The Providence news. (Providence [R.I.]) 1891-1906, 1892-04-25
LA7ESTNBVS
The N. Y. AND N. E.
Is This an Attempt to Shut off Its
Proposed Improvements T?
THE RAYS ARE INTERESTED.
A Report That They Will Sell Out to the
N. Y, N. ii. and II. Unless the n. ",
and n. II. Buys the Rhode Island and
Massachusetts From Them.

A special meeting of the stockholders
Of the Rhode Island and Massachusetts
Railroad Company is to be held in the
Office of the Albion Company, No. IL Ex-
change street, on Wednesday, May 4. at
1890 A. NJ. which will be Of uncommon
interest TO the business men of this city
who are shipping and receiving freight
oyer the Boston route OF the y. Y. e. n. e.,
aid which cannot fail to receive attention
from the residents of the cities and towns
between Providence and Boston now
served by the y. Y. a. n. Il.
Some time ago the New York and New
England leased the Rhode Island and
Massachusetts,, which runs from Valley
Falls TO Franklin, Mass, and thus OBJ
tanned an entrance to this city over the
rails of the Providence and Worcester,
from Valley Falls, by paying fixed sum
for the latter privilege.
Subsequently the Providence and Wor-
cester was leased to the New York, Provi-
dence and Boston, and TO protect its own
interests the n. Y. and n. h. got an act
through the legislature enabling the
Rhode Island and Massachusetts, TO locate
a layout from Valley Falls into Provi-
dence.
A commission was appointed to assess
land damages and the New York and
New England has been waiting to learn
what the commissioners have done before
pressing for the work of construction,
which, by the way. means some extensive
operations in the vicinity Of Smiths Hill.
Then came another factor in the prob
lem of getting for the New York and
New England the facilities it so much re-
quired aud the people along the route
called for.
The New York, Providence and Boston
was leased TO the New York, New Haven
ln.f o.I xA o ~ ant
the leased Providence and Worcester and
all the obligations th at the n. Y. p. and
Is. had assumed under that lease.
This gave the y. Y. n. H. and H. the
control of the rails from Valley Falls in,
and having tied up that road, another
cinch was looked for
The Rhode Island and Massachusetts,
stock is not on the market, but 1000
shares, or "a majority of the shares, are
owned by the Ray Brothers Of Franklin.
IL is reported that they are preparing to
make a deal with the New w-Yefk, New
Haven and Hartford, which may not be
advantageous to the New York and New
England, and that that trade is the real
meat of the special meeting of the Rhode
Island and Massachusetts.
In the call for this meeting there are
stated three propositions which are to be
laid before the stockholders. Two of
them are easily understood. The third is
rdther dnDiSuous, hitnougu tne idsJ
clause goes TO the friends of the New
York and New England, what they claim
is the true inwardness of the alleged
deal
The propositions are as follows:
lst. To hear the report of the COM
mittee appointed at meeting OF the
stockholders held April IL, 1892, and To
take such action thereon as shall be
deemed wise
I'd. To consider the advisability of
abandoning that portion of the location Of
the railroad company which lies between
Valley Falls and Providence.
Sd. In case the said location is not
abandoned to authorize the Directors to
build the proposed extension, To negotiate
for the lease of il to the n. Y. e. n. L. X.
X. Co., or To some other company, To is
sue bonds to provide the necessary funds
therefor, and TO transact all other bust
ness appertaining thereto.
The deal, as set forth is this: The Rays
are claimed To be auctioneering between
the n. y, \. III. d H., and the n. y. &
\. T.. The special feature is to induce the
n. Y. 81 n. +. to purchase the Ray inter
est Mt an advance, which would place the
stock at from ll0 TO 100, as otherwise the
controlling interest might be acquired by
the \. Y. y. ii. * III.
This would put stop to all terminal
facilities improvement so far as the n. Y.
q y. f. is concerned, and for which
work the bill which WAS passed in the
Legislature last week, authorizing the
bonding Of certain improvements, was In
part intended.
The n. Y, \. III. and II. people opposed
that bill. and they are now said TO be
moving in the direction above set forth.
The friends of the y. Y. and n. +. have
had warning in time. and they say that
they have enough sympathizers in the
Rhode Island Legislature to prevent any
unfair business being done and tie up the
bands OF the Rhode Island and Massachu-
setts stockholders if they attempt to
lease their road tn the ~ Y, n. III. and III.
The prospects are very good for another
and an exceedingly lively railroad fight
in the Legislature during this session.
To Restrain the New York & New England.
BosToS, April 25.-Messrs. Warren &
Brands, counsel for Nathaniel Il. Gold
smith and Walter II. Keith, this forenoon
filed in the Supreme Judicial Court for
Suffolk county, bill in equity against
the New York and New Engladd kail-
road Company and the directors of the
Company asking for an injunction to re-
strain the payment of "A dividend upon
the preferred stock of the Company
which under the vote of the directors is
a. n a