The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-14
THE READING RAILWAY TRAMP.
The Pennsylvania's Effort to Obtain Control
of that Line-Affairs in New York City.
Special to the indianapolis Journal. i

Special to the indianapolis Journal.
NEW YORK, Feb. 13.-Of course, If the Penn
sylvania Railroad Company succeeds in securing
the control of that poor old tramp among rail-
roads, the Reading, it will be one of the most
important business events Of recent years. The
advance in the coal stocks has doubtless been
overdone but Mr.. Morgan is unQuestiorably
right in pronouncing the present project much
bigger one than the settlement of the West
Shore matter. j. Pierpont Morgan, by the way
acquired his first financial experience in the
Office of Duncan, Sherman 6 Co., where he was
at one time clerk. Leaving that firm. ne
formed partnership with Mr. Dobney, gen.
tleman from Providence. The firm was known
as Dobney, Morgan g. Co. The two were TO-
gether for several years, and during that time
they launched the Kansas Pacific enterprise
with its bonds, stocks. etc., ON Wall street
This was one of the roads that went to pieces in
1873 Out of it Jay Gould made one of the most
lucrative deals Of his life; that is he bought the
stock for almost nothing and saddled it on the
Union Pacific road, when he was direesor. at
par. His share of the spo;ls was estimated at
S. 900 0O0
The Drexels, of Philadelphia, were in the firm
of Drexel, Winthrop & Co., which dissolved just
prior to 1873. when the present firm of Drexel,
Morgan & Co. was organized az it now stands
j. Pierpont Morgan is worth about 81 SOC, 0O0
He is the son of J. S. Morgan, now in London
doing business as banker He is of solid build
of the average height, and is now forty-five
years of age; he has brown hair and dark eyes,
but the face looks horid and pimply as result
of never-failine good cheer. He is not man to
pass Delmonico's by on the other side the nose
is as dubious and fiery as that of Bardolph
in Henry V; the wags affirm that
it CLOVIS in all the delicate nues
of a boiled lobster. His manners are
brusque, and owing to this fact ne is not a ia.
vorite with business men. He is member of
the Union Club and the Union League, but he is
not q frequenter of clubs. He goes often to the
opera. and is now going more into society than
formerly. He married as his second wife the
daughter of Charles Tracey, the well-known
New York lawyer. Mr.. Morgan is a man of fair
education; he was never collegian. He is a
good business man, shrewd and persistent; he
has considerable force of character He is a
director in the New York Central railroad, the
Manhattan elevated road and several trust
companies His management OF the West Shore
negotiations was a splendid piece of financial
diplomacy. The movement for the reorganiza-
ton of the Reading is ostensbly being managed
in Philadelphia. but Mr. Morgan's machine here
is running at full steam to accomplish the same
result l sometimes SEQ in Wall street tall,
slightly built man, good deal over sixty with
plain, resolute features, who looks not unlike an
old farmer a suit of store clothes on visit to
the city to see the sights. He is worth $50 OOO.-
900. 1t is Russell Sage. The financial world
has heard OF him again through his controversy
with Cyrus w. Field, growing out of the report
ed negotiations looking to the burying of the
Ratchet by the Western Union and Baltimore g.
Ohio telegraph companies. Mr.. Field seemed to
two combatants could be amicably adjusted.
Mr.. Sage disagreed with him. Wall
street afirms that Russell Sage was
short of Western Union. and covered
at the advance which followed the publication of
Mr.. Fields cheerful views as to the probable
outcome of the Geographic war. OF course Mr..
Field was not to blame for Mr. Sages precipi-
fancy in leaving the short side of Western Union.
but the incident recalls story told of Washing
ton Conner and his relations with Mr.. Sage I
give it for what it is worth. 1t is said. then.
that on one occasion Mr.. Jay Gould found him
self heavily short of certain stocks Of which the
Hon. Russell Sage was carrying large block.
Mr.. Gould saw that the stock was likely to rise
rapidly in value, but large loss stared him in
the face. He was in quandery. If he at
tempted to buy he would inevitably put the
market up on himself. Mr. Washington Conner.
his trusted lieutenant, it is said. came to the
rescue.
s'Tll fix that he Is said to have remarked
with that characteristic smile that is so suepes.
tive. 'Ah, sir, I'll attend TO that, Mr.. Could
The offices of the two famous fnanciers are in
the same building, opposite Trinity church
yard, on the corner of Broadway and Rector
streets 1t was but step into Mr.. Sages Office,
and there, if financial tradition is to be trusted
Mr. Conner did tale unfold about the stock in
question, whose lightest word was enough to
make the man who was afterward nearly beside
himself at the loss of FIVE millions in puts un-
load at once. Did Washington Conner neatly
set his corps of brokers buying up the stock as
fast as the cid financier threw it overboardl
And was the Hon. Russell Sage hopping mad.
when he found into whose Office it had gone and
how he had been taken in by the keen young
man from the Nineteenth wardi So it is said
The business outlook Is gradually improving.
We shall doubtless be exporting wheat before
long to an important extent Meantime money
is cheap and in Wall street the bulls are in
humor for bear hunt. a
OSCAR WILLoU0HBY RIaes