New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-21
honest and poor. Indeed, doubt if he is worth
So, 900 all told tonight

All, that is hard TO say. In my Judgment II
will he years before it is out of the hands OF the
receivers. The property is and always has pccn
loaded down, and ] never expect TO see il, While
live, on a paying basis. | consider the stock to
have value The reccvership question was set
tied as everybody expected it would he settled,
when it was first discussed. Chief Justice Paxson
is an ideal man for the position. lie is wealthy,
able, knows all about the property and has the
confidence of the community, and the same might
be said of Mr. Wilbur, president of the Lehlgh
Valley Railroad. These two men will have con-
troll and Mr. Mcleod will confne himself to the
operation of the Reading system The effort he
made was an ambitions one, but it was not based
on sound business principles. 1t required money
to carry it ont successfully, far more money than
he could command Mr. George VI. Pullman. of
palace car fame, backed him in his New-England
venture, but Mr. Pullman, like Mr.. Wanamakcr
and Mr. Dolan did not stand behind him when
the crucial test came In brief Mr.. McLeods
failure may be attributed TO the severance OF his
relations with Drexel Morgan Il Co. AS long
as he remained under this wing, and ms long as he
guided by their advice he proceeded with
safety, but when he branched out on speculative
lines and accepted as guides men OF less experience
and training his failure was only question OF
time. Mr. Drexcl never believed in the payment
of dividends unless it was really earned. But Mr..
Mcleod insisted on borrowing money for this pur-
pose, hoping to raise the price Of the stock. In
stead of having this effect. it sent the stock tum
bling down, as any experienced specuator might
have predicted
in brief Mr. Mcleod has displayed tremendous
energy. but less discretion; great enterprise, but
little sound financial skill; marvellous audaclty
in the conception and execution OF his Vast
Schemes but dcplorabc lack Of business prll-
dcncc and conservatism. Yet, as you will OBJ
serve he has lots of popular sympathy with him
here, not because the people Of Philadelphia in
dorscd all his projects. but simply becaiisc he APP
pralcd 10 their local pride and ambition. Had
he succeeded the city would have been immensely
benefited, 50 now that he has failed. there is
dsposition to condo!c with him and to forget
the defects ana dement's of his schemes Ills
coal combination was grievous mistake. II
aroused public feeling against him from one END
Of the country 10 the other
The crash on Saturday and the OMNIBUS silence
maintained by Mr. Mcleod and the other directors
caused general apprehension this morning anu
the worst was feared. The feeling all along the
line before the Exchange opened seemed to he oil
the gloomcst character, and. in consequence 'lei'
was comparatively little disappointment whch
the stock began 10 slide down The excitement IN
the Stock ENchang" and in the bucket-shopS'
which are an important department. IN Phiianei-
pha's financial world WIS not 81 gre as Oh SatuI-
Jay when the first wayc OF the Reading sensation
struck the speculative centre with hroai'ldr'
But the floor Of the Exchange was filled with eA-
cited meii gc,iculating wildly, ara tie galleries
were crowded with interested spectators Inc
greatest activity seemed 20 be IN irNlSh NaH'S
during tie morning. all the margincd holdings IN
Reading having been nearly exhausted ID the ihaei
.,ro,r of Saturday. The market became weak i'm
mcdiately after III" obrnne. ana shadow oi our
ros- sccncd 70 rest upon TIE scene for time. Still
there was a rush of brokers and their clerks al
intervals. ~ if the li.tlc periods between them
were a provision Of -. harstcd nature TO regain
breath and strength When the news OF TN"
pcodinp r.ociycr-hip got on the floor, IT APP
,ro,chcd with such stTacslng echoes that II was
drs, r.c,r,,d n one If the many street fulllor7
which reached the room. The clcc: Of II WAS
therefore gradual: but II spread with u2h'hun1
reniditv by the tim, the fact became definitely
l-no,yn The effect was not as sensational d. II
nigh, have lcen and for a bIici spell 1t seemed
that n dead calm lowered over ia" whirlpool oil
population. ~,
4, ,h.. Fourth-,t offices of the Reading Kan
rand Company where ia" executive Offices ar
l,catcd ali vas busilc and cNci'"mcnf-a II i".l
tion Of the .cencs that wor" witnessed III '''
Gowcu's finn. Tro,ide,t Mcleod. looking some
,,hat pale and worn. but with the air OF VIA"
who Ind hidden defiance To fate arrived 'arN
Shortly after 10 o'clock h" ana Dlr''"rS b''''''
.1,i,lo,. Siunott and Antclo went into eNecutlV"
session. Later on they we're l"ihcd oy D.''''o'
p,vd Director Wilbur president of the lfhig"
v.I,o, vs. not in ATTENDANCE. The situation
,,s fr,nl,ly discussed. Tie failure Of the efforts
90 obtain helm from, Nr. Dr-Ncl and other out
aide sources that Ia" sought in VAN was caiimh
rcuortod by Mr. Mcl@od The iIiSh'lul SII"ip
in the stock received due 'onSld' ra.ioh' anu ,he
.c.rcd but a mere formal register OF ''I'
,bonrhts of each man when thc decision 10 i'sh
for the appointment OF receiver wa All, III
upon he fact OF IN" matt, ,hn m,ua ,~r.
mrnt of the board on M' Hn,i,.
# was inevitable The meeting broke In s"or, d,
after II o'clock. with the und"rS'l nv Eva, eva,
another meeting should H. held NJ III inc "l'''-
IN the mean time the counsel Of the COMPANY
JOHN g. johnson and homas Ii'r, were a.
cbnmbcrs consulting with Judge laiias. "
Edward NJ PaNSon. Chief Justicr OF tnr SiiprrrmtS
Court Elisha =. Wilbur pr,Nilcnt OF .'e ,r ~ -"
Valley Rnilroad. and President Mr'rol, VI ,.'
Reading had been agreed upoh b'iurr ~ @
.o;,crs the ppplicaiOn for their appointment W"e
mere matter Of form. Each r""iv"r VS. re-
urscd TO enter security OF his own persona. pom n
,imc that Chief Justice PaNSon to dul Ioi ,',''
posit'cn. rendered his resignation Iiu,n ax
Enpiemo Court bench Ills term cApl lrc,, Snt
YEAR ANYWAY Ills appointment slyeT gray u,a nd
;.Coction Ilo is not only 1nrst IN MN ,y s'"n
no. but nm excellent business man. Nheh p h
Dr. .iaync died. twenty or thirty years ago. NE
was mfdc executor Of JayncS estate and l,c ' w.,
~ r,-n,ocd il ~ to make millions 81 HollirS Ioi
,ho heirs an unusual achievement for an eN'c"-
tor. .Lo. - n receivers wcr,
,,nn ,"t rx senator Thomrs C.. Plat. Of New
Yor, representing the third preference I no.n
holders a"arcd by council in 'G m%r Of MORE mor,
'oUi' a'o "' nn.yrcnt Of Interest. In this suit
Sa@r rr sos CrawiorI. OF This city, was apnoint@
m@' 70 take testimony Another mcclng OF
thc Rcadnq directors was held Later IN f III" "' +
hmt no.hing Of imDortance rrsni'.'i i. ..; -,
Dnt liant cod ,ircllrl to discuss the stnition
and John M Yo"mG the %cdas Urn T ,Ec yirw. of the
th' ennlp""s ,nuolly taciturn IL j. pos-b" that
prsl''n, W" 49,, u.ill lr issucd to-inorrOW. but