The Providence news. (Providence [R.I.]) 1891-1906, 1893-02-24
$50 O'clock.
The RAILROAD DEALS.
Report That Mcleod May be Gust
ed From Receivership.
EXCUSES FOR THE BIG SLUMP.
Signs That There Is n Feeling Growing
That MIR. Mcleod May Need to be
Discipiined-The New England Near
the End.

NEW YORK. FEB. 24-There are pro-
ceedings under way that may cause de-
cided shakeup in the Reading manage
ment. If, as is believed in New York,
there is "rottenness in the management
of that great property. the people who
have secured control In the market dur
ing the last few days intend to get a. the
bottom OF it.
They are Keeping very quiet about 1t,
but it has been limited an action may be
instituted to discharge one or more OF
the receivers and have new ones appoint
ed on the ground that any one who is
supposed TO have been Instrumental In the
collapse of the proI Ierty Is no ut person
to act as n receiver.
Ii Is said that several banking inter
ests are opposed to Mr.. McLeod's manag-
ing the Iproperty longer and that they
will be heard from before long in way
that will startle the public.
One reason mentioned as Fastening the
collapse of the Reading is that the net
earnings since the opening OF the year
have fallen off from what was estimated
on account of the severity OF the winter,
blockades, etc, three-quarters OF mil
lion dollars. Furthermore, TO show that
il is not the fault Of the management.
Mr.. Mcleod says that there are now on
cars distributed over tie system and at
the breakers 81 500, 900 worth OF coal,
which would have tided over the troubles
il it could have been promptly moved.
IL is said that Mr.. Parsons and mis-
friends were heartily sick Of the New
York and New England properly and, be
ing unable to establish the proposed five
years voting trust. saw no possibility OF
accom- fishing anything against the
strong opposition OF the New Haven
Company.
IL is understood that all the New Eng
lald stock that was acquired In the in
terest of the New Haven Company has
snce been disposed Of, after being as
sured that the friends Of Mr.. Mcleod re-
ally had n controlling interest.
After the animosity that Mr.. Mcleod
has provoked by his ventures east OF the
Hudson River, "a bitter struggle Is looked
Tor between the competing lines TO Bos-
ton as soan as that gentleman assumes q
third presidency. 1t Is believed that the
New York aud New England trains will
be shut out OF the Grand Central station
altogether, aud, il possible. the raffic ar
xangements with the New York and
Northern will be broken.
There are those VINO believe that the
time is not far distant when the New
gle; but meanwhile Mr.. Mcleod will have
his day.
To Scale the Lehigh Valley Lease.
PHILADELPHIA, Feb. 24.-One Of the
rumors that seems to have some founda-
ton, although it cannot be confirmed. is
that proposition will be made by the
Reading receivers to the Lehigh Valley
directors that the rental Of the Lehigh
Valley be scaled down from the pei
cent interest basis on which it was
made. Under the present arrangements
OF the lease the Lehigh Valley stock
holders received z per cent. Ia some
quarters il is asserted that the old rate
of per cent will be returned to while
many think the Lehigh Valley directors
will absolutely reIuse TO entertain any,
other proposition looking to a lower rat,
of-interest than per cent