The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-02-21

finance Company of Pennsylvania, and
| commercial agent for the Reading rall.
| way, said that the finance committee had
| from $4,000, 900 to $4,000, 600 worth OF
Reading coal on hand, upon which no al
| vances have been made. This amount. Mr.
| Hart declared, was enough to pay the
! Readings floating debt twice over. The
! difficulty, Mr.. Earl said, was due TO the
fact that everybody was demanding his
money at once, which was unnecessary,
| for the company was able to pay its debts.
| No change is made in the management.
| Mr.. Mcleod is still at the helm, while Mr..
Wilbur remains president of the Lehlgh
Valley President Charles Parsons of the
New England tonight said that there had
| been no large blocks of New EnNand
bought in his interest, and that ne old not
know whether or not Drexel, Morgan &
Co. had purchased any.
The total amount lost by the stocKnold-
ers in Reading since February 1st is estl'
mated at $34, 063. 1l2.
THE CAUSE OF THE TROUBLE.
BosToN, Feb. 20.-The following is given
out to the Boston Press association as the
true history Of the Reading and New Eng
land war:
After Charles Parsons had developed
the network of roads in northern New
York into the system known as the Rome,
Watsrtown and Ogdensburgh railway, j:
Pierrepont Morgan entered directors
meeting of tine New York Central and
asked the directors if they were aware
that at comparatively small expense the
Rome Watertowu could parallel the New
York Central and connect with FItchburg
at Albany The Central directors were
astounded and Immediately ordered their
surveyors to enter the Rome, Watertown
and Ogdensburgh field. 1t was found I'M
possible to parallel the Rome, Watertown
m nylpps hur r.yk If web and
the New York Central bought it TO keep
it from making connection with the New
England interests.
when Mr.. Parsons again appeared in
the New York and New England railroad,
after several months study of the prop
erty, Mr. Morgan went to the New York,
New Haven and Hartford people, and
said:
"'You want to pinch this man Parsons
all you can, and not allow him to build up
a line TO the north of you, as he did north
of the New York Central
''The policy of pinching that man Par
sons WAS inaugurated by the New York,
New Haven and Hartford immediately
While the Hartford road was attacking
Parsons, President Mcleod appeared upon
the field aud announced that the control |
of the New York and New England had
been purchased in the open market in the |
interest of the Reading company. Mr. |
Parsons and almost everybody else re- |
fused to believe this; but Mr.. Morgan be- |
came convinced that 1t was true and went |
to President Mcleod and asked him to
turn the control of the New York and |
New England over to him. MIR. Mcleod |
but firmly declined.
preparations for war were Immediately |
on both sides. Mr.. Morgan |
got all his companies into shape by the |
issue of securities so that they would not |
be disturbed by CONNEXIONS in the money |
market. President Mcleod locked up the |
interest of the New York and |
New England and his friends Immediately |
began selling out their Reading stock, |
and some of the Reading people have |
scored handsome profits by being short of |
Reading in the market. The result is |
that the Mcleod party is in a position |
today to buy back all the Reading they |
sold, and, more, the Reading today is
worth instrinsically SO per share more
,han it was ever worth before. Ii there is
4 conspiracy against the Readings |
finances, it will be check mated by the re-
in the interest of the Reading
The Reading com bination is
Tar stronger today than most people
maginen