New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-19
FAITH IN THEIR PRESIDENT.
4 READING MAN TALKS or THE SLUMP
IN ITS STOCK
UNoUALIFIED APPROVAL OF THE ACTS OF
MIR. -POSTMAsTERGENERAL WANA'
MAKER REFUSES TO CONFIRM OR
DENY STOCK EXCHANGE REPORTS.

MR.. MISUNDERSTANDING ENERAL wANA.
MAKER REFUSES TO CONFIRM OR
DENY STOCK EXCHANGE REPORTS.
TBY TELEGRAPH TO THE TRIBUNE.J
PHILADELPHIA. Feb lS-1he slump in Reading,
~ mirht be expected. caused as great stir in
financial circles here as in Wall Street. II has
been the talk of the city for the last two days. and
Tonight il is the main theme of discussion In the
clubs, hotels. and in groups wherever men OF
affairs meet together The startling decline took
people here by surprise and the directors OF the
coupanv more than anybody else. accordi"- to
the statements they make. Most OF the olhcers re-
frain from saving anything beyond expressing their
inability to understand the uniavorable display
but one prominent member of the board who Is
widely known and highly respected, discussed
the situation with good deal of trankneSs. 10
say that | am surprised" he remarked Is TO
give inadequate expression TO my feelings
am astounded The whole thing Is uneNplalnanle
20 me: but I want to say TO you that tlere
is no foundation whatever for these wild rumorS
about internal dssensiOns or opposition 10 MI
Mcleod among the directors OF the company .
There il not a word of truth in them
The Reading directors have perfect falth
in the prcsilrnt and believe that he has ac'eu
wisely and entirely in the interests OF the COM
many. We believe that he is the right man Tor
place and his record as PRESIDENT proves IT, ->oi
do think that Messrs. preXcl, Morgan N 20 are
IN any way identified with these attacks upon our
| credit which have caused these troubles Mr'
Drcxol know 10 he perfectly friendly with Nlr.
| Mel cod, and I'm sure his partner, Mr. J Ilerpoh'
Morgan, is too big a man TO descend to Such
me,bods of warfare. Such charges as these are
| nero street talk.
III road is md SpfnslDl"
70 Mr. Moran, success, an he knows IT. No.
the firm no longer handles our securities but there
| arc scarcely any to handle now. We are simply
| in 4 positon that every corporation is likely 10
be in at some period OF its career, where IL mas 70
depcnd on its credit rather than lts casn paiahct>'
I have been connected with various enterprises
that have passed through such periods but they
never woull lave passed through them safely ha'
loans been callcl and credit attacked as mas
| been don" in tho case of the Reading Such at
ta~ks would embarrasS any corporation no matter
how sound il might be- n bottom, a | know our
| company is. despite all these bear attacks
| a crca. many people seem to think he con
| tinucd that these alliances winch Mr. Mcleod
| has made with outside roads, like the Boston ann
Maine and New England have put great dcAI
IF extra expense upon the Reading lhiS Is d
mist,l,, These alliances have not cost us dol
| lar
mutualitv Of interests highly important ana
bicblv profitable The Boston and Maine Ka'l-
| road IA an : TO 10 per cent paying stock Such
- connection in itself is a valuable asset. In"
cert,,,rs withdrawal did not in1urr US Inc
situation WIS not altered by its retirement i"'
| .,,ief valuc of that great coal combination was
that il brought people into friendly rea'lohS'
This result still remains without the lcaS'. so a9
, matter of fact, the CentraIs Withdrawal was
really a relief instead of disadvantage 10 'h'
| Reading
Tho extensions Of the system. then, that nave
been made by President Mcleod have the appro-
val of the directors and officers?
W, sir. most emphatcally. They were wl''
and rrht and the wisdom of them VIII De- lhui-
| Gated in due time. That entrance INTO Ne"-Ehs-
| land territory alone will be worth l,oo"'oVo 'ohS
- oool wear. or b 300, 900 in additional earn
irqs OF course it has inspired oppositloh' pl''r'
nrnositon too: opposition that seems TO he dl'
rcct.d more against the president of our company
than ,hc company itself | admit that this oppo-
,;,,o,, may cause rs A little trouble, but I appre-
bend no,hing scIlouS-nothins certainly TO caus
any alarm
is it true that Postmaster-General Wanna
| maker has sold his stock? ~
Il cannot answer that question positively,
but | will say that am almost certain that ne
has not Why should he? He held the stock,
| 40 600 or 80, O00 shares all through the panic
when il went down 70 u L.? Since then he has
increased his holdings, and for him to part win
then, now would he uncVpainable. That Is not
Mr. WonamaI-rrS way. lie believes in th" prop
crty. and he bouaht the stock to keep IT.
Vr Wanamaker was asked early in the day -
deny or affirm the report. but declined to do So
declaring that his private business matters were
mot for nuhic inspection. When asked again tins
evening however, he replied. with little more
.xplicitnos>: Il believe" liz said, 'he Readlh@
nroprrtv TO he immensely valuable. am Hfg'
holder Of it, securities, but do not want to say
ANYTHING that mieht influence any one III any
way. either to buy or to sell
r. other words. the Postmastcr-General feels
th., - = men bcr Of the Cabinet any expression
from b,n on the subject would hardly be proper
| ,,,,or the circumstances The prevailing belief
horo is that Mr. WananakI still owns all the
s,ocl, hc ever had in Reading, and that he has
| rorfcct confidence in the companys future
President Mcleod has declined to say anything
cr nublication thus far He still persists IN FOL
| ,,vino this line of policy, and with the approN'i
| -, ali the directors who were seen These gentle
mon. particularly Mr. Snnott and Mr. shplry'
| or..sident Of the Providcnt Life ard trust tom
! ranv. deny with much spirit some OF the rumorS
| and reports that have been flying about the
| streets touching the credit and solvency OF the
comnanv. Mr. Sinnott insisted that the whole
matter was nothing but bear drive and that
there was no solid for the great decline IN
prices
Everybody" said he, tries to KICK man
that i, down or that they think is llkcly TO fnll
'Iown. NeNt, | suppose, we shall hear that re-
| ceiver has been or is to bc appoln'ru. ms ialk
about our checks going to protes, Is al, mo''Idse H
| Thr claims that have been presented nave Dcelt
paid promptly Over S3.oo0,ooo OF earnings mas mas
EMPLOYEES pay was kept back owing to some mis-: