The Providence news. (Providence [R.I.]) 1891-1906, 1893-02-17
SOME LIGHT ON THEDEAL
The New England Street Railway
Co., Chartered in New Jersey.
THE LEADING CAPITALISTS.
The Capital 10 S5.O0O,OOO and IL May
He Increased to $50, 900. 900 = Tho
Corporation Trust Company 10 the
Trustee What is Said Of IL.

The action in New Jersey throws some
light on the recent purchase OF the
Union railroad stock. The street rail-
ways OF Providence, Boston, Worcester,
New Haven. Springfield and other New
England cities have beer consolidated
under one control. The certificate OF In
corporation was filed in the office OF the
secretary at Trenton and the capital
stock is fixed at 100000 with the
right to increase II To soO,OOo,ooo.
The dispatch states that the
directors of the company inclule
John X. Bullard, president OF the ped-
ham, Mass, Savings and the Dedham
National Bank; James {. Elmo. presi.
dent of the Shoe and Leather National
Bank of Boston; Col. John Ii. Cunning
ham, president of the Winnisimmet Ma
tional Bank Of Chelsea. Mass; w. Is.
Ferguson, president of the Gloucester
Street Railway Company, Gloucester.
Mass; the Hon. William H. Leonard,
vice-presilent of the North National
Bank of Boston; Dr. A. +. Mason, capt.
talist Major A. ~. Pond, president OF
the New Haven and West Haven Street
Railway Company; A. X Mitchell, vice
pre- dent New England Trust Company.
Boston; Thomas 4. Robinson, treasurer
of the West Leicester and Spencer Street
Railway Company, Boston; James ID.
Dill of Dill, Chandler & Seymour. New
York, the counsel for tue company.
II is also stated that the charter is one
of unusual latitude. in fact more than
that of the Nor, h American Company OF
the same state. the charter of which is
very broad.
The Corporation Trust Company Of
New Jersey is designated as the trustee
OF the company in New Jersey and the
New England Trust Company in Boston
as the trus ee in Boston.
The dispatch states that the CoTpora-
tion Trust Company, which is tue Lrus-
tee of the new railway corporation, is au
Office building concern. Its main officers
constitute the legal officers of the new
corporation besides those OF many Others
doing business in other states. Never he
less, IL is half with feeling OF resent
meut that the Metropolitan Traction peo-
pie discuss the new deal, for New Jersey
Is their latest field of conquest.
IL the intentions of the New England d
Street Railway Company are fully carried
out it. will stand third among tue great
street railway corporations OF the coun-
try. The syndicate which is known rs
the Mckee-Verner combination, was re-
Gently in secret competition with the
metropolitan Traction or Widner Elkins
combne ion for the control OF street car
lines in Brooklyn aud New Jersey The
Mckee Werner people secured the Allan
tic avenue line in Brooklyn. largely
through the efforts OF the Stligman
banking house. In New Jersey they
were simply outbid by tae Metropolitan
Traction people.
Both combinations control different
lines in the sam cities, but the Mckee.
Werner people recently took In the sys
tenn in indianapolis. Further Eass tha
Brooklyn they have not ventured, nor
uas the Metropolitan Fraction stamped
its initials in any New + gland city vet.
Business associates ana family relatives
Of ex-S cretary Whitney OF ie Metropo l.
itdn Traction Company are. however, in-
terested in the control of Boston lines.
III. NJ. Whitney, the Boston brother OF
the ex-secretary, is in Bostoa tue leadi nj X
nan III the WesC End Railway. IJwould
seem, nevertheless, that the field lis clear
10 the Ne~ England Company.
From what Is said by President Grim
minis of the Metropolitan, his company
never enter aimed thoughts of entering
New England. He could not conceal sur.
prise over the apparent strength OF the
New England Company. lie pointed out
mat IL has never been the policy of street
railway syndicates TO enter into traffic
war ia cities la whicn they were mutu.
ally Interested.
All this is very interesting but it doe:
not furnish much light on the local con-.
troll OF the Union Railroad Compauy's
Ines. 1t will no doubt devolve on d
local organization.