New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-03
RAILROAD INTERESTS.
THE FUTURE OF READING.
n,xcs LOOKING TOWARD FORECLOSURE
'OS ,p NANAMAKER'S VIEWS

orrrD1NGs LOOKING To"Af'D
MP wANAMAKER's VIEWS.
,.,ob,a Ian 1.-The Olcott-Earle committee
"~ has endeavored TO reorsani@e ,'ie Ne"u'"s
Railroad -, ''r,rce on Lives and Granting Annui-
pany io' - ~ the general and preference mort
Hes as ,,,,s foreclosure proceedings. The mat
cages 10 rraa 70 John c. Johnson. counsel for
ter was Il is believed in financial circles that
the ,,.se.s threat of foreclosure is not seriously
'"0 81 and that the procedures WIN ete"'ua''
n'e', NNsoned whether new reorsahiza.'o" pi"'
be apah'u"." formulated shall he adopted or not
which wiz ssnondenoe between eX-Postmaster-Een-
The cor ,TTslrnamaker and number Of dissatisfied
eral Johh ans New-Yerk securty-holders OF the
Thilaae-f r,",,raad Company relative TO Mr. Wanna
Realms .,nng a candidate for the presidency OF
maker .'as made pubic this evening.
the r0a ,,-.namaker, in his reply. says:
MF S,mewhat Of an open secret that rendered Tered
1t is sons service over TWO years ago that some
a pers2nnds believe. If IL had been accepted, YOU'D
wise aaverted the calamity OF the iaiure Ts tn ne
Reading Re responsible for the deaths miseries.
that iarnIsbment ard terrible suferings that have
followed as "S yal;e Of the Reading estate IS enor
Ins a To o. nut the company into receivers hands
every lew ,hen set il up with larger load of
and 10 ress and new capital provided by weary and
innocent is to spread wider ruin that is akin 10
Ir Foreclosure in my Judgment Is run 10 me
"A
plVps II Is possible 10 reorSanize the company, anu
sbnud be done in the interest OF It's owners
ma ma not bv promoters for their own proni ss.s
an any, smother cent of fixed charges should be adoeo
Nvt aIrea6y top-heavy financial budget but the
nsrs of unsecured bonds and shares VIII need TO
OWL onSsr Sufficient to put the property IN right
sondton. which with proper management ana sne
StnsseS earnings of which the property IS cap
mStease,Ii make the reduced holdings worth more
.os, he larger holdings have been for many years.
.d ne even better. will give 10 them stapiiity
a EsIns Restored credit, with careful use OF ex-
sa securities will find all the capital needed
us, oil respec 10 old traditions systems are not
.,nct nor are men infallible. There Is CONNER
pi iSa 10 railroad business. as we'll as It's nnanc-
S Snr md ITS construction equipment ana main
ms. .orca The dividends OF the future Will come, II
y, eli from earnings and economies, rather tnan
bave given careful consideration TO your letters
"a other arguments that have reached me, nut 1
.nrot see AT present anything but connicting IN.
.sraets with no general purpose TO harmonic ana
ga a uav for the reconstruction or the company.
Therefore the emergency" and public duty to which
rour letter so earnestly refers is not open 10 me
a, the present time
President Earle. Of the Finance Company, stated
TODAY that the Finance Company received the as
ent Of sSN0OOOOO general mortgage bonds. lnciud-
ing New-York and London deposits, he thinks the
6grres will reach ss4Oooco Philadelphia assented
nS 40 shares of stock and upward OF Sl5oWWV
nreference income bonds. These may now be WITH
drawn may be left with the coihin'''ee pe"u'"e
further developments