New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-20
M'LEOD KEEPS SILENCE.
READING OFFICIALS IN CONFERENCE
ALL PROFESS TO BE TAKEN BY SURPRISE
JOHN RUSSELL YOUNG'S VIEWS
ON THE SITUATION.
Br rgfEGrAPn TO THE TDBuSE:


found exceedingly difficult observe this Sabbath
in strict accordance with the scriptural requirements.
ii has been "a day of great pcrpleXty and anxiety
with thcm ard little effort made to disguise the
fact by either President Mcleod the other directors
who were seem They WERE they frankly con
fcsscd. the victims OF sudden furious and entirely
unexpected attack: they taken unawarcs, and
the inevitable result "A certain amount OF con-
fusion, almost generalization. But there are men
In the board Of wide experience in crisis OF This
kind, and 1t does not take long for such veteran
Thomas Dolan, for example, to recover his equi-
poise and set about closing the alarming breaches
in the works that were made by the terrific :" bear
assaults last week. Conference after conference has
been held throughout the day between the managers
and thc friends OF the corporation In each of these
Mr.. Mcleod has been the central figure, arguing,
explaining, advising and cnirca;ing with all the force
of his reSoluc, energetic nature, and with all his fer
tllity OF resource lie left his hotel, the
Adlne, wh- the church bells were ringing after only
few houiS' sleep. for it late when he returned
last nisht, and It nearly midnight when he ended
his ariuou' ahorS Of today, Whether he succeeded
.acd in accomplishing what he sought accomplish:
whether tie road has moved from under his control to
that OF TIE MorganYandrrllt int rests. whether he
will weather the storm tLat has struck him with such
violence. are all dcbatabic questions. Upon them he
declined TO throw any light whatever. Those near
him. however. in comparatively complacent
worst is over; that, Of them eX-
pressed it., the enemies of Reading have done
,hclr worst, and no more unavoriblc developments
are anticipated. Thee views apparently born Of
hopes. Certainly, In the absence of any definite stltr
mcnt from the president. IS warranted in at
tIibuhng them 10 such source. Everything ap-
/ r:cachIng specific declaration any vital p?iut
Is carefully avoided 10y the directors "A, 10y the
president. rhcy say that be IS the man to talk,
Int Immediately add that they do not think even
he should say anything.
"lou scc,7 r., marked one wcllknown member OF
the board, in explaining the remarkable silence that
the managers insist upon maintaining cannot
suy anything for publication un;il get more light
on the subject. We al somewhat in the darl,
yet. We were fairly taken oil feet. You know.
| and obliged to ask where ~ y Mr..
Mcleod Is not r'ady {" talk yet. II he said what
ne is expected to siy he might offend some inter
c,is that II would rot De- wise to antagonze, and
bc.ldcs do lot think he has become possessed OF
all the fact, TO enable him 10 talk with COM
plcic knowlcdgc Of the case. \ statement will be
mac without doubt but II will require IA little time
for H. prcpuruilon think you'll hnd that the storm
| Is over the worst part OF IT, At all events. our
confidence In Mr. Mcleod remains unShakcn. The
| directors are unit in his support. lie i the best
president that Reading ever had, and the bitter op
! position he has Inspired In rival lines Is n higl
compliment 10 hl, ability and htncs, for The Office.
John Russell Young NTH vice-presidcnt Of the com
| pany who., relations with Mr.. Mcleod of the
| most intimate character. was seen at the Union
Icacne club this evening. inst after conference
with the latter The attack Oh Reading. he remarked
WI, "A great surprise 10 those responsible for the
companyy management. 1t was entirely unex
pccted. Many wild rumors were in the mir about
the Reading stock bu, this OF to be ex
pccicd alter tho numerous changes that have taken
place I'm the mana cement the mutations OF bus
ness ard especially the recent transfer Of the road
from the control Of the voting trustees to Mr. Mcleod
ana his staT far, lie continued there was no reason
for apprehension rs 10 the sovcncy Of the Reading
and the stability Of It's securities. The Increase In
trade and the which had attended its recent
combinations all pointed year OF unusual promise
There Is no reason known by those inside 0i tht
Reading why th, promise should not be realized
The great advantages 10 the Reading Of the Lehigh
Valley leases. the possession Of terminals In Buffalo
and Ncw-York the close alliance with southern
| roads through the Baltimore and Ohio system ana
the recent extension into New England, were all %
many steps I'm the development Of large and gcnerou
/ policy that looked toward making the road what
Mr. Mcleod hopes 10 see 1t, one Of the great truhH
| lines OF The Nation.
The Reading management is' added Mr. Young
"ns those familiar with It's history know IN p"cnlia
condition In Itself the Reading ha, been called th'
richest single properly in IN" United states, Yet hi
very advantage. the owning OF the larger part of The
anthracite coai deposits of the world, has also been
! n disadvantage Most Of these deposits cannot be
utilized BEFORE prhap-, the middle Of the next cen
! turv. still they have been paid for and the money
paid for them exist, In tho form OF Reading oJng'
tion and The road is therefore, compelled To pay III
terc,t on a property which cannot return profit f)r
| one or two gene utiOns. This Is pOhcy WHICH MI
Mcleod inherited. II Is of thos' cNpedicrS which
th friend, Of the late Mr. GOwcn called brilliant ana
| which now rest, upon the road n Il PERMANENT hAc"
charge The ownership OF the coal hnds' lilNcau Vi
being rs many OF the New York papers say, source
Of great wealth to the Reading Railroad Company mas
thus far been loss. In round NUMBERS "h"N u
may be said that the Reading Coal ana Iron company
stands on the Readings books as loss of S'oooo'ooo
Thnt IS TO say the Reading management, heretofore
h, maid ut tint sum of money to control the dormant
mines which form the assets OF the Reading Coal ana
Iron COMPANY.
.rhc policy Of Mr.. Mcleod far as ] can see 1t
IN, been TO transform the Reading from being merely
q cIrcnm ,crlbcd c0alowning and coacarryinS com
pany. into a road able to support ITSELF out OF o'll
! sources Of lacOmc than coal. By succeeding III
tbi, he would be able carry The Reading along even
,th al TX dxod charges until these coal reserves
! ,or,d comc into play and enable their owners 10
r..lizo their long wcllcarned and ptlenty-Wh'" III
profits. As II part Of this policy you VIII ho' '"a'
| Mr. Mcleod as have said has obtained terminals III
pugoo and Ncw-York. lie has also built that maSh
ecent terminal In MarlSetst. I'm the very h'"r' VI
| Philadelphia. which VIII ahd greatly VI Wv
| suburban traffic Of the road ana MAKE III
rovoI EIuc Line to Ncw-York and WASHINGTON
IN. fovor,c road for the travelling P"oh'.
| 4, , surr step recognizing tn necessity "'
,ooscninr thc coal market. he made his Ncwh hhs"hu
| ,c,,ure This New ENGLAND venture, eSpeclaiN 'he
occntauce Of the presidency OF the Boston ana Nin''
has n IS said in Of the newspapers awaNea 'he
ontoronisms which governed the recent Wa'i s'Nr.
osouI, on the Reading. And yet no pTopositoh oouil
ho simpler than thu, the Reading must be strehgtheh'u
bv an alliance with road Hike the hoS'on anu 'nr'
! one q, the best paying properties In Tie country
-, from that the Boston and Maine, with its RANT
! ar,,,ops in New England It's coming IN
,crcb with Canada and e'pTilly WIN
tho Canadian Pacific. would add largely to the Read
| irc,. trade and value The natural channel Tor the
| .o.1 ,rahe rnnld be New England. Inc haIu coal