New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-21
WHAT CAUSED THE COLLAPSE.

into the hands of a receiver, and has been grad
ually subsiding since that hour, yet even at the
close of business hours the waves were still run
ming high-so high, in fact, that anxious invest
ors and spectators were Mpndering whether
the tempest was really over or Tomorrow
would witness a repetition of the
exciting scenes of to-day. IL is not Philadelphia
first experience with these Reading cyclones IL
has been visited by them at regular intervals for
dozen years or more, hut Since that memorable
Nav morning in $780, when the companys failure
was laconicaly announced by President Gowen,
none of these visitations have been attended ny
such an alarming upheaval rs witnessed to-
day The whole business community las been
affected by il. Indeed, il il not too mach TO say
that It's effects are visible throughout the entire
municipality 1t is the one absorbing topic OF
discussion tonight in the street in the cars, in
the clubs, and in the hotel lobbicS, and In
thousands of private homes. IL is no ov"rstat"-
ment TO say that it is the popular theme of the
hour. The reason for this is more easily under
stood here than in New-lork where "a dozen rail-
roads might fail without arousine much Interest
except among those connected directly indirectly
with them.
The relations of the Reading Railroad
10 Philadelphia intimate, interesting
and historical. Over half century has
elapsed since thy established AMI dn' ne that
time they have become clothed with many aSspcfi-
tons that link the present and the past. sir the
memories of tho conservative community ana
arouse its civic pride. His prospective view,
however, but partially explains the painfnlnc's OF
the shock of this latest failure OF III" Reading
Company. The citys ambition has been wounded.
The high hopes entertained by its citizens up TO
within few hours that N last Pm ladclphia was
10 take her place among tie great cities of the
country in gigantic railroad undertakings as
well as in other departments Of activity
have been Llastcd President Mclcods dream
of a great trunk line system In the process
of rapid realization, delighted his adinirhg fellow
citizens Already they felt the road to DC
successful competitor OF the other great SYSTEMS
of the country, when suddenly the crash comes
and Tho nleasnr spectacle vanishes like the mirage
of the desert leaving naught but wreck ana
ruin behind. For the daring, resolutc, enter
nrIsine man. who sought to develop the htti" coal
carving track into vast system OF cohP1ca'c"
line, who startled the country by his audacions
schemes for controlling its coal supply, VINO
onncxcd one great railroad after another to
~; o,,n in "a way thaD made
the tinancers Of the country stand aghast, who
cast all precedent aside in the rapidity Of his
acquisitions who, with scarcely enough capital
behind him. as it appears, 10 carry on his original
road propcrly had the temerity to enter the lists
opainst the railroad Colossus of the country. ana
all the great wealth and powerful interests tha'
7 Pierpont Morgan representation him II must ~
s.id that There seems 10 he nothing here but IN"
NEST profound sympathy Whatever opinion may
lie entertained of him by his successful rivals an
the haro-headcd people of Wall Street Philadei-
phians appear TO have no words OF cehSure "e'''S'
of his failure
The local feeling Of admiration inspired by MI
McIeod's startling achievements completely SUD
merges the bitter disappointment that Ms 'aii"'o
produced lie is tonight more OF popular h''"
in Philadelphia than shattered idol lie mas
been overthrown they say, but not ignomho"SN'
He went down fighting splenddly against ire
mendous odds His failure, they hold was great
in itself His predecessors, Gowen ana torpih'
simply failed to make Reading success p"t NC
Gods failure was the result of trying TO create
,,u,l, line ont of rallied turnpike No scandai
is attached to his name: no c'"fscs
that would in any way rehecl "p"''
his honesty have thus far been made; he Is pc-
ievcd to be as poor man to-day as "heh ho W.
came the official head Of the company, all Oh
which contributes 10 the popular sentiment III MS
favor Here where so much stress is laid upon .'e
,bscrvancc of the moral law, coupled with TINS
feeling for Mr. McLeol is another, tlat OF
.uIlcn rage on the Part OF Philadcipniah'
,oainst the Wall Street megnatcs VINO hnve
trailed their hero's plumes IN the aust ~
ho.r some of these people talk one wcuia suPP"''
,bot then, was no community of interest ne'"eeh
III. two cities. and that New-York gave ITS ns"'s
.na d.vs 70 devising schemes 10 keep this Vc'e'-
a,,Ie Municipality in the background In Tue
Arroeuess of their indignation they sce'n qui'0 "