The Providence news. (Providence [R.I.]) 1891-1906, 1893-04-05

occupy the positions of president and re-
ceiver"
After writing the above, which was
about O'Clock, he left the Office OF the
company and then denied himself abso-
lutely to all callers. A gentleman con-
nected with the company in an official
capacity. when asked for an explanation
of Mr.. McLeod's sudden action. said that
the reason WAS stated clearly in the letter.
He felt that financial assistance would
not be given the company while he was
connected with it, aud being man of
spirit determined to get out. The step
had been contemplated for some time and
has not been taken in haste.
Another gentleman, who also declined
to be quoted. said that Mr. Mel. od's
resignation was brought about by the
bondholders. They had taken the posi-
ii on that they would put in no more
money while
Mcleod Was an Oficer
of the road. 1t was simply that and
nothing e.se. The situation was thor
oushly known to Mr. Mcleod and TO his
friends. The general mortgage bond
holders committee had taken positive
stand that they would oppose every
movement to give the company financial
assistance while he remained president
and receiver. The commit tee Of prefer
ence mortgage bondholders mad taken
the same sJunu. uef udue 10 CletT bHdb
Mr.. Mcleod did no, command the sup
port =of the body Of the bondholders.
Asked what his plans for the future
were, the same gentleman replied:
II don't know hat he has any. He
has been under tremendous strain for
the last two months and suppose the
first thing he will do will be TO take a
rest. understand he has never been In
Europe and he may go there for time"
will he resign from the presid ency of
the New England and Boston and Maine
roadsi" was asked.
mo. Those roads are not concerned in
the present matter. He will sever all his
relations with the Reading, but that is
all"
"Mr. Mcleod" he continued "acted as
he did for the reasons set forth in his
letter. Our relations are
Perfectly Friendly.
There has been good deal of talk about
various people quarrelling with Mr..
Mcleod. but they are all lies"
What brought about the failure of
the Reading company. anyway
''IJ was trying TO do too much business
Tor the capital in haud. Mr.. Mcleod built
the { rminal station here, but Jnat wa
money well spent. The Port Readi ng
railroad was great business ente rpr Use.
lie spent money at Harrisburg in new
earning interest on the cost. Then he
went into the purchase of coal aud that
took the money fast. There was the
trouble"
An excellent authority, says: II do
not think Mr.. McLeod's resignation
was requested by the Drexels or other
financiers. Mr.. McLeod's personal rela-
tions with the members of the banking
house of Dcexel & Co., have been. aud
are said To be very friendly. Mr.. Nc
Leod probably saw that the road was IN a
Very Bad Condition
financially, and that immediate aid was
necessary, and doubtless decided that
this immediate aid would be more
quickly procured and would come more
surely IL nc resigned. think his action
was purely aud wholly Undue ed uy his
regard for the best interests OF he keau-
ing company. OF course, after "a failure
such as that OF the company. con fidente
in the management IL shaken. and 10
takes a long time for IL TO be wholly re-
stored.
There have been various rumors,"
the gentleman continued, regarding n
probable successor TO Mr.. Mcleod as
receiver and president OF the road. Ex.
Chief Justice Parsons name has been
mentioned. Then IL Is we'll known that
ex-Postmaster. General John Wanamaker