New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-24
STOCKS HAMMERED DOWN.
CHARLES PARSONS LEAVES NEw-ENGLAND.
READINGS COLLAPSE SHOWS FURTHER EFFECS
ON THE MARKET-NORTHERN PACI.
FIGS STRIFE.

The effect of the collapse OF the Philadclplis
and Reading Railroad, coming at a time when
financial circles were disturbed over the question
of the National currency, was shown in the stock
market yesterday in a more marked manner than
when the receNership announced on Monday
Other unhappy features-such as the unsettled
sentiment created as regards the affairs of tie
Northern Pacific Railroad, by the recent report OF
the stockholders investigating committee, and ~
swtchmen's strike on the Chicago Belt Line ROAD
gave encouraeenent to the bear faction, ana
there was "A laid OIL values which grew in venom
rs the day wore on, leaving final prices materially
below the last quotations Of Tuesday.
The uncertainty as to the affairs OF the Read
ing system was increased by the announcement Of
the designations of Charles Parsons, president OF
the New-YorlS and New-Eneland Railroad, and
the directors who have supported his po Icy Inc
Tribune has f6reshadowed this step and explained
the reasons tnat have led to it. Mr. Parsons un-
dertook to work the Ncw-England road on
strictly business baeis, ana his business capac!y
is so widely recognized that the investors In tne
property were encouraged to hope that he would
he able TO place the company upon its ieet III q
few years To relieve the management from an
endless contest against speculative schemes OK
more or less hurtfll nature. the voting trust ioS
five Years was proposed The plan failed through
the opposition Of the New-York, New-llaven ana
Hartford interest, coupled with the indsposition
of operators. who have been able 10 use New-Ens-
land stock as a football at the Stock Exchange 10
cooperate in the Parsons plan OF campaign Ior
securing an impregnailc position for the New
England road The entrance of the Reading
syndicate into the New England board OF directors
complicated Mr.. parsons's plans, and left him ulf-
able to carry out his purposes of developing tho
property on legitimate railroad lines
In his letter of resignation printed herewith,
President Parsons refers to the attempt OF the NC
Icod party TO expcl him and his friends from the
management of New England when its purchase
was made last summer, or at least to obtain abso-
,ute dominance The resistance to this policy on
the part of Mr. Parsons and his friends is yet 10
be fully justified, but the opinion in Wall Street
is that it has been confirmed in its wisdom, TO a
large extent by the downfall of the Reading prop
ortv under the Mcleod management. 1he far-
sons' control of the Ncw-Eneland will be deliverei
70 thc stockholders on March Ia, with the record
Of numerous improvements effected under un-
toward conditions The new management seic'et
bv the Stockholders will bear future responslDill-
ties.
The resignation of President Parsons was ac-
cepted at a special meeting of the New-iork aho
New England Board. With it were submitted inc
RESERVATIONS Ms directors Of Charles Parsons IT,,
Clarence s. Day, William Lummis and Anson H.
Flower 10 take effect on March IA. There were
fourteen directors present out Of total poru
numbering nineteen, the principal men ao'cno
toinc those closely identified with the Keahins-
Boston and Maine combination. The only ie''er
accompanying these designations that went peyohu
the mere form of resignation. was that Oh frsiue's
Parsons. which was as follows: ------s->ay ~
To the Board OF Directors Of the New-York and New.
England Railroad Company.
Gentlemen: Several months ago Iepr-sen'atohs
were made TO me that a controlling interest In the
stock of this company had been acquired by pnrues
who desired to assume the management OF the roan'
MY personal preference at that time was II SUN
representations could have been verified 10 re're
from the charge OF the road. but 1t seemed 10 me
nv duty to remain throughout the year. 10 Return
the property to the stockholders who had intrused
# to the present management and permit the selec-
tion of n succeeding one to devOlve upon them.
Recent developments have been such as to convince
me that by 50 doing the Interests OF Tie comp'hy
have I'm no way been preIudcei. In view OF ths
approaching annual netting it seems proper to mo
70 now make known my intention of retiring from
tho management and herewith tender my resigra-
lion as president Of the New-York and NewEngltnd
Railroad Company TO take effect on March IA, 'ooS.
CHARLES PARSONS.
There was unnecessary speculation in wall
Street Yesterday regarding the motives that led
70 the action taken bv the Parsons eeinent az
this time. Some surprise was expressed that tho
rcsignatons of Mr. Parsons and his frlends were
not withheld until the annual meeting. lho
directors who intend TO retire declined publicly 10
discuss this matter, but from sources close TO them
the situation was explained Mr.. Parsons mas
NOT f,lt himself justified in surrcndering the con-
trol If RE management of Ncw-lork and New
England to the Mcleod party until that party
demonstrated its power at the regular elcctlon'
To retire now, after the downfall OF the leadihR
Railroad. would be regarded most inexcus-
able, if the claims OF the Mcleod sShuicae a'o
admitted. But while entirely indisposed to enter
upon any contest TO retain the management. Alr.
Parsons. it is understood, has felt that IN view
~ tho Reading collapse he was bound to make
clear the intentions of himself and his friends
If the New-England stockholders. in the light OF
the catastrophe in Reading. are satisfied to enect
4 change in management Mr.. Parsons VIII etlre
after delivering the property IN credltaole siiape'
The time is brief before the closing OF New-Ens'
lands transfer books for the scattering s'ocn'
holders 70 organize Themselves against any con-
tinuance of Reading control, and little work coula
be ACCOMPLISHED without the aid Of some power
full interest.
Here arises the question whether the sltuar,
ton may not develop an opportunity py WHICH
the New-IIaven interest may be able to hnisn
the endless speculative sqrabbles over the New
York and New England road which have kept
railroad affairs in the New-England States un-
settled for many years. The answer rests largely
upon the developments in the affairs Of the Read
ins Company If the financial position OF that
company has been impaired by any outside rali'
road ventures the necessities of the Readings
reorganization may make the way easier for the
Morgan New Haven power 10 close negotiations
for the acquisition of the New-Engand. If there
il n control of New England exercised independ-
emily of the Reading a company. the syndi-
cate will be taxed to its utmost in any endeavor
TO retain power in the face 0f the public sen't
ment growing against the manipulators Of the