Evening journal., 1892-10-27
ANOTHER READING DEAL
An Alliance Effected with the
Boston and Maine Road
AND MIEOD ELECTED PRESIDENT.

WIN Affect the New York and New Eng
Iand-President 8TcLeod's Explanation.
Boston, Oct. GA great railroad com
bination, rumors OF which have been in
the air for several weeks, has been CON
summated. Parties largely interested in
the Boston and Maine and Philadelphia
and Reading railroads have made friend
ly alliance. The deal just announced be-
tween the Reading and Boston and Maine
railroad systems is a very important one
1t is not a consolidation nor lease nor has
any formal traffic arrangement been made,
but nevertheless it results in putting 5000
miles Of railroad under one management.
Mr.. Mcleod and his friends have been
buying Boston and Maine stock for some
time past and now have a large interest
In resigning the presidency at today's
meeting Of the Boston and Maine directors
in Mr. Mcl.eod's favor, Frank Jones said
that Mr.. McLeod's holdings were so large
that he ought to be in control Of the road.
Then by unanimous vote Mr.. Mcleod
was chosen president OF the system
The position Of chairman of the board Of
directors was then created and Mr. Jones
was elected TO that Office, where he will
continue as the executive head Of the cor
poration. He was also chosen vice presi-
dent After the meeting President Mcleod
was questioned about the significance Of
the alliance. He said;
President McLeod's Statement.
ssWhile the Boston and Maine system
has in recent years made great progress in
tonnage and revenue and has the greatest
railroad system in New England, yet it
has remained isolated, comparatively
speaking, from many sections Of the coun-
try.
1T is well known that the manufacturing
industries on its lines are more numerous
and exceed In output and value those OF
any system in the country, and If they are
TO continue to expand they must extend
and enlarge their markets. On the other
hand the network OF railroads controlled
by the Reading covers one Of the most
populous regions of the country, and would
consume, II the New England industries
had access to them, probably a greater por-
tion than any other section i'm the United
States. TO say nothing Of the vast territory
beyond more easily reached by the Reading
lines than any other.
"These regions are naturally tributary to
each other, and the proposed alliance, by
bringing these great industrial regions into
more intimate relations, cannot fail TO be
OF great advantage TO both, and the conse-
quent advantage Of the railroads that at
once connect and serve them. The inter
changing of traffic will be very large and
win greatly increase the revenue of both
systems. each Of the roads contributing 20
the other what it does not now possess.
To Open Up New Markets.
"The relations will be very much Of the
nature of that now existing between the
Boston and Maine and the Canadian Pacific,
which has proved so advantageous to both
companies. Much Of the traffic referred 10
must be moved by rail-
1.-THE product of those manufacturing
industries Is substantially all rail traffic
hence the great advantage of more init
mate relations between these two region.
and their railroads. II is very clear to me
that in addition TO furnishing the trans
portation facilities required to reach thes,
new markets, this alliance will necessarily
tend to stimulate all those industries OF
the line by opening up new markets, ant
thereby increase greatly the volume Of th'
traffic IL was with this prospect In view
that and my associates have taken larg
interest in the stock Of the Boston an,
lance will greatly increase its value
seThere can be no doubt that the Rcadin
system. comprising as it does 5000 mile
Of road, with one arm reaching 20 Builal
and the great lakes and the most eXtensiv
fleet Of vessels plying these waters, with in
innate traffic relations with the variOu
lines Of railroads reaching all parts Yves
and northwest, and the others reaching th
south and southwest through Philadelphia
Baltimore and Washington, will be a sti
greater advantage TO the Boston and Main
than even the Canadian Pacific i: wi
fn no way interfere with any of the exis
ing alliances, but all will be worked &
gether 10 produce the best results for n
To BENEFIT the Public.
"This alliance win also greatly add
the passenger traffic of the Boston an
Maine. not only from the travel incident
the commercial and business interchan'
between the regions traversed by the
lines and the improved facilities afford,
for its accommodation, but through an eft
cient and united through service. simil
10 that now in operation over the ReadiI
between Washington and New York III
alliance having the control of the on
through all rail route. will command
vastly increased proportion Of the tray
between the southern portions Of the cou
try anu the coast aud lakes and woods
Maine.
please do not omit to note that Z
Reading controls, through the Lehigh VI
ley line, the best line, having the low,
grades between Buffalo and the lakes a
tide water This alliance viii form O
through line over its own rails, eXtendi
from the great lakes to the st. Croix riv
and win give 70 Boston and vicinity ni
and independent trunk line Of railroad
Buffalo and the west
f.All thisof course is to the advantage
stockholders as well as 20 the public
may add, think, with proprety that
vigor and strength of the present Bost
and Maine system is largely If not who
due 70 its ~ Icy of alliance and consolh
fion. bringing added traffic TO the lin
This alliance is but another stepin the sa
direction, but of larger scope and comp
hends a larger field
"Of course the main feature is the a
ance between the Boston and Maine g
the Reading, but as the New York q
New England viii necessarily be used a
connection between them with great
vantage for a considerable portion Of