New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-05
HIS ACTION NOT EXPECTED 50 SOON.
WALL STREET DID NOT LEARN THE NEWS hH'
rFRDAY-DIscoURAGING RuMoRs.

WALL STREET DID NOT LEARN THE NEWS hhs'
rrRpAY-DIscoURAGING RCMoRs.
Tho pcvs of the RESIGNATION Of \. \. Mcleod rs
receiver OF the Philadelphia and heahi"s was W.
lnown in wall Street yesterday. II may ho' po -
cIv,d a. wholly unexpected, however, IN view "i 'c
prcvlons resignation from the board of u'r''"' VI
rhomos Doan. OF philadelphia. Mr.. D"ah Is
IT. ,,rus,curer Of that city and WAS one Of
Tho members OF the pool In Reading which locked up
100 600 shares Of stock until the en'erpi'l"s N"'
~ Mr. Mcleod brought tn company lace 10 l''' WIN
,a,Lr,n.cv Mr. Dolan was regarded rs the principal
.upporter of Mr. Mcleod in his adventurous camP'iE"
I, tb. New England States Ills retirement was 'N-
cuscd upon the ground that private Interests dellh'''
his entire attention >ccpticS In wall street no"
v.r Looked for a deeper reason and feared that IL
might foycshadOw further adverse d'V'ioPh'H'9 i"
Reading nrairs Dispatches from fhllihciphi" Sc>"r
dav afternoon said that the talk OF the street ran W
,,. cnec, that Mr.. D0lan did not know anyihmS OF
the dificultic, Of the Philadelphia ana keauns ""''i
two DAYS before the rccevcrohip was secured
Th. retirement OF Mr. Dolan was Interpreted y"N'er
d,r a. indicating the resignation Of Mr.. Mcleod, but
fine news of the atter's step has come sooner ''"''
WAS expected. Ev"r since Mr. McLeodS app'"'"'"'
rs receiver ~ the company which was wrecked ""i'r
hls management there has been loii 0l'crN ahionS
vev York and foreign bond and stock holders. Tile
letter, received from abroad by prominent bhiih'hs
houses here were full of sioirs Of the injury done
to the c.na.nl credit Of American securities by ihe
continuance In the management OF man whoNe con-
ro of Reading had resulted In disastrous Insolvency
rbo Ii,uno voiced the Indignation OF the security h0h
r who lool,ed upon Mr.. McLccd's prominence IN the
rc.ivcr shin rs scandal hurtinl 10 their lhiertsN
The p,pssurc pf tn dissatisfied creditors ana owners
If the ,ropcry has evidently been 80 severe that Mr.
Mel cod and his associates al last forced to yieIu
10 IT, Iy his confession, I'm his letter 0f resiH''
top There was an impossible barrier 10 the financing
NJ ,be recciyer,hip In HIS holding Office receiver
If Is vet TOO carly to estimate the fill effect of Mr.
McLeod's surrender upon the future OF the Reading
uropcrty In Itself II Is believed that II Will BE-
beneficial Bui much will depend upon the acts OF
he receivers who will now be- freed from the ham
..rur Influence of Mr.. Mcleod colleague. IN
ibr us f.W DAYS nave been Icrslstehth
clrculntcd 10 the effect that the financial situation
Of the company was far wo'Se thhn was iidcacu III
the statement of the receivers on March H. II mas
hcen freely charged that the floating debt was SO,oOo
600 greater than that statement showed, because OF
engagcmens made In the transactions involving the
purchase Of the control 81 the New YORK AM New
England Railroad The prevalence of theS' stories
has stimulated the mpaticnce of the New-ioik bonn
holder, for additional information. Tile rum0rS nave
management TO permit an cAnminnuon OF thc Dook,
and accounts to BE- made by the expert accom- nnt
by the security holders General Louis fi,I
gerald OF the committee Of the general nOghbc Donu
holders said yesterday that the bondholders woiiu
work TO delay the ssus OF receivers certificates uh II
they had AN opportunity to satisfy themselves as 10
ination by their own accountant IL Is hoped M .ii,s
The retirement Of Mr.. Mcleod VIII lead 10 Il more
omen course The part of his successor ana oi ti'
other receivers. The retirement Of Mr.. Mcleod IL
is Thought may fOrcshadow control Of the rorgin-
zation by Drexel a Co.. TO whom the Reading man,
agemeni has been forcgd TO look for The hiancii,,
OF funds 70 bs sacured = comprehensive
ocale.