New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-24


steadily in Wall Street circles. There is anger.
too, created by the boasts heard in some quarters
of the ability Of Mr.. Mcleod TO retain his hold
upon Reading. ard of his friends to maintain I'M
impaired the scheme of union Of the Boston and
Maine, and Ncw-YorlS and NewEngland. which
led to the downfall Of the Reading properties.
1t is beloved by welnformed persons that
proceedings are imminent in an attempt to
secure the retirement OF Mr. Mcleod from the
receivcrship. From what direction any action of
this kind may come may not yet be declared
officially. RumOrs in Wall Street would not be
quclled by the refusal of members of DreXel,
Morgan d Co. and Speyer & Co. to discuss the
situation. The position Of the last-naned firm. it
il considered in financial circles, would fully
Justify any steps in the line of attempting dis
placement Of Mr.. Mcleod as receiver. While per-
fccty secure in its loan to the Reading made
last January, the reputation Of the firm for con-
eervatisnl warrants the deduction that It would
lend no facilities to a company that like Read
ing must have been extensively involved in It's
finances long before the open confession of in
solvency. No banker can explain the need Tor
receivership on February 20 if the financial
showing of the Reading Company as submitted
to the stockholders by President Mcleod on
January were true. The glowing statement OF
the affairs Of the company made at that time was
followed by the beginning of payments of interest
on all the classes OF preference income bonds on
February l. and yet within less than three weeks
after the payments were begun there was de-
fault, with a receivership. That. under the cir
cimstances. a man should be appointed as
hqudator of a property who, as its leading man.
ager, was certainly responsible for the complca-
tons which have produced this bankruptcy, Is
an incident that surprises and even alarms the
conservative instincts Of the cOuntrys centre OF
no. MnI cpn ha
deprived of all power in the future direction OF
the Readings affairs is only equalled by the be-
lief that his removal would be of distinct ad-
vantage to the sentiment in financial circles.
The affairs of the Northern Pacific Railroad
were only secondary in Wall Street discussions to
those Of the Reading and the New-Iork and New
England There were no new developments re-
garding the property. The reply Of Braytoh
Ives, president of the Western National Bank, TO
the letter of Edwin II. Abbot. president of the
Wisconsin Central Company, issued in reply TO
the report of the stockholders investigating com
mittee, was the subject Of considerable talk
None of 1t shed further light upon the question OF
mismauagement involved in the committees re-
port, and the letters of the two were looked upon
as being In tie nature of personal controversy
Mr.. Ives refused TO discuss the situation further
but his friends say that he was forced reluctantly
to Issue his letter because of the attack made
upon him by Mr. Abbot. The conclusions of the
investigating committee and the appeal Tor
proxies. to be used at the meeting for the de-
termination of tho question Of the sale OF its o.
Paul and Northern Pacific assets by the Northern
Pacific are considered matters that are above
personal controversies. The officers OF the
Northern Pacific Railroad yesterday said that they
had not yet prepared their statement in reply 10
the report Of the investigating committee Henry
Clews, chairman of tho committee, said:
In the report issued BY the stockholders In
vestigating committee. we distinctly point on.
why the preferred stock CEASED to be dividend
Savj6s' and the principal thing that occasioned
that disaster was the lease Of the Wisconsin
Central We also set forth the fact that the
leased line is now in position where 1t has
finally become self-sustaining; at any rate. tha'
has becn tho case for the last four months there
fore the troubles chat the Northern Pacific road
has had 70 contend with are OF the past anu inc
securities which have gone down to the present low
prices have certainly more than discounted
.he worst possible construction that can DC
mt on the company's present condition we us
timothy state that with honest and lnteihsehe
management there is good ground Tor believing
that the road will eventually justify the hopes OF
its projectors and reward the patience OF us long
suffering and sorely tried stockholders. certainly
cannot recommend selling the securities Of the
company at the present. time; in fact l do not
hesitate to say that consider the preferred stock
cheap at present prices and desirable purchase
II. II must be remembered that each 100 shares OF
this preferred stock represent $lO,ooo OF 'he
original Z $40 per cent bonds issued at par, the
aynils of which went into the construction Of the
road. There is also held against this preferred
stock $3,300,0O0 in bonds in trust. which Is
equal to per cent. Those. therefore. that buy
the stock at 40 now are virtually getting it at 81?
The stock market opened yesterday weak and
excited. The bears active in raiding every
weak spot, and yet there was no excitement
commensurate with the extent of the decline in
values. The total transactions for the day were
nearly $4,000 shares. The leading stock IN
point Of activity was American Sugar Refining,
in which the dealings aggregated 900 shares
The price fell to us l-2, and closed at ZIG Ia,
against 1913 3-S on Tuesday night Inc neHt
trading amounted to nearly 10000 shares. The
first price was %, against go rs at Tuesdays
close, and after sales at p "a therss,es rally
The coal stocks were weak in sympathy and
fell 4 per cent for Delaware. Lackawanna and
Western and Delaware and Hudson. New-York
and New-England fell over per cent closing at
81, the lowest figure Of the day. Northern
Pacific preferred opened down 1-2 per cent at
a. 3d. ana IN 1he last h?r THE news Of the labor
troubles on the railroads at Chicago led to an
assault on the Granger stocks, declines or over
per cent being recorded in Rock Island, st. Paul
and Chicago, Burlington and Quincy. The bears
were the most active toward the end OF the Sos
sion, and prices generally closed near the lowest
points The bulls SAID that their enemies had
overdone their work and threatened to reverse
the engine to-day. .
There were no arrangements made for gold
shipments yesterday. 1t is understood, however,
that moderate amount may be shipped to-mor-
row, and shipments on next Tuesday are pre-
dicted by bankers usually well-informed.
WILL PAXSON OR M'LEOD CONTROL?
TIE CENTRAL FIGURE OF THE READING RE-
- OWNERSHIP