The daily morning journal and courier., 1895-01-03
LARGE FUTURE POSSIBLE.
GENERAL WANAlIAK IGR HAS GREAT FAITH IN THE READING ROAD.

He Gives a Reply to the Request That He
 Shall Accept the Presidency of the Road
 Actual Value of the Estate of the Road IS
 Enormous.
 Philadelphia, Jan. 2.-The correspond ence between ex-Postmaster General John Wanamaker and a number of dis satisfied Philadelphia and New York security holders of the Reading railroad relative to MT Wanamaker becoming a candidate for the presidency of the road was made public this evening.
 The letters addressed to MT. Wana- maker soliciting him to become can didate for the nomination are most flat tering to him in the evidence they give of the signers' opinion of his business ability and integrity Mir Wanamaker in his letter of reply, dated January 1, says:
 "The failure of the Reading company nearly two years ago was the initial step of the hard times in this vicinity, and it's prompt organization would be the greatest boon to business that come to our city I confess that my pride in the city, as well as a selfish interest in it's prosperity, would prompt me to en- deavors and sacrifices, if need be, to assist in putting the road on its feet. It is some what of an open secret that 1 rendered a personal service over two years ago that some wise friends be- Iieve if it had been accepted would have averted the calamity of the failure of the Reading corporation. Whoever is responsible for that failure is responsi- ble for the deaths, miseries, impover- ishment and terrible sufferings that have followed as it's consequence.
 "The actual value of the Reading es- tate is enormous. To put the company into receivers hands every few years and nurse it at heavy expense, and to then set it up with a larger load of in- debtedness and new capital provided by weary and innocent junior security holders, is akin to crime Foreclosure, in my judgment, is ruin to the prop erty and is backward for Philadelphia I believe 1t possible to reorganize the company, and that 1t should be done in the interest of it's owners and not by promoters for their own profit. Not another cent of fixed charges should be added to the already too heavy finan- ciaI budget, but the owners of unsecur- ed bonds and shares will need to sur render sufficient to put the property in right condition, which, with proper management and the increased earn ings of which the property is capable, will make the reduced holdings worth more than the larger holdings have been for many years, and what is even better, will give to them stability of value. Restored credit, with careful use of existing securities, will find all the capital needed.
 So far as I can recollect the Reading company has never been treated from other than a, speculative standpoint Given a commercial, conservative, trusted and unseltish direction there is, ] feel confident, a large future for the property. We are, think, on the eve of a new era in finstce, trade and the direction of affairs. VGreat movements are going on. Methods of business are rapidly undergoing changes Railroad operations cannot be an exception to the new order of things. With all re- spect to old traditions, systems are not perfect, nor are men infallible. There is a commercial side to railroad bus1- ness as we'll as its financing and its construction, equipment and malnte- nance. The dividends of the future will come, if at all from earnings and econ on1ies rather than extensions,
 1T have given careful consideration to vo1r letters and other arguments that have reached me, but l cannot see at present anything but conflicting m terests with no general purpose 10 harmonize and find a way for the re- construction of the company Tnere- fore the emergency and public duty to which your letter so earnestly reters is not open to me at the present time."
 President Earle of the Finance com many and a member of the Reading reorganization committee, stated to- day that the Finance company re- ceived the assent of $9OOOO,OOO general mortgage bonds. Including New holh and London deposits he thlnKs tlle fq,,res will reach $34,000,0OO. Phlladel- nhia assented 413,079 shares of stock anu 1,nura rds of $15,O00,0 900 preference ll- come bonds These may not De Wlln- dra wn or may be left with the com ,,7ittee nending further developments The thirty days extension of time for depositing securities with the commit II, tee brought another crowd to the fl, nance company's offices to-day a'lG ne from nresent appearances the end ol January will see the entire issue or general mortgage fours in the hands of the committee, giving assurance oI unanimous action upon the part Of that important interest in favor ot anolnel new plan, which will virtually ooll mand acceptance or in lieu tnereol foreclosure. a,,,or,s
 whatever the outcome of Reaoihg affairs may be one thing is almost ao- eolu+ely certain and that is that loils and vexatious litigation in the ceEtli- cates will occur between the numerous conflicting interests in the road.
 At City Mission Hall
 An,ong the meetings held each even