St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-21
BEGINNING OF THE WAR
Caused by McLeod's Buying the
New York & New England.

Caused by McLeod's Buying the
New York & New England.
BosToN, Feb 2O.-The following is
given authoritatively to the Boston
News Bureau as the true story of the
Reading-New England war: After
Charles W. Parsons had developed the
network of roads in Northern New
York into the system known as the
Rome, Watertown IL Ogdensburg, }.
PierrepOnt Morgan entered directors
meeting of the New York Central and
asked the directors if they were aware
that a comparatively small expense the
Rome, Watertown q Ogdensburg could
parallel the New York Central and con-
meet with the Fitchburg at Albany. The
directors were astounded and immedi-
ately ordered surveyors to enter the
Rome, WATERFOWL Il OgdenSburg field.
1t was found impossible to parallel the
Rome, Watertown Il OgdenSburg, as 1t
was such web. and the New York
Central bought it too keep it from con-
Meeting with the New England railroad
interests.
When Parsons again apperred in the
New York & New England railroad,
after several months study of the prop
erty, Mr. Morgan went to the New
York, New Haven q Hartford people
and said: You want to pinch this man
Parsons all you can and not allow him
to build up line to the north of you as
he did north of the New York Central"
The policy of pinching ''that man
Parsons" was inaugurated by the
New York, New Haven & Hart
ford Immediately, and while the
consolidated road was attacking Parsons
Mr.. Mcleod appeared upon the field
and announced that the control of the
New York u New England had been
purchased in the open market in the in
terests of the Philadelphia Il Reading
Railroad company. Mr.. Parsons and
almost everybody else refused to believe
this announcement, but Mr.. Morgan be-
came convinced that it was true, and
went to Mir. Mcleod and asked him to
turn the control Of the New York IL
New England over to him. Mr.. Mcleod
firmly declined.
Preparations for war were immedi
ately iDaugurated on both sides. Mr..
Morgan got all his companies. from the
General Electric to the New York, New
Haven e. Hartford, into shape by the
issue of securities, so that they would
not be disturbed by connections in the
money market. Mr.. Mcleod locked up
the control of New York d New En-
gland, and his friends Immediately be-
gan selling out their Reading stock,
and some Reading people have
scored a handsome profit by being
short of Reading in the market.
The result is that the Mcleod party is
in position today to buy back all the
Reading they sold and more. The
Reading to-day is worth intrinsically $40
per share more than it was ever worth
before. AT single point the Reading
has recently marketed lot of coal at
$4,000 above the inventory price.
The coal trade is in good shape, and
the company has in Philadelphia one
of the best elevated terminals
in the world. Ii there is
conspiracy again in Readings finances.
it will be checkmated by a recelvership
in the interests of the Reading COM
pany. The Reading combination is far
stronger today than most people mag
agine. Of course, it is the PennsylYa-
ia-Vanderbilt-Wa er-Drexel-Morgan
interests against the Reading-P altman
and New England interests. 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 aud the
true interests of New England upon
their side,