New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-05
MIR. M'LEOD RESIGNS.
HE WILL SEVER HIS READING CONNEC-
TIONS MAY l.


CEIvERsHIP-HE THINKS MS INCUMBENCY
DERIVES THE COMPANY OF FINAN-
CGAL AID-SPECULAuo AS TO
HIS SUCCESSOR
Philadelphia, April A. a. Mcleod. president
of the Philadelphia and Reading Railroad and
Coal and Iron Companies has rendered his resig-
nation, 10 take effect May L. He will also resign
the receivershp Following is his letter to the
Board of Managers:
philadelphia, Penn, April 4, 1898.
"To the Board of Managers of the Philadelphia
and Reading Kailroad Company:
Gentlemen: / hereby resign my position as
president of your company, to take effect the
lst of May next On that day it is my intention
to resign my position as receiver of your COM
pany.
My reason for thus resigning is my belief that
needed financial assistance will not be accorded
to the company so long as shall continue to oc-
cupy the positions of president and receiver
YOURS truly. A. A. MLEOD.n
A similar letter was also sent to the Board of
and Iron Company.
A gentleman who is we'll known in local fnan-
cial circles and who may be considered as en-
ceont authority, said this evening:
MIR NcIeod's resignation from his position as
receiver and president of the Reading Company
has been ruInorcd about for some time. IL IS
probably an entirely voluntary act on his part,
and | do not think il requested ny the
Drcxes or other francicrs. Mr.. Mcle0ds per-
sonal relations with the members OF the banKihs
bou.e of Drexcl a CO. have been, ANA ar"
said to be- very friendly. Mr. Mcleod pro'-
ably saw that the road was IN "a very pah con-
dition financially and that Immediate anu was
o..a~,. and doubtless decided that this imne-
dia,, aid ,yould be- more quickly procured ana
vould conc more surely, II h" resigned '''i''N
~. ao,;or ,vos nurcly and wholly induced ny MS
ro,,rd for the best interests Of the k'au''E ''
many OF course, after failure such d. '"'.
,L. compnnv. confidence in the mahasc"o"
sbo,en and il takes long time ior " "
wholly restored .,o oortlc.
There have been various ru'h"''' -" >,
man continued "rcgarding prona"'' SUI a.,
ur Mel cod ~ receiver and pr'si''". "
road EN-Chicf Justice Parsons hai'r "''
mentioned Judge PaAson Is one VI '',I ', pa,,
receivers. and il il rumored tha' 1T "' ,,,r,
70 the presidency. The thl'eo ''''', ..,'i.
I'D =, coursc. All the vacant r"ceIVeTshiP'
Then IL il well known that ear ",
- rob, Wanemakcr has been ambitious LOT
o'"i '"''' -, rr..sil,nt of the road. II ne Is
,rroiut.d receiver and elected pI''"c"' "'' IN,
.i.,,r, IN the management Of the cohPd"S "'''
- n,ob,bIv be J. Lowrie Bell, the pi'S'"o
s,.,,I Assistant Postmaster General, VINO is S'''
t.,.., h..n appont.d to the pnc" ot S"peiln-
,oodn,, of the Railway Mail Service oy MI
yanamoker AZ the request OF eN-fresidei. "'T ,,
-, ,Lc Reading Company, under whom vi ~
,.,n,d his eNperirncc in ralroading. ~ u atop to
Ei% mai Thomas DOlan j. quietiy woIhins -
~ ralu i, nc ,.ncv of the road. Indeed, IL Is INV
me .i'c ~ a.. .onIe that one of Mr.. Delsns mou'Se
~, r,sieninq as director of the leaulhs C.nfahhs .h
80 - ,b,t Le might be more free 10 worN 'o' '"0
hi@her uosition of president ,o.i+ior
Wr Mcleod will not long hc our OF Por' Pir Jl
I, :. .yon hintcd that III the tntulc nc WI. u, H.
!. =. 10 ht ,,hol" attention to the dcvelopn"nt ol .o
Reading company's leased lines III n L".-an nrsi
Thai is 10 say some person VIII DE- eho,''n t =,
im, in" -, Tho Rcafing company who Is irichiN .o
~ NcI cod and the Reading company in"t'S''
~; p.nr.vI,ania and the company l"aN'd mn, ~ ~
X,, England will be run cOnlointly ana l"i '''n
"ri ;ntc,csts Tie general ointment III
a,.n";al circles x that Mr.. Mcleod, having
"ronirci tho Poughkccrs" Bridge ani a1iolliiiim,
i;,a. ,vas forced in the interest OF th' H''u'n.
rn,npany 10 branch c)t into Ncw-En9ahu as an
,ot cf salf-defrrcc There was no oplac' III ~
,,ri,in. bridge that led to nowhere; ihcIi, 'o"i
,h,, Ira.iu. hv IL. Reading of tn" large raiii "a"
d c",I interest, in Pennsvvanti threw il!"
.n" ha ,nn'n,nys hands vast product that had To
y. marketed Mr.. Mcleod naturally 'utnc" w
>ouTngl,nd for thi. market. Th" burden wa'
Too iouch for the Reading COMPANY ana ,n' NJ
cciv,r.hir resulted DO not think thai VT MI
I rod's Withdrawal will seriously a,ect the hc'u-
in,, comnanys New-Enqland interests