The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-05
RESIGNATION OFA.A. M'LEOD
Quits Both the Presidency and Receiver
ship of the Reading Companies,
Stating as Reason that Financial Aid Will Not
Be Given as Long as lie Remains in Con-
trol-Fsst Trains from the East.

DC y" 4yAk no aC t0thsfno ia "
tT0l-Fsst Trains from the East.
Mr.. Mcleod. president of the philadelphia
s. Reading railroad and coal companies has
rendered bis resignation 10 take effect May
l. lie will also resign the receivership.
Following is his letter to the board of
MANAGERS:
G~entlemen-I hereby resign my position as
president OF your company 70 take effect Oil the
LIST or May next On that day it Is my intention
to resign nv position as receiver OF your com-
pany. My reasons for thus resigning Is my be-
lief that needed financial assistance Will not be
accorded 10 the company so long as 1 shall con-
time To occupy the position OF president and re-
eeiver.
A similar letter was also sent to tho board
of managers of the Philadelphia !, Reading
Coal and Iron Company.
gentleman who is well known in Phil
Adeiphia financial circles. and who msy be
considered an excellent authorit v, said
last evening: "Mr. McLeod's resignation
from bis position as receiver and president
of the Reading company has been rumored
ably. an entirely voluntary act on his
part. and 10 not think 1t was requested by
the Drexeis OF other financiers. Mr.. Nc
Leods personal relations with the members
of the banking house of Drexei d Co. have
been and are said to be very friendly. Mr..
Mcleod probably saw that the road was in
q very bad coneition. financially. and that
Immediate aid was necessary. and doubt
less decided that this immediate aid would
be more quickly scared and would come
more surely if he resigned. l think his &C.
ton was purely and wholly induced by his
regard for the best interests of the Reading
company. Of course. after q failure such
rs that of the company, confidence in
thu MANAGEMENT AhakAn and
It to be wholly restored. There have been
various rumors regarding q probable sue
cessor to Mr.. Mcleod as receiver and presi-
dent OF the road. Ex-Chief Justice Parsons
name has been mentioned. Judge Psxson
10 one OF the present receivers, and 1t Is
rumored that he will succeed to the presi-
dency. The United States COur would. OK
course, NIL the vacancy Of receivership.
Then it is known that observation-disclosures
eral John Wansmaker has been ambitious
for q long time to be president of the road.
II he is appointed receiver and elected
president his chief assistant in the man.
segment of the company will most proba-
bly, be j. Lowrey Bell. the present general
superintendent of the railway mail service,
who is said to have been appointed to tbas
request of ex-President Gowan. of
Mr.. Bell gained bis 's experience
IN railroading. 1t Is also said that Thomas
DOihu. VINO Recently ICSlSuoQ IrOul bD0 III
rectory. while he would like to become
Nr. McLeod's successor. is quietly working
Tor MI. Wanamaker. and Ii Is animated
that one of his motives In resigning was
that he might be more free to work for him.
Mr.. Mcleod will not long be out of q
position. IL Is even limited that In tn
future he will devote his whole attentio n
to the Developments OF the Reading COM
pany's leased lines in New England. That
is to say that some person will be chosen
president of the Reading company who Is
friendly to Mr.. Mcleod and tho Read
ing company's interests in Pennsylva-
MIA. and the comDany's leased lines in
New England will DO run conformity n
for their mutual interests. The general
sentiment In financial circles Is that Mr..
Mcleod having acquired the ~Poughkeepsie
bridge and adjoining lines. was forced. In
the interest of the Reading COMPANY. to
branch out into New England as an act of
self-defense. There was no object in acqulr-
ing q bridge KAT led to nowhere. Then,
too. the leasing by the Reading Of she
large railroad and coal interests in
hands a vast product that had to be mar
keted. Mr.. Mcleod naturally turned to
New England for this market. The burden
was too much for the Reading company.
and the receivership resulted. / do not
think that Mr.. McLeod's withdrawal will
seriously affect the Reading company's
New England interests.
Tie Nineteen-Hour Trains.
The proposition of the Now York Cen
trail to put on q nlneteeD.h0ur tram be-
tween New York city and Chicago is Great
ing q good deal of comment. not only
among railroad men in this country. but In
Europe. as it will be the longest run for q
fast train in the world. the actual running
time for the practically one thousand miles
will be at u speed of q mile q minute. The
two fastest trains now between New York
city and Chicago are the limited, over the
New York Central. twenty-three hours and
forty-five minutes, and the limited over
the Pennsylvania. twenty-iour hours. The
new tim schedule of the Vanderbilt line
cuts the time down nearly five hours. and
If the train Is run successfully, as there
seems no doubt it Will be. 1t will be the
most remarkable achievement in modern
r~ailroadinG. IL was supposed that the ru u
from Buffalo would have been made over
the Michigan Central. but it is announced
that 1t will be over the Lake Shore. which
accounts for the heavy outlay of money in
Improving the latter across northern
Indiana the last two years. In reducing
GRADES and STRENGTHENING curves over
Sl.OOO.OOO have been thus expended.
The journal has that the
New York Central is not to enjoy this fast
service alone: the Pennsylvania oompany
will, on May ]. put on a fast limited train
10 leave New York at p. NJ, the same
hour tno Ne" 10TH Iehtrai uoes, ana
reach Chicago at the same fine the
CentraPs train does. The train will haul
four Pullman cars of the best ty pc the
Pullman works build as to elegance and
substantial build.
Tn. T.. Il. & w.. Rest Month.
The Lake Erie & Western. In the las,
week of March. earned Sos 144.21 an H.
srease over the corresponding week of 1885,
Of Sig, Sn7. 30. This brought the earnings OF
March up to 1881. 5s1. SO. an increase over
March. 1897. of $50. DIG IS. making it TIE
largest month's earnings in the history Of
Il Healthy Woman
Never has the blues.
Nor that "don't-care" or
L.