Morning journal and courier., 1893-01-25
Mr.. N1cLeod,s Policy.


All who have carefully read the recently
published report of President A. A. Nc
Leod of the Philadelphia and Reading
railroad and Coal and Iron companies
must have been impressed with his digni-
fed, clear, frank statements, his broad
grasp of the situation and the absence of
anything like sntsgonism, either by op-
preston or repression. There was an
utterly unmonopolistic tone, and due re-
gard for public opinion as well as the
public veal. Yet the value and force of
this aggregation of capital WAS not under
estimated. The favor of Mr.. McLsod's
report was like the impress of his person
atty, as noted upon the occasion of his
recent address before the Boston Mer-
chants club-the impress of power in
reserve.
The plans of Mr.. Mcleod are not those
to be consummated in day, month, or
single year. They are plans for broad,
bene6oent, healthful development of the
gigantic interests now under his direction,
and 1t may be safely asserted that wher
ever Mr.. McLsod moves in the uniting of
the interests of Pennsylvania and the New
England states, the policy will not be one
of trade oppression or of public antago-
nism.
We have been impressed in our study of
Mr.. McLeod's progress primarily with his
integrity. He has seemed to US to have
that rare ability in corporate traffic affairs
to give his word and to be able to keep it
in letter and spirit The uniting of the
anthracite coal interests of Pennsylvania is
no small undertaking, and the ability of
small dealers and producers to upset for
their personal benefit any union of inter-
ests was for many years generally recog-
nized as beyond reach. But when Mr.. Mo
Leod had determined upon coal prices that,
with the natural growth of the trade, meant
fair return to capital, and it had been
agreed to, the schedule was not thrown
aside nor the plan abandoned at the first
cut or break made by some minor interests
not at all. The Reading railroad, for
almost the first time In its history, has
stood for principle and kept Its trade agree
ments. There have been conferences and
arguments, but no striking back" no
"war for the survival of the fttest''-just
straightforward dealing, reason and steadi-
ness of purpose; and the result at the close
of the year is full interest to every Read
ing bondholder and, better yet, confidence
in the coal industry all along the line from
producer to consumer.
1t may not be generally known that dur
ing the recent cold snap when coastwise
shipping was almost psralyzs from Nor
folk harbor north and the coal supply at
all ports was a matter of grave concern to
every household as we'll as every industry,
the Reading company, instead Of grasping
what an oppressive monopoly might call
its Opportunity" made instant proclams
ton that all it's coal in store was for sale
at the old established price, and would not
be advanced; and it was not. Some local
dealers, against Readings protest, ad-
vanced prices to their customers, but
Reading took no part in 1t, and made ev-
cry effort to forward the coal supply 1t
is just suchsa broad, sincere policy in per-
forming public service that finally wins
for invested capital and for its customer
the public.