New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-06
AMAZING READING HOLDERS
ISAAC j.. RCE'S FIGHT FOR A CHANGL w
MANAGEMENT.
prcINEING TINT THE PROPERTY Is THREAT
EXEO WITH plsaEMBERMENT- oHf
ASSURED FROM HOLDERS OF

ASSURED From HOLDERS OF
e2o0o0.OOo SECURITIES.
Renewed interest in the affairs OF the Fh',a-
dclphia and Reading Railroad has been arotseu "
the opening of the campaign OF Isaac L. Rice ior
meYly the foreign agent Of the company "'''N
toward securing change in the management. M
Rice says that already holders OF more than s-oVv'
gcJ securities have offered their cooperation III Inv
movement. He issued circular yesterday inVit'"s
security holders to join him. and, II there ~ a"
adequate response. proper steps will at once o'
taken TO install a new management.
In his appeal Mr.. Eice says:
I'm site o; the nsn ana ecinent to which tho properly
hss hccl subie,d for over year in spite OF the WIS.,
n its AMI the deterioration OF it, business IL yes
r,mafn wealth ~ ard cspaDility oil deNeio'
rcnt property without parallel. Placed under the 'rf'
Of . loyal devoted and 'apab" management. when tnc
security holders o5ain Tor IL iy merely dcman'th!
IT, is prosperity still Ie restored and every one OF
lis Obligations male valuable again The Tour years VI
undivided attention aud study which have given to TIE
uro, crty and its affairs enable speak with con1ehee
The circular enters at length upon the history OF
| the acts OF the Mcleod management and the course
OF the receivers since their appointment. Mr.. hice
recounts the unfortunate speculation OF MI Mcl'eoo
in Boston and Maine and New-York ana New
England. and charges that the company USED par'
of the securities advanced 20 him az margin 10
make short sales OF its own irst-prcference BONDS
| an act that for It's daring iniquity stands un-
| paralleled." Mr. Rice brings light to the set
| tement OF the Boston and Maine speculations in
| the following statement
took 10 for .rant.d the very circumstances under
which Mr.. Mcl.cod's would como into once
would call forth from him complete reversal oil Mr,
Mccols mehofs ond measures. and active steps n"n't
securing resttptlon. 10 NY utter anaicwcnI, ue ms
.i,ial move made uy Mr.. Hans eleven dys at'r NJ
TO orce) consisted ia the ratification % 'n'
Eos end Main" srccniiton>-thc briacip cause :" ''
| Mr. Me
ry of vhich this was done cal''d ioth 'iu''"
| oven for Mr.. NcLcci. who publicly denounced " a.
| nnu-tlahle in every respect The circumstances were
4. fll1w.: Statements Of account haG been irs''iN
nd, rcd hv the broker tho receivers containing clam
" ...0OGD in addition the usual brokerage ana H.
ir.c-t u. extra commission. Th- claim ohu ~ I"''
liability the entire account had re'n rcpuuatd Nv '
receivers v-.c Mr.. Mcleod still one Of them on inc
ground that re himself sbl" 70 Reading Tor
breach OF contract Harris not only allowed tae ini
amount q the claim. but also th' ezra COMMISSION "
duccd to $4,000. contract cmDodyhS TINS s''eH'"'
was ,lcu.d but his corcccicrs refused I"
rt tn aynent Of tic commission. ani therefore rc'uc
70 approve the contract Thcrenpon IN the absence o.
the broker who. it must b. remembered had never pr
sentcd any other claim 1a1 that for conrll''lon anu
without consultation with him the claim was changed by
tho receivers hc artai expense 81 carrying
to lo,n and the signed altered ACCORDINGLY
Thereafter fresh copies Of the contract containing eNa'y
the PROV the previous on" win the exception
,,,, ni. o. item was now called I'll" actual c,r"n>" OF
rord and received tie signature Of MI Harris anu the
pproyai o his CO. receivers Nj. Harris thus allowed two
claims a. iI-Gcoo incou. i-tcnt with each otiet on"
| Of which necessarily fels'
Il il charge; b. Mr.. Rice that the receivers at
tempted TO "bulidoze" securityhoders into accept
ing the plan Of reorganization. which was. h" says
a scheme intended t. give the control into the hands
Of men who would sacrifice the property TO COM
pctitors lie denounces the whole course or the
management under the reccivership as part OF
plan 10 d!snember the Reading system and sacri-
flee it's interests to those Of the Lchzh Valley and
Central Of N.v-Jerscy lie condemns President
Harris Tor paying the I.chigh Valley rental. and
then permitting II to cancel it's lease. and he alleges
that the Reading Is being manipulated so as
TO benefit competitors AMI ruin legitimate security
holders. He declares that the management l. rum
INK the Readings coal business and wreckinS It's
Interests. In closing his appeal Mr.. Rice says
t'nc-, change Is made and reeily the consequences
~ th. amaKinr net earnings care ted th, wear
VIII nsnn',J thcmsce. We alrealy hear 81 cnor'
nous ,,,.-mcn,s on junior securities. Of foreclosure
and even di~ucrn cement whereby the Iehigh Valley
Le jersey Central the Penn,l Nlnl1 anl other c'iii
viii e.pc.t to b" IN position {, divide IN" -pol- Rumor
-. iniccl ALREADY iic with the ailotn"nt o. The choice
nor... f. rc-fs entirely with The security holders OF
,ae Eoacng whether .h'ir pror'iy rha IT, savd or d.
showed corpus It'll exists In it, un"praci great
n,-. and Notwithstanding tilt u, assets ha'" D'cn
diminished IS w1.tr. arising from ncglcrt AMI desaf IT.
uonI,rih iccul fltNe power ~ Yet fun. ru'in".
loyal devoted and 'npAh" nshag m'n' ah YET en''' '''
chance which .u-h minagrment- have ia the past
ca,crA with the properties ~ the Lac wanna AMI
Jerry t,ntrll. changing their seemingly Noluclr-'
.toA into ircu.n,od dividend paying ccurit~ l'ui tn
tcf to i;caGne imnl mt aud every dlJ'~ del" IN
,r,,-c. H. Action prompt quick. and de'isiN
fn secure a Management thr occasion d'iIhd,
namely o which VIII J." abb" and determine
to r.-ion. ~" belonging o the company that hi
neglect aud de-. - l-cn forced nlo other channels
which VIII lut end 10 The dcmoI' k@u"i
to-day arctng branch Of the compiny'N service
officer, aud employees feel that ambition l. out o
n,cc anI tine comInnys Interest not encouraged
which viii fo-t.r ard assist the niu-;rl'S on it, o"i
lines OF discriminating iu favor OF tie induNrr
ON tive line, 4 H. competitors. which VIII STUDY ti
ed, OF particular liar u patron, al furnish IN
.pccat feriics AMI aiNantIp" suitable & thrf H.
MAUD, int ~ refusing withdrawing such aciht e
vhrre the, exist which. a'",' al. "l'l r'osnH" u
conncrr al character o. R'iGrg'- gra, col bu nos
and nut int, practice IL" Onig prllciplr Nhr''y TIA
,ou business eau b, n1d' profitable namelY. 10 min
and sell mu,h pos b' consistent WIN Ia
tflpig