The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-17
Mr. M'LE0D'S DEFENSE.
Readings Ex-President Replies to
Expert Rice.
HE HAD NO PERSONAL INTEREST.

His Action in the Boston and Maine and
New England Railroads Deals Wholly
In the Interest of ths Reading-Be-
licves That He Acted Wisely.
"Because of the publication of Mr.. Isaac
L. Rice's report, in which 1t Is insinuated
that induced the Philadelphia and Read
ing Railroad company to relieve me of a
private speculation in the stock Of the Bos-
ton and Maine Railroad company and of
thelNew York and New England Railroad
company at n time when it had greatly
falien in value, in Justice to myself, re-
quires me to state the facts of that trans
action. care not to say aught in vindica-
tion OF my management of the Philadcl-
phia anu Reading system. To the future
must look for that.
Yin the summer of 1892 Il was advisable.
Il thought, to secure such control of the
stock of those companies as would bring
about an alliance between them and the
Philadelphia and Reading Railroad com
pany under one president-an alliance
which would inure to the benefit of all,
and especially to the company of which l
was then president. / saw my way, by
means thereof, to the placing, under most
favorable circumstances, in territory not
otherwise controlled by 1t, of an immense
additional tonnage of anthracite coal to
the securing of assured customers for
large quantities of bituminous coal; to the
making the Lehigh Valley branch con.
Meeting link between the west and New
England in the transportation of immense
quantities of the products of the former
and to many other advantages.
Everything did, from tho beginning
to the end. in the purchase of shares OF the
Boston and Maine Railroad company, and
OF the New York and New England Rail
road company, was done solely and ex-
clusively for the purpose of insuring to the
Phiiadelphia and Reading company for its
benefit and not ut all for my own, of tho
control necessary to accomplish this al
lance. At no time was actuated by any
desire TO benefit myself personally. l had
no intention TO speculate in the shares OF
stock of either of those companies upon
my own personal account, nor to reap any
pecliniary benefit therefrom.
Ny motives and intentions were com
muiicated at the time, not officially, but
very fully, to three directors OF tho Phila-
dolphin and Heading Railroad company,
to one OF its prominent officials, and to
several other persons. They were fully
appldsed from the beginning and through
out of my intention concerning these
shares
After reviewing at length his negotia-
tions for the absorption of the two roads,
and defending his action In the matter,
Mr. Mcleod concludes:
"Kefecting now upon what was done
then in this matter, 1 believe 1 acted
with no selfish desire and with no inten-
tionto do other than that which deemed
for the true interest OF the road | repre-
sented. If compelled again to act in the
matter, with the light then possessed, /
would not act differently.
II disclaim all responsibility for the
sales. since my resignation of the presi-
dency of the Philadelphia and Reading
RAILROAD company, at very inadequate
prices, and in all iniudicious way, of the
shares of the Boston and Maine railroad"