New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-17

ptANs TO MARKET COAL IN NEW
Avn THAT MiscARRIED-THE WIT
.s.e PART IN THE TRANSACTIONS.
.,.c.ds,nhia. Feb. l6-Ex-Pres.dent a. A. Mcleod
aa1inr Railroad. on the stand for two
OF t'ic ~ mis- afternoon at the hearing before
hours -orford in the suit brought by Isaac
MAJ Gov the removal OF the Reading receivers.
/" ~, d told of the condition OF the road when
MI 80 ifs president in 1890. how he improved
De ~sr,l condition, and how and why the coal
is -, and the Boston and Maine and New-York
Xsv-Eng;and deals were formulated M
anu declared to MIR. Blur. attorney for Mr..
No. mai the stock transactions imedning 'he
~. and Maine and the New-York and New
i,vr,,n5 dca,s) had nothing more to do with the
-rce.versh.p than You had.
" Mcleod was the on.y witness examined lie
= ,cc,rnpa n!el by his counsel. John O. Johnson
,s.or detailing the physical improvements he MADE
" .ba rroperty the eN-presdent said the operating
'no,ses Of the Reading during his administration
sre COVER than those Of any other road IN this
',,,,rv they never having exceeded az per cent
- rho gross receipts. Mr.. Mcleod further said
sa. Heading has now about Sloo,00,cO invested In
.o,l lands. ,wo-thirds OF which are undeveloped'
snd TO carry which it costs the company about
a 900 a year He then dwelt upon the leasing
~ the Jersey Central and LeAigA valley ROADS
S DC - cSntrol the anthracite coal output and he
Two 10
ed Name and me New-N ork ard New ENGLAND roads
=, as 10 market the product Mr. Mcleod said that
=; lest 2GOp0 tons Of anthracite coal ana l.5"VQ
49, OF bi.umin0us coai would have been marketed
< the Nev,-En gland States by the Reading, with a
rrssoective profit the latter company OF 90
Tew- England an! the Boston and Maine deals been
r,nsunmatel In addition, Mr.. Mcleod declared.
me mining Of the 2.o.ooo0 tons OF anthracite coal
vnud have reduced the cost Of mining the Read
Tugs whole output Is cents ton, thus giving an
annual net gain 20 tha Reading of about 81. 10000.
While detailing the methods employed in the
stock transactions Mr.. Mcleod said he pledged
he personally owned with Prince q Co. so as not
10 Involve the Reading Company in the purchase
OF the stock should the plan miscarry
Mr. Blur asked Mr. Mcleod where he got the
10000 Of bonds, whereupOn the eX-president pro-
duced a receipt from Maxwell q Graves. Of New
York for $4,000 Of the securities. they being bought
al Sie less 2le per cent.
Mi Mcleod said his name should not have been
used In connection with the stock transactions, and
declared that the accounts were. or ought TO nave
been, il the name OF George II. Earle, jr. presi-
dem Of the Finance COMPANY of Pennsylvania, who
was chosen as the agent.
Mr.. Mcleod prefaced his u;toTance that the stock
transactions had nothing 10 DO with the receiver
snip with statement that he did not feel certain
the road would So into receivers hands until the
morning OF the day the receivers were appointed
In conclusion he tod OF conference he had IN
the presidency. which held with q view 10
forming a syndicate and by carrying the New
York ana New-Ensand and the Boston and Maine
stocks. maintaining control OF the ROADS IN the
hierest Of the Reading Tas plan was abandoned.
however, when Mr.. Prince refused 70 waive claim
The hearing Will be resumed next Tuesday after
noon.