The Providence news. (Providence [R.I.]) 1891-1906, 1892-05-17
The RAILROAD DEAL.
All Providence Is Discussing Its I'm
portance To-Day.
WHAT WILL NY. N. {. DO NOW 2
The "News'" Sleepy Rivals Are Copying
It's News To-Day. as Usuai-what the
Railroad Men Think About the Sale.

When the News announced last evening
that big railroad deal had been made,
and that it was one OF vital Importance
to this city, there was at once raised the
hue and cry by the left" that there was
no foundation in fact for the report.
The News was all right, aud so was its
news.
The Ray interests in the Rhode Island
and Massachusetts, railroad have been
sold. and the purchasers are Rockefeller,
the Standard oil magnate, and Morgan,
the big banker and railroad king Of New
York.
While they are the purchasers of record,
they are actually the purchasers for the
New York, New Haven and Hartford
The deal Is one OF magnitude, although
the little strip of railroad involved in it
would not appear so to be by those not
posted in the transaction.
1T means the crippling of the New York
and New England. The New York and
Island and Massachusetts from Franklin
to Valley Falls, and this Is to run for
ninety-nine years before it becomes void.
BY means OF this lease the corporation is
enabled to operate its trains from Boston
to Valley Falls at rate of sixty miles an
its trains move along at the rate of
twenty miles an hour, and at such times
and under such conditions as the Provi-
dence and Worcester Railroad Company
may direct. This is, however, only nomi-
nally true Of the Providence aud Worces-
ter, for that road is under long lease to
the New York, Providence and Boston,
which is sub-leased to the New York,
New Haven aud Hartford.
The New York and New England sought
for an entrance into this city which
would allow of the running of trains on
one way to get this, and that was by OBJ
tanning new layout in the name Of the
Rhode Island aud Massachusetts. This
was done and a route surveyed which
skirted Smiths hill and brought the
trains in Tor would have brought them
in) near the Rhode Island Locomotive
Works, thence TO the new Union passen
ger station.
A commission was appointed to appraise
the land damages, and there were pros
poets OF an early report and of speedy
commencement OF the work, which would
involve the expenditure Of at least half
million OF dollars in this city-some put
it much higher than that figure,
When the New York, New Haven and
Hartford had secured an entrance into
Providence 1t was in position to take
advantage OF any opportunity offered to
u,
intelligence that the new conner proposed
to do this was when the NEWS made the
announcement two weeks or so ago.
The proposition had been made to the
Rays Of Franklin, owning the greater
number of shares OF the Rhode Island aud
Massachusetts, to sell their holdings to
the New York, New Haven and Hartford,
and prior to that to vote to abandon the
new layout.
When the News published this as the
real intention of the stockholders In the
special meeting OF the Rhode Island and
Massachusetts, a halt was called, as there
was vigorous protest heard from local
along the line Of the New York and New
England, and the meeting was adjourned
without any action being taken.
The newspaper reporters attempted to
get at the true inwardness of this special
meeting, but all information was refused
The News got it without any trouble.
despite the efforts put forth to keep it un-
informed.
While its older and sleepy contempora-
ries were knocking at the door and beg
ping for the inside information relative to
the secret meeting Of the stockholders of
the Rhode Island and Massachusetts, the
NEWS was watching the Rays of Franklin,
of this State, last evening, that the Ray
stock had been sold to the oil and railroad
kings of New York. as the representatives
OF the New York, New Haven and Hart
ford.
And that is why the other papers will
copy the news of the News.
The other fellows were watching the
hole to see the rabbit come out again,
while the NEWS was enjoying the chase on
the other aud the business side Of the
wall
Moral Read the NEWS