Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-02-21
A CORREOT HISTORY
or the Causes That Led UptO the War on
the Reading Oompany's Credit.

the Reading COMPANY CreulI.
BosToN, MASS, February 2O.-The
following is given authOratatively to the
Boston News Bureau as the true story Of
the Reading New England war:
After Charles 0. Parsons had devel-
oped the network Of roads in northern
New York into the system known as
the Rome, Watertown aud Ogdensburg,
j. Pierrepont Morgan entered direc-
tors meeting of the New York Central
and asked the directors if they were
aware that at a comparatively small eX-
pense the Rome, Watertown and OgdenS-
burg could parallel the New York Cen
trail and connect with the Fitchburg at
Albany.
The directors were astounded and
Immediately ordered surveyors to enter
the Rome, Watertown and Ogdensburg
field. IL was found impossible to par
allel the Rome, Watertown and Ogdens-
burg, as IL was such a web and the New
York Central bought IL TO keep IL from
connecting with the New England rail-
road interests.
When 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 line TO the North OF you as be did
north OF the New York Central"
The policy of pinching that man
~, ,,,os &, nv tho Nauy
York, New Haven and Hartford imme-
diately, and while the consolidated
road was attacking Parsons Mr.. Mcleod
appeared upon the field and announced
that the control of the New York and
New England had been purchased in
the open market in the interests of the
Philadelphia and Reading Railroad Com
AQuy.
Mr.. Parsons and almost everybody
else refused to believe this announce
ment, but Mr.. Morgan became con-
vinced that it was true and went to Mr..
Mcleod aud asked him TO turn the con-
troll OF the New York and New England
over to him.
Mr.. Mcleod courteously but firmly
declined. Preparations for war were
Immediately inaugurated on both sides.
Mr.. Morgan got al his com paneS from
the General Electric TO the New
York, New Haven aud Hartford, into
shape by the issue OF securities so that
they would not be disturbed by cOmmo-
tiouS in the money market. Mr.. Nc
Leod looked up the control OF New
York and New England and his friends
immediately began selling out their
Reading stock and some Of the
Reading people have scored a
handsome profit by being short OF Read
ing in 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 intrinsicslly $40 per share more
than IL was ever worth before.
At single point the Reading has re-
Gently marketed a lot OF coal at $780,,
coo above the inventory price. The
coal trade is in good shape and the COM
pany mas in Phiadel phla one of the best
elevated terminals in the world.
If there is a conspiracy against
Readings finances, it will be check
mated by a receivership in the interests
OF the Reading Company.
The Reading combination Is far
stronger to-day than most people imsg-
inc. or course it is the Pennsylvania
Vanderbilt Wagner Drexel- Morgan in
terest against the Reading Pullman 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.