The sun., 1893-02-21

Refining. declined fret, and then jumped ur
6yc points. presumably on an effort to cover
Through the rest Of the list the huctuation.
were comparatively narrow. and the net de
street stocks not affected By III. special causes
markably we'll especially as % two o"e general % in In
nuences were operative. namely. O, sharp ,ad-
oi !es Is sod dSRHS ano 'a' SNIP
It was impossible to learn in this city what
sS,'d ssny teS h, q I'M
surd d report was circulated 4 that at Mr.; Mcleod e d
rsssr ss shs G saSs q
propeTty.. now. that the syndicate has dis;
Sysd Ths fear Ts orsS y, x.
bad been used to finance Mr.. McLeod,s New
England ventures Long after ths cosc Of
been placed in the hand, Of receivers was that
holdings OF the third income bonds.
h1 h report 81 the bo Az Ia
showed thst the RSu had earned
saloQooo after paying al fixed charges; 8; 2 or
IN So
had no option but to declare and. pay
thst interest. The Interest ssh was iGeSogainRy
don't Mcleod sold a block Of ,hs general
same same iirm i on another hlocR.. upon which
a..eaa a's Sn'2n III. eHnannon na wHS isr nos sG
paying in the treasury OF the company INC ne
Sis statement @ to S ihe Security holders was that
tho money had been used to conduct tho coal
business Of tho company. which had beSn ,,a
aH arransetnSnt ,t he had made to con control The e
output, Of individual miners along the lines
renred to no satisfied with this cN Nplnnation.
and it WAS , = natural ,, ssnnpoSti2n 4, that the
.nf HnTuouut required TO pay interest on the
preiercllce bonds had nut the com pany in easy
circumstances financially.
II ncw appears that tho company has not
poo ct the nf fGp ia id u sIs sss
ior,nchsy than tH"SSbl Ii" had nnv @ Idea Of. il
tho Rend,nE Company has been made party
4 M, III" 1"F 10 Sna % S. hoit0n HDn,nS and
son v;;h6 tho eSmpcatonss EFSwns :cnsnr
AMI Hls sssoea!ss have s insisted al! along that
tho company. and that it could lose nothing II
ihoy did not turn out WELL for the risk had
been takcn entirely by tho syndicats.
WHO uWSS READING SOW?
What Wall street Is interested in knowing
now is who controls tho teadinE Company or
would arpear in ppSsesson les il meeting Of h The
fss ." fhs str Street. ' Ghis M '9' "ie% howsvsr IS
ii"i Of the street. ,~hicG IS that DreySl.
Morgan : c.. tho Tand-rbilts. and other
tn. stock tint has been sold daring tho last
three days. Nothing has developed as yet to
III" sssump.ion that Sir HicL Leod and his nsso-
riates ant.gonized the tnterests referred to
when they bsgnn to bui!i up tha Now England
system for the loading Company.
Tho uurl recover in tho price Of New York
sn SGw E1Eah stock m @ the street
bad changed hands again during the last few
days
q, Tie dealIn2s in leading bonds were propor-
iiona:ey ns extensive as ,hosa in the stock.
the asgrcGn,e s:.,%s oi n" 70 yarions i classes
Hhe Eou"rnl a"rtEarr Is sold down TO ~.
and closed ncrrly imIr lotn'S lowor than on
irarred iron, "a, to 80. ~, r"s@ver"d to 5i..
showing net loss Of - i"r cont: Tho second |
pse,erGncsI ae dn a. - ,G Go1nn Sra a. nre @
rrenc"s tell down TO -. and closed ut BOZ, as
against 81 at tl';"na Of 'a,, =, wc"E. o,.,.
on III" Exchange or tno "mha"rassme ent Of any |
Within 4, week. the bonds hnye declined
proferred. National Load, New Englnnd. and |
5 %"FaaSs "a hovS 10 way %a Trss ns.
covered. tEe c:riauatipI doubtless is that |
the bulk "i trading "i iato has been by very
Tho emo, nous transactions OF tho last few
days. to say nothing "f H." furtnati,ons. have
cal force In many 81 ih. ,rnd;nc stock En-
change houses doubtless Srnnt the great or part
Of last night at their wn-L. Will" The ofcints |
OF trus, curulnirs and ";hrr institutions that /,
are large lenders Of money spent tho evening |
changes IN prices nave reduced the value o! i |
good usal OF .hn collateral.
Whenever ans thing out ot The usual run oc- |
ours IN Wall stre"t - number Of brokers on |
the Consolidated stock and, Petroleum Ex- |
chanGc 60 to tho wall; Tn. Reading DECLINE
&. Russell oi II New stre.i. who held 1.s00 |
shares ot the stock: II. W. Davis. who was
Rendin-: {. i. Tret Of so Broadway. who was I,
long 800 shares of Reading.
, rIsE AND rArL or sKYRocxEr M'LEop.
:, MI: MrLeoh's c3nncction with the hendng |
Railroad 'inies back to SS7. when he was |
Corbin. q. Dc Il. Keim. and 5. \. Caldwell. |
When We Mr corGn bee tecame President; Mr. Nc;
anu EnS ~ On N IL cor%n 3n'
his place at II Q head of the company in June. !
In February. 1892. the great anthracite coal
ley. and Central Railroad OF New Jersey BY |
lIackawannu and Western was also practically |
brought into the compact, As, soon rs this
found himself. ns he believed. master OF the |
situation he began to disregard the advice of
servatism. Ihe price Of coal was ARBITRARILY
advanced with such rnpidity that public out
FRY Wps it once raised ana me civil authority
began steps to contest the legality OF the
lenses
Then came suits by the New Jersey authori-
d"s and finally the com niete failure OF Mr. |
Nc i.eod's scheme TO contro! the anthracite
,oal marriott. TIE Jersey Central lease was
ieclarod Illegal, and, its cancellation fol-
coal and without funds. Last week even the
pay cars vera recalled in order that funds set
aphrt for wages might be used to s,ave off the
inevitable collapse.
PRESIDENT M ..rod's first mistake and the one
iirll has lin ll, I'm Raa
Company was the attempt TO gain an entrance
Sic Bridge In January, 1892. the Heading
'omrany secured control Of tho J,rdge Com
pany and it now owns all the stock and guar
an,eHs The prinrpa and interest Of ths bonds
aud, a nsol i'ttion OF the bridge Company
and several short railroads tributary thereto.
Having thus got ACROSS tho hudson River his
nest step wa, the attemnnt with the assistance
,rs. gho composed the Heading Pool" 10 se-
.ure cortrri of the New York and New England
toad In this attompt he also secured the as
l!stancr OF Boston spccul lators. and tho con.
rol Of the Boston and Maine and Connecticut
tiYcr Roads was secured by the ullies |