control of the greater part of
the anthracite coal output of Pennsyl-
yania
by the terms of the leases the Jersey
Central was guaranteed Il dividend of
Z per cent. on the stock. and in ad
dition. WAS To receive Onc-half of its
own net earnings in excess of the
amount required for the I per cent
divided until the total divided reach
cd IL per cent. per annum, the sur
plus over 10 per cent. to revert to the
Reading
The Lehigh Valley was guaranteed.
under the same conditions. an interest
yf five per cent. per annum until May
81. 1892 and from that date until Dec
Pmher | 1T the rate of six per cent.
AMI after the last named date the guar
antecd dividend was To be seven per
cent In addition to the guaranteed
dividend and after the latter was paid
the Ichigh Valley stock was to receive
one-half Of the net earnings of that
road until the total dividend should
equal ten per cent per annun, after
which the surplus was to so to the
Reading in the same manner.
4 further agreement was reached i'll
the negotiations. which, it was expect
ed. would completely revolutionize the
existing methods Of marketing anthra-
cite coal and result i'll Il big saving
of expenses SO far as the selling agen-
cies were concerned The plan was
to consolidate the offices engaged in
the anthracite coal trade under one
general management. and President
Mcleod to be in executive control Of
this bic business corportion.
Just what Mr.. Mcleod considered
would be the ultimate result of this
big consolidation he expressed at the
time. when he said: In the carrying
on of the coal trade the saving in com
missions, agency expenses and tbs
economies of the traffic under the new
arrangements are expected to reacl
S11,eoo,o0o annually, divided among tht
various railroads Interested When i
is further known that the control of tht
Delaware, Lackawanna and Western
railroad has passed into hands tha
are friendly TO the Reading manage
ment the investing public will recoG
niZe that the new arrangements vii
tend to secure harmony in the Goa
trade, and by saving unnecessary eS
penSeS and promoting economic
throughout the various railway sys
TENS concerned will make more stabl
values for coal companies securitie
without adding to the cost of coal t
the consumer.
1.-The great benefits of the new al
rangements are obvious. In additio
to the splendid Reading terminal no,
.,a4.r,at;pn in philad alnh tho paaT