New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-07
MIR. RICE'S DISCOVERIES.
LIGHT TO BE THROWN ON READING SPECU-
LATIONS IN NEW ENGLAND.
JOSEPH S. HARRIS SAID TO BE FAVORED BY THE
DREXFLS FOR THE PRESIDENCY

JOSEPH S. HARRIS SAID TO BE FAVORED BY THE
DRExELs FOR THE PRESIDENCY.
Philadelphia April 6.-Isaac L. Rice has nearly
completed his investigation of the Reading Company ;
affairs, in the interest Of the Pennsylvania Com
many for Insurance Lives and Granting Annuites,
trustee under tue general and preference mortgages
and an exhaustive report Of the results Of his labor
will soon be laid before the officials Of that corpora
ton. In the mean time MI. Rice refuses 10 discuss
the subject OF his investigation.
1t is known, however, that he has made some I'M
portant discoveries not the least interesting OF which
concern the Reading Company's speculations In the
shares OF the New-York and New England and Boston
and Maino companies. Little light has yet been shed
upon this DEAL but II Mr.. Rces report Is to be made
public the inside history Of these ventures VIII Qroo-
ably be found to be contained therein, and, in the
opinion OF those in position 10 know, Will make very
interesting reading.
Joseph $ Harris, president OF the Lehish Coal
and Navigation Company. is said to be the choice OF
the Dicxels for the presidency OF the Reading Kan
road and as that firm Is regarded las the dom
mating spirit in Reading affairs. II Is the general
belief that the Office will be offered to Mr.. Harris
BY the Reading directors next Saturday. The
Lehigh Navigation president former vice presi
dent and receiver of the Jersey Central Railroad and
Is looked upon as thoroughly conservative man. His
management OF the Lchigh Coal and Navigation COM
psny's affairs has been entirely satisfactory TO the
stockholders and 1t IS said that lie Is in no sense
speculator
In $780, when E. N. Lewis. stephen A. Caldwell
and Franklin B. Gowen were receivers Of the Reading.
Mr.. Harris, upon request Of the general mortgage
bondholders, instructed TO make report on the
condition Of the company's property. Tlis report
was not as glowing Mr.. Gowen mad wished 1t to
be- because of bis efforts 10 Goat the conpanys BONDS
In England, and he took exception TO It, The report
however was considered very thorough and trust
worthy.
IL was announced to-day that the 6 per cent gen
ersl mortgage Reading bonds have pever been can
celled but after the last reorganization OF The com
pany were turned over TO the Pennsylvania Com
rany for Insurance Lives and Granting Annuites
as additional collateral for the new per cent gen
eral mort gage bonds under which the latter company
Is trustee.
John r. Dos Passos. Of New York. the attorney OF
the New-York committee OF general mortgage pond
holders was closcted with Mr.. Harris this morning
for n considerable length Of time. Mr. DOS Passos
would not disclose the result Of the Interview. hut
stated that the committee he represented favor hr'
Harris as the Readings new president
The feeling I'm financial circles this morning was
That the movement TO have Mr.. Mcleod reconsider Ms
resignation Will not avail. such an outcome WIS
con ,idcrcd BY the president and receiver ana MS gu
visers before the retirement wa decided upon VT;
Mcleod n Is said, recognized that 1t Is best ior az
concerned that he should relDqush the management
OF the Reading property.