Morning journal and courier., 1892-10-27
| NEWS By TELEGRAPH,
From All Quarters.
4 Big RAILROAD DEAL.
Reading, Boston and Maine,
and New England.
GROVER cLEVELlND'S RECEPTION.
rendered by the BuffaIonian
Cleveland Club.
GREAT LOSS OF LIFE IN 1 GALE.
intercollegiate Football
Yesterday.
GREAT LOSS OF LIFE IN 1 GALE,
. A GREAT ALLIANCE.

"A GREAT ALLIANCE.
New highlands share in the Big
| Railroad CombinatiOn-Re Readings
President Elected a Director and
Then President of the Boston and
Maine He Tells How 1T VIII
| Benefit the Manufacturing Inter-
ests.
BosroN, Oct. 26.-It is recognized that
the new relations between the Boston and
Maine and Reading systems are of most
powerful character and mean much more
than is currently believed. The unknown
quantity is the New England connection
and the belief is gaining ground that in
the position this corporation will occupy
to Boston and Maine and Reading the ad-
vantages will all accrue to the latter
roads. party thoroughly cognizant of
the deal between Boston and Maine and
Reading when queried concerning the
New England's relations with the allied
roads, while declining to say specifically
just how the road stands in connection
with it's big neighbors, stated that there
and that is that the Reading
people rather than guarantee fixed charges
and the dividends on the preferred
stock have purchased controlling inter-
est in the New England at price not ex-
oeeding S., 100000. The interest on this
sum at At per cent. is less than $3.50, 900
than the dividend on the preferred stock
1t does not require very expert mathe-
matician to discover that this is certainly
the cheapest method of controlling the
New England road; neither does it require
a philosopher to discover that there are
advantages in controlling the property in
this way and liabilities avoided rather
than by a lease, guaranteeing fixed charges.
the dividend on the preferred stock, etc.,
etc. He further added: "The outlook for
either the common or preferred stockhold-
ers is certainly anything butpromising I'M
der the circumstances"
The meeting of the Boston and Maine
directors to day, at which the
alliance with the Reading was per-
fected, was regular monthly meeting.
There were present Hon. Frank Jones,
president of the corporation, Hon. VIII
liam G. Whitney and George G. Haven,
who came from New York, General
Samuel G. Lawrence, Joseph S. Kicker,
ter Hunnewell, John w. Sanborn and
Joseph d. White. DR.. W. Seward Webb
and William T. Hart were absent Presi-
dent Jones occupied the chair. The reeig-
nation of William T. Hart as a director
was received and accepted and President
A. A. Mcleod of the Philadelphia and
Reading railroad was chosen to the vacan-
cy. Mr.. Mcleod was escorted to the
bosrd room, receiving a most cordial
greeting from the gentlemen there assem-
bled. President Jones then referred to
the large interest held by Mr.. Mcleod and
associates in the stock of the Boston
and Maine and stated that in view of
the fact he desired to resign the presidency
of the road in favor of Mr.. Mcleod. AZ
ter complimentary remarks by all present
the resignation was accepted and Mr.. No
Leod was unanimously chosen president of
the system. President Mcleod then sug-
gested the advisability of creating the po-
sition of chairman of the board of directors
aud this was also unanimously passed and
Mr. Jones was elected to that Office, where
he will continue as the executive head of
the corporation. He was also chosen vice
president. The board then adjourned,
transacting no other business.
On being asked the significance of this al
lance President Mcleod said: "While the
Boston & Maine has in recent years made
great progress in tonnage and revenue and
has become the greatest railroad system
in New England, yet it has remained iso-
lated, comparatively speaking, from many
sections of the country. It is we'll known
that the manufac uring industries on its
| lines are more numerous and exceed in
| output and value those on any other sys-
tenn in the country and if they are
to continue to enlarge and expand
they must extend and enlarge their mar
kets. 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, If the New
England industries had access to them,
probably greater proportion than any
other section in the United States,
to say nothing of the vast terri
tory beyond more easily reached by
the Reading lines than any other. These
regions are naturally tributary to each
other, and the proposed alliance, by bring
ing these great industrial regions into more
intimate relations, cannot fail to be of great
advantage to both and the consequent adj
vantage of the railroads that at once con-
nect and serve them. The interchange of
traffic will be very large and will greatly
Increase the revenue of both systeme.
Each of the roads contributing to the other
what it does not now possess, 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
80 advantageous to both companies. Much
of the ira fic refer to must be moved by
| rail.
"The product of those manufacturing
industries is substantially all rail traffic,
: hence the great advantage of more intimate
relations between these two regions and
their railroads. 1t is very clear to me that
in addition to furnishing the transporta-
: ton facilities required to reach these new
markets, this alliance will necessarily tend
to stimulate all these industries on the line
by opening up new markets. and thereby
increase greatly the volume of the traffic.
It was with this prospect. in view that
terest in the stock of the Boston and Maine
| with perfect confidence that the alliance
will greatly increase its value. There is nc
better evidence of the need of the Boston
and Maine for additional trunk line condi.
lions and their value. than the connection
with the Canadian Pacific, the northern
most of all, which has brought to the
former a large traffic which it did no
formerly enjoy, and which has proved t.
be very remunerative.
There can be no doubt but the Read
ing system, comprising as 1t does 6 ,00t
!, miles of road with one arm reaching t,
= Buffalo and the great lakes, and the mos
extensive feet of vessels plying these wa
ters, with intimate traffic relations will
the various lines or raltroad reaching al
parts of the west and northwest and tn
others stretching south and southwes
J, through Philadelphia, Baltimore and Wash
!. ington, will be Of still greater advantag
to the Boston and Maine than even the Ca
r madam Pacific. 1t will in no way interfer
|. with any of the existing alliances, but al
will be worked together to produce tn
o best results for the property. This allianc
will also greatly add to the passenger trai
fic of the Boston and Maine, not only froI
the travel incident to the commercial an
business interchanges between the region
traversed by these lines, and til
improved facilities offered for its accom-
mediation, but through an efficient an
- united through service similar to that no
in operation over the Reading betwee
7. Washington and New York, which is NJ
excelled by any service in this or any 9th,
country. The alliance, having the contr
OF the only through all-rail route, wi
command q vastly increased proportion
the travel between the southern portion
of the country and the coast and lakes an
In woods of Maine. Please do not omit
note that the Reading controls through
Lehigh Valley line the best line havir
lowest grades between Buffalo and Il
lakes and tidewater. This alliance vi
form one through line over It own raj
extending from the great lakes to the S
Croix river, and Will give to Boston .,