New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-23


count on the severe decline Of the week. bat th"Sc
are understood be malny speculative. and based on
the idea that after the CIcl drop In values recovery
was due 20 the covering CT shorts. or that the FcNh'
OF the collapse would be beneficial transfer al con-
troll Ii Is not probable. however that anv important
railway or financial interest would commit Itself to
the ownership Of the property until The conci'ioh "i
It's finances better understood. tpon u" CHR
acter and extent OF the Insolvency VIII o"p'hu IS''
the attitude OF capitalists toward the company Inc
significant report from Philadelphia pnbShed III YES
terday's Tribune, that DreXel a Co.. OF PhhaGcphi"'
had once more come to the rescue OF the property.
could not be confirmed here. II is believed TO be
true and in that the changed conditions OF IN"
Eastern railroad situation may lead 10 maj settle
ment that will bring the Reading int harmony win
the Pennsylvania Railroad.
The opposition OF the road TO the coal combination
made a year ago led for time to lick oil co."p'r-
ton between the PENNSYLVANIA and the DreXaiNors"n
interests. But the rupture between Ir Nlo'H' VI hV"
or the Reading management ana u" paHkhS P""''
that supported the original policy OF the hcauihG uo
TO the formers extension of aggression MO N'W-h'S
land territory finally cals,d reunion OF int ISIS OIL
the PENNSYLVANIA and the DreXel Morgan people ii'
Pennsylvanias New Enfland connection Is the New
York New-Ia and Hartford, and lis Resistance "
Readings campaign in Penn, yNanil territory r"' h''
urally brought the PENNSYLVANIA Railroad HI" hi'-
mony with j. Plcrpont MCrcar In his defence OF New"
Haven interests against The Mcleod aggr' ssioh' lac
great railroad and banking powers II t. believed. Will
he I'm harmony in any line policy touci" the inue
shaping OF Reading policy.
As regards the fate of the Ncwlorh ana New
England road the question will be Influenced In It's
determination by the developments rs to the actua
relations Of the Reading pool or syndicate to 'he
ev.England road II the POOLS holdings OF new
England stock are purely private, AM are "e''
protected, and if they are as large as mas pee" a."
serted by Mr. Mcleod, the coming election may Tc'"it
In the old Reading party securing dominance II
lo,,rl
then the solution Of the problem OF the iu'urc vi
New.York and New. Eng and will hinge largely on ue
final settlement of Readings finances
There is a possibility that the Readings influence
in New-York and w-Engand is complicated WIN
the pryate holdings Of the Mcleod pool, which wouli
Introduce another confusing factor The situation mas
received additional interest from the uncertainty VI
fhe attitude Of Charles Parsons and his friends IN he
newfoundland as indicated in 9he Tribnn" YESTERDAY
IL Is not vet decided by Mr.. Parsons whether ne VIII
attempt a contest for control with the McLcol-bosoh
and Maine faction. Mr.. Parsons has spent all MS
time for about year in endcavoring TO Improve 'he
condition of the property He has had hard odds 10
contend against In the opposition OF the New-HaVeh
and I'm the interference Of the Reading people III Is
known that he wearied of the abors imposed upon
him. and he may decide that to attempt iui'i'i
oontroversv is a game not worth the candle" Should
Nr Parsons decide 10 retire the situation woud DC
smpifed by the narrowing down OF the contest oc
tween the Morgan New Haven interests ana COM
Mnation that has been discrcditcd by the gnomhols
failure OF its attempt TO sustain Re:uhe III t'e o>e'
ambitious plans Of Mr.. Mcleod. CONSERVATIVE men
do not hesitate to say that the outcome, even II DC
iaved will be the surrender of the New EngaIh road
10 evil Haven interests east OF the HUDSON
River ,u,o
that Mr. Mcleod will not long remain one OIL Inc
receivers of tee Reading road. His services at pres
emit while the actual facts regards the CONDITION VI
gai In
may he considered 70 necessary as to warrant MS ic-
tenuon for a time among the receivers. But 'he op
position 10 his holding place In the direction Vi 'e
oompany's affairs. which lie has certainty Deeh parity
instrumental In involving In their present tanglc mas
suffered no II is more than probable ina.
his representations 10 some Of the recent lenders OF
money 10 the Reading Company may serve as the
basis for movement TO secure his retirement II
Is certain that funds obtained from Some con
servatlvc bankers on u showing from the management
that the sudden confession Of insolvency does not seem
20 Justify IL is far from unlikely that 20 protect heir
own these e y 1 M So be- srq ins s
efforts TO depose him from his position as one oi INC
only one opinion was expressed among men Of
financial affairs yesterday as 70 the imperative htsa
Obligations of the insolvcnt railroad 1t Is admitted
that complete exhibit may be impossible at this
: STATEN but IS IN m Ss 's anc 10 So and E cea
holders. The floating indebtedness. In the absence OF
seryative men think that i may range from g Go3
600 10 s6o0oooo In ms must be incnden anUTs
due under the lease OF the Lchigh Valley. A large
part Of the total amount is believed TO be secured by
coal hand
Men interested In the coal trade say that these
sets are good In view Of the active demand for coal
caused by the weather and the approach OF
March, when usually there Is large buying OF stocks
by wholesalers and other mddlemen. The extent Of
the obligations 10 private operators along the line OF
the Reading system may not be estimated. Aud the
entirely unknown factor l. how far the funds
securities OF the company may have been diverted 10
sustain the speculati0ns in the New England States
that direction.