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

holdings in the company arc largely confined To
the Philadelphia Terminal bonds, for the building
Of which you know Mr. DrcXcl advanced the
money. about Ss00O.OOO. They have some other
securities but they have not bought any stock"
Then where has the stock gone
Il cannot tell rcu it j. - much of a mystery
10 me rs IL is 10 any one else only know that
IL has not gone into tine hands Of tNe Morgan
Vanderbilt interests. Why the capital stock oil
the company has been sold over and over again
within the last Tires, d.. bu; nobody over her"
knows who owns the maj rty OF the holdings.
Mr.. Wanamakcrs connection with the company
vas then touched upon. The PoSfmHStr-''''n
,.lal. replied this friend Il M Dl">cl. wa~
heavily interested IN leading. but he Is ont OF II
now however. almost If not altogether. u" has
lost a great deal of money IN pr spcctivc profits
Tut his actual loses ar nominal If any. When
one Of his brokers iuc:ircd along IN D'c"mh"r
about Readins. the people he inquired Of advised
the sale Of the stock Had this advice been taken
Mr. WanamalScr would have been about S'Go,oo"
richer to-day than hc j. lie held on until last
Friday: then he saved himself. bur precipItai"d
the smash Mr. Do!an, lchc'c did not
s,ll until saturday. though he misht
have sold some IL tho same time Air
Wanamakcr disposed Of his stock. Mr.. Doan
was =. most active man In" Board Of directors
He was very close 10 Mr.. Mcleod. He, like Mr
Wanamakrr, j. an excellent, c''r-h"aicd bn'i-
ness man. but we do not think that either OF them
ar. great fnanciers Mr. Do1n certainly cannot
he compared with Mr.. DicAcl, and yet Mr. Nc
Icod seemed 10 be governed more by MT D'lih
advice than by the iricn ly suggestions OF MI
Drcxcl
This led 10 discussion of the relations ne
tween the president of the Reading and the great
banking house, concerning when this gentleman
,ocIned 10 have n perfect l;is"l"dg". VT.
Drcxcl" said he and Mr.. Mcleod have never
nuariclcd Their relations are friendly, ana
am sure Mr. DrcNcl regrets exceedingly the mis-
fortunes that have ovcrtakcn the company "hch
Mr. Mcleod succeeded Mr.. toibin as president OIL
tLc ioaI Mr. DrcNcl was his trusted ADVISER I'D
ali MATTERS of Guancc " hen he preached the
aubieot of building the Reading terminal AT
Twelfth and Market sts., h" went 20 Mr. Dr'N''
Mr. DrcNel thought il WAS "a wise TN icrii'uhS' ana
after carefully examining the proposition a"'
yauced him the money. Pretty soon VT. Mc''c''
began TO branch out, his ambition was hrcl, ne
h,,r IA entertain visions Of greatness and devised
Grant MANS Mr. Drcxcl, conservative business
man that he -. shook his head over some of these
rroects. suggesting that 1t might be better TO
mike haste Mttc slowly. Mr.. Mcleod was in
no mood Tor SUcn duNI''. Nv nav '""'' w
ieve that he was one of the railroad kin2s OF th'
country and his success was assured.
His scheme for consolidating the whole coal
interests seemed plausihl" ana, h!thoush MI
Drexels firm had some misgivings rs 70 the suc'c''
of the enterprise, yet they backed MN up III ITO
ox.cutiop Other schemes followed rapidly.
Finally came the purchase Of the fou9hke'Pse
Bridge Against this Mr. Drcxel advised most
e,rcnuouslv Mr.. Mcleod would not listen to the
advice howeyer but went ahead without Mr..
p-exeI His entrancc into the y w-Enga1d states
a., : pointcd ont as certain to result in NJ ta2onlzns
Mr. Marian This made no difference win MI
Mel cod lie went right from step 10 step
until he had severed his relations with Nr'
Drexcl and had incurred the hostility OF MI
MORGAN The firm Of Drexcl, Morgan a
Co. has been arraycd against hi"'
but the Individual interests Of Mr. Morgan hh'c
mazda i. necessary for that gentleman to oppose
III. Reading extension. Mr.. McLcod's great mis-
,o,,. w,s when he attempted iinancierlag For
Ella, task he il utterly disqualified. He II al
admirable railroad man He understands the pfac-
,icoI workings Of a road as well any man IN
this country President Roberts, of the P'nh~yi-
v,nia Railroad told mo when Mcleod was MANAGER
If the Reading that he was one oil 'ne
hest railroad men in the worlh. anu
had he been satlshcd 10 nave "'o"''
80 tho workings of the road and left its finances
% others he would have been far better OF TO
DIV When he left Mr.. Drcxe he left the domain
,,here sound business principles operate ana en-
- On. speculative arena His career there was
,.'.,o,ric as might have been predicted OF n man
, had M fitness TO deal with great financial
,roh,ems. But there is no rejoicing over Mr.. NC
Gods downfall Every one believes that be Is