New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-05
A NEW ROAD FOR CENTRAL.
FATE OF THE NETWORK AND NORTHERN.
REASONS WHY A DEAL WITH THE WANDER

REASONS WHY DEAL WITH THE WANDER
bits Is LIKELY TO BE MADE
II Is now practically certain that the New York
and Northern Railroad will fall into the hands OF inc
New-York Central. This is what was predicted by
The Tribune when the Manhattan Railway directors
declined TO take the road from j. Pierpont Morgan,
who purchased the road from the Whitney party about
six weeks ago. II may not be oricaliy stacd 'h"'
negotiations have reached decisive point out iTe>i
don't Chauncey NJ Dcpew, OF the New-fo"k central
declined yesterday 10 say that the Northern road
would not eventually find It's way into the hands OF
the Central
The terms of the transfer will not be settled for
some fine The situation Of affairs is snch that 1t
IA considered probable by wclihformed men mat
the terms will not be far from those on winch 'he
Northern road offered TO the Manhattan anu ue-
cNned. The figures so for the second mortgage
bonds 81 for the preferred stock and - for The
common stock IL is not considered likely that MI
Morgan will consent lower figures, and II i under
stood that the price winch wonld be represented by
tlcse quotations was offered for the Newly ork ana
Northern property by the New-iork CentiAl aOont
a wear ago. The New York New-Iaven and Hartford
will not be party to the transaction IL IS peheVu,
the New-York Central desiring 10 secure nhnNioc'
control OF course the relations between the Ten
trail and the cw-svcm will assure the latter against
anv future adverse use OF the New lOrk and NORTHERN
Tho cost of the New-YOrI and Northern 10 inc
New-York Central at the basis upon whoh u Is oc
ueycd the deal will be completed looks on us race
to DO large. But the importance OF the Northern
road TO the Central cannot easily be measured. In
the hands of a sronS corporation Ike INC Ne"-i o'"
Central the Northern road is capable OF great develop
n,ent Its local traffic IL TO grow, railroad men
saw and while It's charges for TIE thie behb ""! Nv
heavy II an enterprsing management can nave inc
control there are Improvements possible 'haI VIII
stimulate an increase in local business The extern
River will also be of decided advantage 10 the >c"
York Central in its solution of the problem OF eN-
panding Its terminal facilities in New'lofR. "h''e
these lands remain in the control OF ROAD ouruehou
ly excessive fixed charges they can receive no proper
degree OF development, but when utlilzeu Ill oo""o'
ton with a powerful parallel system they are OF
immense value.
Another important consideration which doubtless
will influence the management Of the New-lork CEN
trail Is the relation OF the WORK ana Nor'herh
10 the future needs of rapid transit in this city ana
tho development OF the suburban traffic. Ai'housh
Il NAV take years for the territory tributary to the
New-York and Northern to reach Il condition OF de-
velopmcnt equal to the profitable operation OF the
property 1t is inevitable that some day the situa
ton and franchise OF the Northern road Will be OF
immense value Before the time when the Nor'herh
road reaches Its maximum earning capacity us chir
ter will be impossible of duplication by possessing
the control the NewYork Central will not only ENJOY
sessed OF the monopoly of all practicable railroad
approaches TO Manhattan Island from the north Inc
New-YOrk and Northern may also be- turned 10 excel
lent account in the handling Of the growing tranc
of the New York Central in manner that Will facili
tate the movement OF both through and local freight
The control OF the Northern by the Nanderbilts Will
enable much to be done build UP the interests OF
the people who live in the counties east OF the HUI
son River between New-York and Albany.
The New-York Central management. doubtless also
has an eye upon the effect Of the control of the New
York and Northern upon the future OF the Manhattan
Railway. The latter company Is Eow dominated by
the Gould interest in spite OF the prominence recently
achieved by Mr. Morgan In the management OF the Gle
waited railroad system. The McrganN VANDERBILT interest
In Manhattan is known TO be large however ana ther
may be a future contest for control of the elevated
railway property. No matter how the problem Of
ropd transit NAV be finally solved 1t is probable that
the roads north of the Harlem River are destined 10
play important PAL ii the needs OF the pop9aNaOn
York and Northern by the NeNYorK Central wonia give
the that %y be for the solution
rapid transit existing lines. Last bnt nol Isds,,
railroad men admit the aovantaes 10 ue cysc,un~
shutting of the possibility Of futnre devei1pmenuss
that oud establish rivalry nsains, 1d the u NTM f rd To
unhappy complications: At the ;aine time IN Gas. OF
wcmid be In "A stronger position to defend itself or
enforce terms upon New, England questions II '"0
ae% snS cS a"d rs na"i
drcd-an fifty hnhs and Eishtlave in this city, !"
Irewstpr's ~ w. distance Of fifty foui miles, with
n branch from Van tortlaudt Junction to ionkers
The total length Of read cpented Is %vsr o c rss
mortgage !, per bonds and S3..O.Ooo second
mortgage per cent bonds The cal ita still CONSISTS
OF s3t0O 600 common. and SGOo0OoO preferred stock
The control was purchased In the latter part OF jan
uary from the capitalists that controlled inc New
York Loan and Improvement Company The properly
was offered to the Manhattan Railway, Int IN" In
Huence of George j. Could Russell sage ana their
friends sufficient to secure the rejection OF the
nj