New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-06

...,o at IL even. The heavy sales did not have
t aur The Boston News Bureau says
The resignation OF President Mcleod from . ,me
m soso %nd Fsndnf
Mceods efforts TO raise money for Reading nave iaea
STEP S s ssd wo aso
he could remain receiver Of Reading. put !,
s daube% IF he %ns sT able to
Reading and give attention to the Boston and MAINE
and and S M G rn one 'a and hc be-
eysG In the property as Sew m@s na ns eEs sroes e
and eventually he thought he might give his iui At
tention to the New England roads a.
{. We understand that Mr.. Mcleod has relieved the
Reading OF all Interests In the New England isa
road field. and that the recent statement from New
York that the Reading had given It's notes , Tor SO Od
New. York and New England purchases Is absolutely
untrue
There was n general expression OF satisfactory
Yesterday IN Wall street at the announcement OF tine
resignation Of A. A. Mcleod as president ana re-
cever OF the Philadelphia and Reading. Oaole ais
patches from London gave vent TO the sral'hea"''
OF foreign security holders, and behehcihi ee' was
reported upon the entire market for American STOCKS
At the Stock Exchange here there was an ADVANCE vi
more than 1 per cent in Reading stock, ana great
costles were built in spain without regard 10 TIE
foundation in Philadelphia
The situation Of Reading affairs, however Is au'
mittedly subject to the developments whch VIII ioo"
Mr. McLeoi's retirement. All the people concerned III
the companys condition gecul yesterday at the
news. and there was a prevailing dSposn'oh ~
noncpolze credit for accomplishing the WITHDRAWAL
p, Mr. Mel cod from connection with the company
which was bankrIIpted under his management. But
nothing was done to effect Immediate chahee III
the situation. There meeting OF the coihm'V
tee OF general mortgage bo1dholders OF TIE he"u
ing in the afternoon, and it was decided TO pursue
vigorous policy for the protection OF the oohdhoi"er'
II WIS felt by the committee that 1t had gained one
object aimed at In its organization by the retirement
q, Mr.. Mcleod but the question Of the issue OF re-
ccivers' Certificates is yet TO be settled The COM
nttee still believes that II would be unjust 10 t'e
Interests OF the general mortgage bondholders 10 nave
nm Issue Of certificates taking priority To that security
until there had been satisfactory exposition OF the
finances OF the Reading Company. An issue OF re-
ceivers certificates Is recognized MS lneVIpie o"'
The general mortgage bondholders demand the right
10 have scrutiny OF the companys accounts before
they consent to an issue which will impair their heh
f. L. Rice the accountant OF the trustee OF the
mortgage, is understood to have completed MS eA
animation and upon tho results shown by MS rp'r'
nav depend largely the future action OF the oohu
holders II Is still believed that the courts OF Ph
adelphia will admit the propricty OF an examination
which will be thoroughly satisfactory to the bond
holders.
Wall Street was full Of theories as to the prospect
~ the REORGANIZATION OF the Reading properties now
that the Mcleod interest has gone INTO inc pach
ground IL IS assumed that the Drexel interest III
PHILADELPHIA now will have full sway. and this Is
supposed TO foreshadow 4 reorganization that VIII
t., I'm entire harmony with the Vanderbilt ana fehh
sylvanIa interests. II is matter OF Curiosity as
we'll AS vital interest. TO how the resignation OF
Mr. Mcleod will affect the New-fork and New-Eng
land Railroad The creditors OF the Reading are
considerably concerned this point. Mr. McLeon
had undoubtedly involved the Reading company IN
his purchases OF New England stock, and IL Is an
interesting question whether he has been able to take
nm this Obligation through his friends or mas lett IL
AZ n heritage 10 the Reading. In case he mas raied
about him capitalists who bear the New England
burden there will remain the unsolvcd problem I"
in disturbing the Vanderbilt Morgan plans Tor mar
moniying the railroads east OF the Hudson ltver ~
Mr. Mel Gods resignation means total abnndonhent
Of his New. I'm gland schemes the situation Is
believed will speedily ripen into the acquisition Oh e
New York ana New I'm giand ROAD by the Ne"-iorh'
Ne-S Haven and Hartford interests -.
II Is too early yet 10 measure the inlpor,a'e vi
Mr. McIeod's retirement In its relation 10 tne con,
iinatlon 10 maintain coal prices As the man popu-
larlv credited with inspiring me coal deal vi a y,
year his surrender l, expected by som" persons W
i the forerunner OF "A collapse In coal values. III Is
urged however By well-lnformed people mat me
observation Of Mr. Mcleod will permit the Keading
company 10 negotiate receivers cer'incates ior us
oncraiing needs With this accomplished H. Is con
tended that the necessity will BE- removed Tor
sacrifice Of the coal assets OF the Keadihs 1ohpahy
and coal managers profess To believe thai tine poncy
of the trade will be- affected pjui1ousiy, Out
rather TO "A beneficial eXtSnt.