New-York tribune., 1894-01-08


ship $59.16i 25.
RESULT OF LEHIGH OPERATIONS
The actual result OF the Lehgh operations during
1892 loss of SLIP. 40 CO. The Lehigh Com
pany then agreed to reduction OF the annual rental
of ss6. but business fen off. and the rela-
tons Of the two roads had to be severed the July
accounts for the Iehigh showing a loss Of s9j3-
al a for that month. The operation Of the Pha-
dephia, Reading and New-En gland for the eight
nohths n endne July 81 showed an average loss in
ciadInS interest charges OF $4S.6dO u month.
Lhe rel0r urges lnat some agreement, be reached
which viii permit the funding Of the Indebtedness
excessive Interest charges FOR carrying temporary
loans and 10 provide moderate sum for necessa y
100000 has been reduced by s50OOoo but is still
source of embarrassment and anxiety" II origi-
three months. and only with the greatest difficulty
again az extended. Under the contract Of December
bound to advance only 81 100000 as a loan upon the
coal and coal accounts of the Reading Coal and
oan a IN securing eur ng an mt hat M dae mn
of officers of the Reading organization has been
reduced, the salaries If those who have been re-.
tanned have been diminished. and the force Of
Industrial depression has neutrazed efforts to de-
yei0p the business Of the company. Hut Of nfty
anthracite furnaces on the lines Of the Reading
System system which were in blast year ago only
ana the business of rolling mills and allied in
IN grain hauled to tidewater for export has fallen
off ~ !SC tons The anthracite tonnage shows no
anthracite production, remaining In the neighbor-
hood OF p per cent.
THE MAINE AND Ew-ENGLAND PURCHASES
The report discusses at length the purchase OF
shares OF the Boston and Maine and the New York
and New England companies The following Is
extracted:
on the twenty-ffth day Of October 1892. Pres-
dent Mcleod authorized the purchase of shares in
the New-York and New-England Railroad Com
REany and ultimately $2G" shares were acquired
49,. Esn -
George n. Earle jr, trustee. who understood from
s mat hd .ni as m nae On
who made the purchase OF the Boston and Maine
who made the purchase of the %ew-YorK and New
England Railroad Company stock. stated that they
were Informed that the transactions were made on
Company. and the fact that the purchase has been
to 's on mebers OF Of the the boar d TO n or
of the officials of the company about the tine OF
place in the market price of the stoch: President
Mcleod orsnay PSt up his own securities STrs as G1
to Mr.. Earle and others that he would not call
Epn ess he the s6ca by 5e a @ make afF
rangenents with the companies mentioned sub
President Mcleod, Without having, previously OBJ
5aned the authority Of TIE Boarl OF NJ ManageTs
the following securities:
October ls 900 General Mortgage Bonds.
9s'SSsF 9sSSsF g. g. 1852 800 GSs':Fs GSs:Fs & a o
NSycmSsr SycnSsr IL isS s SsSS cSaisfa s 5His
:, Collateral Trust
December l. 5000 Third Preference BonIs
The fact Of the Withdrawal and Of IN" sccuri-
ties first formally brought to the attention Of
tons passed ratifying the rrtion OF Mr.. Mo
Leod and indeinniiying him for advances made on
his Individual account to the extent OF Sy,'"l Ihe
following additional securities ely Withdraw Jan
uar! H. $4,000 collateral trust D9,ds; February j.
si10yo third preference bonds; February 20 slOv.-
On third preference bonds and $.1eoo) IN cash. on
February lC. $4,000 oi The general MORTGAGE bonds
were delivered to Mr. .cIc0d to replace TIE S-vrU
general mortgage bonds deposited by hln
LOSS OF NEARLY sl5coooo
The report continues:
Upon their appointment the receivers Of the COM
accounts. except to advance. upon the 9Th day -
Eehmlary., slc5',o for the purpose Of reiccrnins
F II rrInce & G." and 1 Messrs iFryin & CH sub
shares for the purpose of reimbursins their ad-
al! of the shares were sold After crcii;ing the
company with the net proceeds Of sale. The total
S9ls.Oos o. ana on the New-York and New. England
stock &5399o l5 or total Of $l.E2.eoi T. In MAX
co. claimed that Il had been. agre,d tnat they
should receive a commission OF > pr cen,, eqI@i
to upward Of &ZocO upon the amount ol their Al
vances. TO compensate them for carrying u"
shares, as the transaction was not the tSial sp'cu
Mr. Mcleod. but the claim of Mr. rrnce Wa
wri,ten Statements Of ineir Icconection Of he in
tervlews with MIR. Mcleod at which they had been
present
At the time when this question was under con-
sideration by thu pres mt management ne COMPANY
OF its affairs. and II was necessary tha' i should
have under control the $4,000 collateral trust boa Us
they nigh; be cancelled AM tie s,cnrites dc.iy-
cred the trustee of the proposed S5i"t"H u ori-
they were worth to the company the entire lalancr
claimed to be due and Ii was deemed eypciient 70
compromise the claim, and to allow what WAS
represented 20 have been the actual cost o. carry
ing the loan or SlsooN IN excess Of tne .ega. inter
oct
this basis, upon the further condition nat Mss.rs.
proposed issue Of 100000 collateral trust Londs.
BY the failure Of the plan il b,eaIae in1ossb.@ to
and It remains to be settled part o. the floating
debt Of the company. The f1al debit balance on
amount Messrs i. II. Prime" q 60. siill retain ihe
$3.50 Ooo collateral trust bonds rs collateral secu-
itv 70 guard against mlsapprch ension, 1t may De
added thai nothing has been actually paid 70
pany except the $4,000. above stated.
COMMENT on THE FATS WITHHELD.
Repardnc the power Of the Reading to purchase
the shares Of the Boston and Maine and the New-
York and New-England. the report quotes lesis-
lative and adds:
1t would seem TO be. therefore. that the purchase
OF such shares by tne presldel nnae WIN me
clearly within the power OF the corporation.
and in view of all the the, fus h e 'he nF was
Prince & 60. and Nlessrs. Erwin d co. 10 the Sc
curities held by them could not be successfully
ANY comment upon the facts would be out Of
place at this time as a petition recently filed
bv Isaac l.. Rice making certain allegations against
the previous management ana the receivers 10
which the receivers submitted sworn answer.
After argument before the Hon. William But
Ter. sitting as Circuit Judge. he delivered orin-
ion January 2, of which copy Is hereto annexed.
BY reference 10 that opinion II Will be seen that
Judge Butler says that he imputes nothing bama-
ble-acts omissions-to the receivers. and that
the payments made to the brokers were justified by
the circumstances. but that he thinks that the
charges against Mr. Mcleod should be investigated
il would, obviously be improper. therefore, to do
more than submit the facts previously learned
by the present management. after the most careful
inquiry upon the subject.
ATCHIsON'S TAXES IN KANSAS
Topeka. Kan, Jan. TO. NJ Mcconnell. Of the
tax department Of the Atchson. Topeka anl Santa
ye Railroad returned this morning through the
az - 10 HI G....