New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-02
REORG AMBITION or READING.

FRIENDS OF MR. wANAMAKER STILL HOPE THAI
HE MAY DE INDUCED TO De \ CANDIDATE
FOR PRESIDENT OF THE ROAD
II was reported in financial circles yesterday tha
determined effort would be rnade this week by TIT
friends OF John Wanamaker to induce him 10 an
nounce himself as candidate for the preA
dency OF the Reading Railroad. provided a success
full attempt could be made to take the road out o
the hands OF the receivers. Il is a fac, not sencr
ally known that Mr. Wansmaker on the pon'
of announcing his candidacy last summer. and h
went ia 10 offer TO ne one OF three to bu!
more than one-half OF the Readings 100000 o
stock and lock IT up TO see what dividends y
could be made to pay Mr.. Wanamaker agreed
TO take 100000 OF the stock for his part. Thu
deal nearly consummated.
II Ia conceded by many people who are vel
informed on Reading affairs that Mr.. Harris and
his friends have a majority OF proxies, and unless
there is a change between nov and January II
they will be able to do as they please In regard u
the reorganization or sale OF the road on ina
date. Meanwhile anti-Harris security holders an
trying to get Mr. Wanamaker to announce him
self as willing to devote three or four years o.
his life 10 putting Reading once more on its feet
The feeling among the London security holders IL
almost unit. II is said. in favor OF Mr. Wana'
maker.
A Reading stakeholder who is a close friend O
Mr.. W9namaker said last night to Tribune re
porter: Now that the O.cott-Earle plan has been
declared imperative far az the stockholders ans
Junior security holders are concerned. and that fore
closure proceedings are 10 be begun, Mr.. Wana
makers friends here and elsewhere are hrmy
the opinion that II he would announce himself as
candidate and ask for proxies or the ground ina
the property can he saved from foreclosure by 4
reasonable effort on the part Of the Junior securii,
ard stock hodcrs and that the property by energet'
Management, could be made to pay. there is NJ
doubt that h could be elected. The Ocott-Ear'
committee has declared the plan imperative in orde
to relieve itself from underwriting the coi.atera
trus, bands as proposed. The members are workni
f,- Interior and personal ends, rather than IN M
Interest OF the owners OF the property BY foreclos
ing they Will keep themselves in control OF the roas
un:il a new company Is organized. Mr. Fare l.
pres.dea; OF a finance company IN Philadelphia which
receives a commission on all the coal sold. This II
a bonanza TO his company and furnishes a luck
reason why he should desire TO remain in control.
Reading owns nearly one-haK OF all the anthra
cite coal In the State OF Pennsylvania. Its mines
are opened and IT has the capacity to transport
one-third OF the 100000 Of anthracite used
This year Reading transported about 20 per cent
and last year less than that. 1t does not orlns
10 market the Pre- portion the other rairodds nav,
allotted TO H. II should bring 20 market ltV'eet
tons instead OF 100000 tons The greatest com.
plant made by the owners OF the road Is tha'
there IL hack OF energy and force IN Us MANAGE
maker in control it could be made TO earn 80.
coo coo instead OF 100000 The election VIII ~
held on January IA. and whatever is done vii
have TO BE- done at once. IL Is believed that II
the stockholders elect Mr.. Wanamaker on January
"a the court would appoint him one or the re-
celvers and that he would take control OF ~
TO follow the lead OF Philadelphia in electing Mr.
Wananaker