New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-06
WHO WILL SUCCEED M'LEODl
JOSEPH S. HARRIS SPOKEN OF AS POS
SIBLE READING PRESIDENT.
PRESSURE BROUGHT ON Mr.. M'LEoD TO WITH
DRAW HIS REsIGSATIoN-ITs EFFECT


DRAW HIS REsIGSATIoN-ITs EFFECT
on THE COAL TRADE.
Philadelphia April 5-Prcsdent Mcleod s'ar'eu
This afternoon for Boston. Beiore going he was asker
whether his retirement from the Reading would
affect his standing president OF the Boston anu
Maine and New-York and New England roads, but
he refused 10 say anything on the subject lie "e-
cared that his resignation does not indicate that ne
will leave Philadelphia.
John Lowber Welsh, who has been suggested as
Mr. McLeods successor this afternoon denied 'hat Ne
would become Readings president, ana said nc
thought President Joseph S. Harris. OF the I~hieh
Coal and Navigation Company. would be the man.
As Mr. Welsh has been closely identified with the
management OF the Reading road for years. IL Is oe-
lieved that he knows whereof he speaks
Receivers Paxson and WILDER this evening said
the appointment OF n third receiver TO take Mr. NC
Leod's place Is not necessary. They wouid not say
whether a successor TO the retiring receiver VIII OF
will not be appointed. Tie appointment VIII be
made by the court
Thomas Doan. until recently n director OF the
Reading admitted that the future president would be
neither John wanamaker George e. Thomas OF
Drexel & Co., John Lowber Welsh, ana
described the next head OF the road as a prac''ai
railroad man and Phladelphan. THIS Is supposed
10 apply 10 Mr.. Harris. The board OF directors
has the power 10 appoint Mr.. McLeods successor
TO until the next annual m'e""s' out van
probably take no action thereon until on or af'o
Nav I when Mr. McLeod's resignation will so Into
effect
Reoeivcr Paxson was asked this afternoon where
the Reading would get financial aid inasnuch as
Mr. Mcleod In his letter Of resignation says tha' INC
needed assistance will not 10 accorded IN he copah!
so long as he remains president and receiver Inc
late Chief Justice said Mr.. McLeods language IS
Main English but | cannot say from whom the aid
will come"
II is reported in financial circles this afternoon
that great pressure Is being brought 10 bear upon
President Mcleod 10 withdrawn his resignation ana
continue In control OF the operating department OF
the Reading Railroad. Mr.. Mcleod. II Is undershod'
has the matter under advcmen'. The F1nahcmi news
Reporting Agency Is authority for the statement tha'
II Is believed Mr. McLecd's retirement from the Read
In, will have n serious effect upon the anthracite
coal trade His personal influence 1t Is further stated
In connection with the coal industry, Is coniessedy
large and II IS within bounds to say that he hS io
a considerable length OF time dominated ina. "'"e'
His policy, II Is said has been such rs to Increase
the profits 10 both miners and dealers ana th'Sc
classes regard his retirement signal for lack OF
cohesion among all concerned In maintaining prices at
Il uniform level.
Petitions will be circulated among the business
men OF Philadelphia their object being TO call mass
meeting at which President Mcleod viii be- ure'd 10
reconsider his resignation. Many Of the business men
heIIeve IL To be- imperative 10 the commercial ana
meN antle interests Of the city that MI M'lcod SIKH
remain or at least his policy continue unchanged.
Nothing could be- learned at the Readings general
offices this afternoon IN regard 10 the reported request
t,r Mr. Mcleod 10 wllr;lw his resignation. Oiicias
NJ the company do no, credit the rumor.
Jn,ncs +. -innott. Of the board oi manager
ana heavy s'ockhold"r IN the He"d'he ha'"o""
spoke a. follows this evening -
have been In tho board of managers since Janu
orv 10 ana have hardly had time 10 become familiar
with the conditions and operations OF VA" COMPANY .
II was moi until two weeks ago that learned IIui'
Heading securities had been uscl III the NcNE
| land deal. ! wa ordered by Mr.. Mcleod 10 pnr
chs. large block of New En- gland stock. ana ,"uid
have sold IL at II land some pront, but was hhu,'
control Of the property / ann afraid that thls stool
will not reach the figures NJ winch p"r'''ci
it, -. clio, q,
Mr. Slnnot' said he had not been Informed mat q
! m,,.ip, of The Ecafing lOard Ol Hnnagcrs NOin Dt
rcld Il, IN ri ow TO taxi" action Oh Fcsli'nt McL"oi >
| resignation. hut was aI"rwad iniorhl.i ,hatt tn'
meeting had been postponed. he thonght uh'iI 10
| murr, " When asked about Re ding's prospects Mr..
| -nnOtt lid -, o., al
-; believe the company VII! soon come around an
rc't n Is n maeniLcen: properly, alld mas an
no ,nols CARING capacity. II The operation oi the
road can lc continued n; present wiih Ill lts con
ucrt,on, ! b,icvc In short time the company ca"
| nay Dividends o' II Stock. . j., .,,e
rh resignation # President Mcl"cc. II any thing
STRENGTHENED Reading sOck NJ the opening "i the
| phiIodelphla marhe: this morning he clpsr w.
irrrny Was II Ii16 and the first sale today was wv
shares AT IL. Following this. 1000 Shhi"S WERE
d,snoscd of IT II lI1G bu; then The lricr went
''n and I'm IN, next fifteen minutes GOO shares were
nM nt ~ Is j0D at IL 3IG. .c0 a, IL ] III. ana
1