New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-28
ANOTHER BREAK IN READING
THE LOSS AMOUNTS TO 2 IS PER CENT
WALL STREET COMPARATIVELY QUIET. HOW
EvER-MLrOD AND THE RECEIvERsIIlP
NO GOLD ENGAGEMENTS.

EVER-M'LFOD AND THE RECEIVERSHlP
NO GOLD ENGAGEMENTS.
Wall Street enjoyed period OF comparative quiet
Yesterday after the exciting times Of the last ten
DAYS. and the stock market fairly steady until the
last half hour when heavy sales OF Reading drove the
price Of that stock to the lowest point it has vet
reached In the present crisis. Other stocks suffered at
tie same time and O'Clock found prices generally at
the lowest figures for the day. tn" one
striking exception 10 this rule WAS American sugar
Renung which closed at l1D IS. net gain OF IS per
cent after having nucuat"d between ll6 "a and 1872.
A possible explanation Of this strength NAV BE found
In "a current in Wall street that at the meeting
of the directors next month The dividend rate will be
raised from 10 per cent to II per cent and that pre-
limnary arrangements have been qnade for the ac-
QUESTION Of the Mollenhauer refinery In Brooklyn.
one Of The owners OF the MOenhauer property. how
ever, credited with saving that II the Trust did
buy them ont they would Immediately build agun. as
The profits on refining large that they In
tend to have share In tlcm either by running the
business themselves or selling each plant TO the
Trust at "A substantial advance. General Electric, on
the other hand. weak and closed AT l0i. with a
net los, II ii per cent. while Northern Pacific pre-
ferrcd recovered per cent from the big depression
OF saturday. The directors Of this road will meet to-
formulate reply 10 the Clews committees re-
port. TIE total Transactions Yesterday at the stock
Exchange amounted TO les that $1,000 shares. onv
lltc more than oncthr the volume Of last MONDAYS
business.
Reading naturally continues to attract the closest
attention OF Wall street. and 10 lead In the specll
ation on the stock Exchange. The sales yesterday
1880 shares A arge proportion Of these
were made in the last hour when prices declined 10
% II. closing at - IS. Early I'm the day quota
ton, remained fairly firm a. % 7sa - IL. The net
loss from saturdays close was IS per cent. The
final depression was due in part 10 extensive liqui-
datlon. and IN part to belief. strengthened by ~
ports from Philadelphia. that the financial statement
expected from the receivers VIII show IN" CON
dion Of the corporation to lie even worse than has
been thought. Criticism OF Mr.. McLcod's appoint
ment rs n receiver OF the company. which was bank
rupci under his management still freely expressed
and the hope Of proceedings being taken To secure
his removal was strengthened By a report from Lon
don that a committee OF Stock Exchange members
there had me, and decided 10 telegraph TO n" triS
tees OF The income mortgage bonds urging immediate
action In that direction. y conference OF bankers
and Others supposed TO he Interested I'm Reading was
also held at the once Of Spoyer Co, No IL Broad
ST. While Mr. spcycr declined 10 say what the
object % tho conference was. or what It's result.
be- did not deny that Readings affairs were under
discussion or that The people present were inter
esred In occurring Mr. McLeod's removal.
II Is admitted that the appointment Of Mr. Mcleod
rs one Of the ihr,c receivers f. strictly In line With
precedent In l--O. when the first Reading collapse
occurred Franklin 49, Gowcn. the president whose
ambitious plans caused the disaster. was made a
receiver. ana again In le-i when Reading was
bankriIptcd second time. George DEB. heim, whose
term in tho presidency was even shorter than Mr.
McLoods appointed 10 rccevership In spite
of precedent, however. II Is urged that Mr.
Mcleod ought not 10 BE- left In position to cOntIDl
even In part tho destiny Of the road. The point ~
made that II he knew the real OF the property
at the time he made his annual report in January and
borrowed money with which 10 pa} Interest on the
income bonds he was guilty OF gross imposition on
the stockholders and the public. II he did not
know that the money had not been earned ana mat
the figures presented q false showing. then, 10 the
minds Of most people, his inc0mp"tency Is clearly
proved In either case his mhneSs as receiver
Of tho property IL held TO be manifest on the whole,
the conviction is we'll fixed that some active measures
VIII soon be taken before Judge Dallas 10 secure
reversal OF his action In appointing Mr. Mcleod.
Interest in New York and New nSland was also
active Yesterday and was simulated by the presence
In Wall street OF Charles r. Clark president OF the
New. York, New Haven and Hartford rond New
England stock was bought heavily on rumor that
al the annual meeting March IA II would be iohhd
that Drexel Morgan & Co. and the Consolidated peo-
pie were In position 10 dictate the nomination OF
the new president who viii succeed Charles Parsons
Under this Influence Ncw-England advanced from
20 - to II 5s closing at 30 81 with net gain Of
| per cent. !. PlerpOnt Morgan declared That the
report was uniounded 20 iar Us h'o"' H' '"'''
there Is no truth In the rumor one thing Is certain,
and that Is that no purchase lease OF New England
Will les made the basis Of the present market
price, , ,orr
York Iuk. Erie and Western. which declined steadily
from ~ = TO 81 3-s and closed with net loss OF
r.. Der cent A report obtained circulation That a
receiver would be appointed for the property ana iS
NAV have had some Influence on prices, though tlr
decline WAS probably more largely due 10 selling based
an expectation Of labor troubles. John King. PrcN-
dent Of the road said that he certainly did not know
fIti up ulO "A recglycrSnlD.
enc favorable feature OF the situation, WHICH, now
ever. did 10 exert n marked behehclil M
nuencc WINS the absence Of any gold engagements iT
export. IAzard Frcrcs had expected TO send away
nwinc to the easier rates for exchange, and
a nrmer rate for money. The Dement'S thht
ought to follow cessation OF The gold exports
nr', i'm mari counirrncl,d by demands from the IN
tcuor for more currency, and the tendency rec"ntN
manifest cd-somewhat inconSistcntly IT Is true-by
hanks i'm the silver producing states 10 hoard gold