The Providence news. (Providence [R.I.]) 1891-1906, 1892-01-07
NEW ENGLAND's NEW MASTER.


The New York and New England
change of control justifies rise in the
stock of that not too fortunate road. Let
us look mt the facts.
One chief difficulty with the N. Y.
and n. l.. has been that the first half Of
its name was rather meaningless. 1t
had, properly speaking, no New York
terminus. 1t could load its cars on
- flats at Morrisania and ferry them to
Jersey City or Hobolen, or it could use
the N. Y, N. III. and III. S tracks into the
Grand Central, but it was a costly privi-
lege. All attempts to gain separate
entrance were defeated by adverse in
fuences at Albany and at Hartford.
Indeed, n parallel track would have been
a serious disadvantage in New York and
in many of the shore cities as well.
Practically, the roads western terminus
was town of a few thousand inhabi-
tants.
The new arrangement does not open to
New England an entrance into the me-
tropolis, but it does ensure TO it the Bos-
ton traffic of Brooklyn, city as large as
New York was when the Centennial was
held, From three principal stations, at
Flatbush avenue, Long Island City and
Manhattan Crossing, Corbin's new route
to Boston will gather the traffic of every
section of the city, while to the east
ward. in the direction of Brooklyn's most
rapid growth, are Jamaica and its vii
lagos growing like magic. The Eastern
route for these is apparent enough.
Equally important with the Long Island
connection by way of Oyster Bay is the
presumable union of interests with
Reading. Passenger traffic can be trans
ferred direct from the Reading terminus
in Jersey City either to Morrisania or
Long Island City, as the combine" may
determine: presumably the former;
while the shortest coal route from Penn
sylvania, and passenger route as well
for points north of Harrisburg, will lie
over the Poughkeepsie bridge and over
the tracks of the Reading and New Eng
land lines.
Personal prestige counts for some
thing. Austin Corbin is not railroad
wrecker. He took the Long Island road
as its receiver when it was in the deepest
depths. 1t has an exclusive territory,
but not a rich one-no coal iron, wheat.
Mr.. Corbin has skillfully increased sum-
mer traffic and managed the road so
well that its stock closed yesterday at
96a, higher than its own 4 per cent.
bonds. Reading passed much more re-
Gently under Mr.. Corbin's control, but
the results of his keen Judgment are
already apparent in its management.
There are other elements of strength
in the new combination. Drexel &
Morgan and the new Boston directors
are very solid people. Mr.. Parsons, in
the new directorate, has proved his sig
nal ability by uniting the r. w. and o.
II. Il. with dangerous rival, the u. and
b. II. r. r., by securing for his system
western extension along Lake Ontario
to Buffalo, and by bringing the stock of
the whole system above 11o. 1t is not
so many years ago that r. w. and O.
was very lame duck. Now, with three
times the mileage, it is one of the gilt
edge securities. Friendly relations with
the II. w. and O. system would be mu
tually advantageous, and Mr.. Parsons
will prove very strong director.
1t is no disparagement of former man.
agemcnts of New England to say that,
with the likelihood of friendly relations
with through western line and two
others controlling a small but exclusive
territory, the future of New England
never looked brighter.
HOLMAN's ECONOMY.
Tuesday was Christmay das in Rus