The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-02-24
The Reading Furry.

lhefe nave been murnurS oil com
ing storm upon the Reading Railroad
for some weeks, and they eliminated
in the fury of the hurricane on Friday
and Saturday. The stock that sold
up 10 $S4 soon after the announce.
ment of the coal combine, fell below
$40 on Friday and was hammered
down to around SrS yesterday, with a
corresponding decline in all the pre-
ference income securities. The loss
in Reading shares and securities in a
single day was over $1,000, 900.
The furry in Reading is not mere
temporary raid OF speculative "bears.'
1t is deeper, broader and aims at the
entire overthrow of the great system
that President Mcleod conceived and
had well nigh consummated. That
system with so slender 4 foundation
Of credit as the Reading corporation,
means one of two things--eilher one
of the most notable of modern railway
achievements or a disastrous failure.
There is no middle ground for such q,
farreaching and in every way grand
conception and only a man of the
broadest capabilities and courage could
have given it the sembance of success.
If it can pass the crucial test that now
confronts it, its future will be assured;
if it shall be unequal to this trial, the
whole system must collapse and exist
only in the original fragments.
A railway movement SO comprehen.
sive and far reaching as the system
conceived and now nearly executed
by President Mcleod, could not fai
to arouse positive and vindictive an.
tagonisms. The prospect of railway
system embracing eighty per cent, o
the anthracite coal trade, combining al
rivals in coal production in a commu
nifty of interest, and reaching from the
the heart Of the anthracite beds 10 sea
and commanding the chief trunk anC
tributary lines OF New England, is {
menace to the mastery of the grea
trunk lines of New York and Philadel
phia, and the struggle for the New
England lines aroused powerful finan
cial interests to hostile action. |
thus became Reading battle agains
giants, and the problem to be solved
is whether the Reading organization
can cope with the combination that il
assailing it in life or death conflict.
There is no sentimentalism in tht
battles of millions. The Reading sue
cessful in the magnificent system 1T
progressive President conceived, woul,
be one Of the grandest railway systems
OF the world and when successful, i
would be on the basis of sound anC
enduring credit The scheme unsuc
cessful, would remand the Reading
back to a Receivershlp, and make i
the dependent of the stronger railroad
corporations around it and pospone it
solvency indefinitely. This is th'
grave issue that is now on trial on tht
money markets of the country, anc
the Reading will be master or servan
as it succeeds or fails.
President Mcleod may be unabl,
to maintain his ystem in the unequa
struggle that has been precipitated 81
unexpectedly upon HIM but he ha
conceived and attempted the creation
of the only system that can make
Reading successful in the future. A
a local coal line it is entirely unable
to bear its present load Of debt, anC
only as the controlling centre Of ;
great system such as President Nc
Leod formulated can it be brough
within sight Of solvency and whethe
he shall haze success or failvre as hi
reward, he is fairly entitled to credl
for clear conception of the neces
sites which environ his corporation
and for a most heroic effort tt
win success for it in face of obstacles
which were little less than appalling
A few days at the most will solve tht
problem, and either quick ant
healthy rebound in Reading values O
a bottom drop.out is inevitable
Times.