The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-21
The "True Story" Of the War.

The "True Story" OF the War.
BosToN. Feb. 2o.-The following is gwen
authoritatively to the Boston News Bureau
as the true story of the ReadingNew Eng
land war:
After Charles o. Parsons had developed the
network OF roads In northern New York into the
system known as the Rome, Watertown &
Ogdensburg. j. Pierpont Morgan entered q
directors meeting and asked the directors II
they were aware that at comparatively small
expense the Rome, Watertown & Ogdensburg
could parallel the New York Central, and connect
with the Fitchburg at Albany The directors
were astounded. and Immediately ordered sur-
veyors to enter the Rome, watertown q Ogdens-
burg field. Ii was found impossible TO parallel
the Rome; Watertown * Ogdensburg. as 1t was
TO keep it from connecting with the New Eng
land railroad interests.
;, when Parsons again appeared in the New
York d. New England railroad, after several
months study of the property, Mr. Nor
gan went to the New York, New Haven ~
Hartford people, and said: "You want to pinch
this man Parsons all you can. and not allow him
TO bnild up a line to the north OF You as he did
north OF the New York Central" The policy Of
''pinching that man Parsons" was inaugnrated
by the New YORK. New Haven & Hartford i'm
mediately. and while the consolidated road was
attaching Parsons. Mr.. Mcleod appeared upon
the Held. and announced that the control of
the New York IL New England had been pur-
chased In the open market In the interests of
snos sne rnnaaespna nd asn ReadinS COMPANY MT Par ar
Heve this announcement, but Mr. Morgan be-
came convinced that iu true and went TO
Mr. Mcleod and asked him to turn the control Of
the New York IL New England road over to him.
Mr. Mcleod courteOusly, but firmly, declined.
Preparations for war were immediately in
augurated on both Sides Mr.. Morgan got all his
companies. from the General Electric to the
New York, New Haven & Hartford, into shape by
the issue of securities SO that they would not be
disturbed by commotions in the money market.
Mr.. Mcleod locked up the control OF New York
4 New England, and his friends Immediately
began selling their Reading stock, and some
Reading people have scored a handsome profit
by being short of Reading I'm the market. The
result is that the Mcleod party is in position
to-day to buy back all the Reading they sold and
more. The Reading to-day is worth intrinsical-
ly $40 per share more than it was ever worth be-
FORE AT single point the Reading has recently
marketed loo of coal at $150,0Q0
above the inventory price. The coal trale
Is in good shape, and the company
has in Philadelphia one of the best elevated ter
minals In the world. Ii there is conspiracy
against Readings finances it will be checkinated
by receivershio in the interest of the Read
ing company. The Reading combination Is far
stronger today than most people imagine. OF
course ii is the Pennsylvania Vanderbilt Wag-
nerDrexel-Morgan interest against the Reading,
Pullman and New England interest. The men
who are on the Reading side have made their
money with their own brains. They may be
very unpopular in some quarters, but they have
right and the true interests of New England
upon their side.