The daily morning journal and courier., 1895-07-01
VANDERBILT CONTROL.
THE DESTINY OF NEW FORK AND
 NEW ENGLAND.

New England Railroad Has Been Effected
 A SkiIlful Scheme-McLeod Forced Out
 Use Which the Vanderbilts Can Make of
 the Property,
 The Hartford Times remarks as fol- lows regarding the New York and New England road puzzle, and by some of the shrewdes. observers the views ex- pressed are deemed not only plausible but probably the correct solution of she New England mystery"
 The New York and New England rail- road is to be sold under foreclosure pro- ceedings in this city the 9th day of July. Somebody is going to buy it, and when the sale shall have been placed the ainancial world will gain a good deal of knowledge that it does not now seem to possess. 1t will then be known who 1t is that in time of severe imam cial depression has put up between four and five millions of dollars in cash to acquire control of this great property. and in whose interest the reorganization scheme, now nearly completed, has been carried through.
 For the people of Hartford especially, and for the people of all Connecticut, in fact, this information will have very great interest. For more years than a good many of the younger readers Of the Times can remember the securities of this railroad have been marked up and down in the stock market, and its control has passed from one set of hands to another, without ever coming into the secure possession of anybody. Has the end of the speculative era of New York and New England's history ar rived? There is good reason to believe that such is the fact, and that hence forth this railroad will be owned and managed in the same conservative and ousiness-like spirit in which all the other great railroad systems of the east are now owned and managed.
 The statement has frequently been made of late, and it has found its way lnto the columns of the Times, that the New York, New Haven and Hartford Railroad company had engineered the reorganization of the New York and New England and would come into pos session of the property. But this state ment is inaccurate, for while the re- mobilization of the line will be carried out by men who exercise large in duence in the management of the Con- solidated,'' it is not the latter company which is now dominant in the affairs of the New York and New England. A greater financial power than the board of directors of which MT. c. F. Clark it at the head, has directed the reorgan- dzation of the road, and it is this power which is now about to disclose it.
 Unless those who claim to be we'll in formed in regard to the matter are at fault, the New York and New England railroad is to be henceforth Wander bilt property. It is to be controlled and manag ged by the same great family of capitalists who have year by year added railroad system after railroad system to their vast congeries of rail- roads. Tn the list of properties in which they own, either a controlling or an in- huential interest, are the New York Central and Hudson River, the West Shore, the Harlem, the New York City and Northern, the Boston and Albany, the New York, New Haven and Hart ford, the Rome, Watertown and Ogdens- burg, the New Jersey Central, the Del aware, Lackawanna and Western, the Delaware and Hudson, the Lake Shore, the ''Nickle Plate,'' the Michigan Gen. tral the Chicago and Northwestern, the Big Four" and the Chesapeake and Ohio
 When the whole story of the final re- organization of the New York and New England is told it is confidently predict ed that the operation (which, it is now no secret, has been directed from first to last by the great banker, J. Pierpont .Morgam is the latest chapter in the se- ries of great railroad arrangements which was initiated by Mr. Morgan when he suggested to the Vanderbilts the requirement of the West Shore rail- way, and subsequently, acted as their purchasing agent in securing that prop erty. Although William H. Vanderbilt was somewhat slow in taking up MT. Morgan's suggestion in regard to the West Shore, it is known that he was subsequently, so much delighted with the operation that in addition to the usual brokers commission paid to Mir Morgan there was a gift from MT. Van derbflt to him of a gold dining service, costing $100000. The absorption of New York and New England by the Wander bilts will also probably prove to be the direct sequel of the skillful operation by which MT. Morgan prevented the sale of the New York and Northern railroad four years ago to the gentlemen then in control of the New York and New Eng land. In 1893, only a little more than deprived of the control of Reading by a receivarship, and was subsequently fore ed to retire from the presidency of the Boston and Maine, which he had taken in order that he might introduce the Reading coal into New England territo- ry. The presidency of New York and New England, which he had also as- stunned in order to carry out his really magnificent scheme, remained in his hands until December, 1S93 when, just as he was about to complete an arrange ment for building an independent line from Brewster's station into New York city, a receivership was forced upon New York and New England also and he was compelled to retire. The way was now open for the completion of the Van derbilt-Morgan plan in regard to this railroad property
 How closely events followed each oth- CT in the carrying out of the project may be realized from the fact that Me Leod went out of control in December, ffHn -uI AI--