The Providence news. (Providence [R.I.]) 1891-1906, 1893-03-09
Mr.. PARSONS HITS OUT.
Plain Talk About New England
Railroad Management.
SCORED THE OLD MANAGEMENT.
Car Accounts "'Deliborately Falsihed" by
Somebody I'm an Unheard of Manner
Salaries Paid Twice Over - corbin
Comes In for q Share.

NEW YORK, March 9-President Charles
Parsons of the New York and New Eng
land Railroad. who intends to retire at
the annual meeting next Tuesday. winds
up his term of management with an at
tack upon the policy and shortcomings
of the previous officers that has rarely. IL
ever. been equalled in railroad affairs.
Mr.. Parsons refers particularly to the
management OF the road for the first
three months OF 1892 Austin Corbin was
elected president early in January. and
held the office until Mr.. Parsons sue
ceeded him on March 8 at the annual
meeting. Mr. Parsons's invective is
therefore largely directed against Mr..
Corbin. although he does not mention
any names.
What he SAYS of the mismanagement
before Mr.. Corbin took charge is for the
ediication Of Messrs. Starbuck, Macauley
and their friends. who induced Mr.. Par
sons 10 put his money into the property
on representations that were more
promising "before than after taking"
charge. In word, after Mr.. Parsons
found what hole he was in he is said to
have been very anxious to get out of IT..
Big Falling or Under Corbin.
The annual report that Mr.. Parsons
Issued yesterday to the stockholders
shows an increase in net earnings under
his management for the nine months
ending December 81, 1892, of $42, 353
while during the first three months of
the year during most OF which Mr.. Cor
bin was presidenD Mr.. Parsons says
there was a decrease of $l49.6S9.
The gross earnings for the first quarter
OF 1892 were 81 $3.50, ,sS7, compared with
81. 345, 100 in 1891; operating expenses,
81, ,l73.Sll compared with $96l .ssl the year
before; net earnings. $751;, org. compared
with 1888, ,SSS; a decrease of Sl96, ,Sl2.
Mr.. Parsons for the remaining sSne
months showed gross earnings, "a, $780,
COG, compared with s5.SS3, $50 in 1891:
operating expenses. 50 23s. 1885, against
s. 35l ,465; net, 81. .62l, 271. against $l.53l.-
794 I; net increase of $50. .476.
He says that during the first quarter OF
1891 deduction of $4,000 was arbitra-
rily made from operating expenses, and
although incurred in the first quarter
was charged in the remainder of the year.
He says that car mileage OF $3.50 for
January. 1892. was Suppressed and was
not charged until December of that year,
rs he did not make the discovery until
then.
Salaries Twice Paid.
He says that the big falling off in net
earnings during the first quarter was
"due to causes largely within the con troll
Here are several sharp criticisms Of his
predece essors
During the fall and winter of 1S9l-9
the operations OF your road can be sal 1
to have been in a demoralized condition
and your management showed its In
inability, to handle the traffic offered.
The tracks were blockaded, great delays
occurred and the expense Of operation
was increased in many ways.
"Tbe irregularities in the service drove
business away. In the midst Of this
decentralization. within sixty days your
management was changed twice. Re-
ductions were made as fast as possible,
but the conditions could not be changed
AT once. In some cases the salaries OF
officers OF two man agements had
to be paid for the same perio !,
the Improbable Long Island and
Eastern States line was being run at
heavy loss, and large amount of ex-
pense of this line which accrued and
should have been charged in the year 1891
was charged in the first quarter OF the
year 1892. In addition to this the condi-
tion of your equipment had been allowed
to deteriorate in 1891, rendering extra
ordinary repairs necessary During the
corresponding quarter of 1891 the shop
force was largely reduced.
"DeIiberate Falsihcations.
"a large amount was paid on account
Of personal injuries which occurred in
the previous year and, in short, your
road was struggling under the burden of
Generalization in its business and In it !,
operation, due to mismanagement and
the legacies OF seriously impaired
equipment and undistriDuted and unpaid
expenses.
"The pei centage of operating expenses
for the. first quarter OF 1892 Is sd14 per
cent Investigation into the percen Ldges
OF previous years and careful considera-
tion indicate that the operating cost for
the first quarter should not much excee a
that for the remaining nine months.
This is also indicated by the earnings of
January, 1898, when, with an estimated
increase of $4,000 in net earnings, the
operating percentage will show a de-
crease of about Is per cent
During the year 1891 the car accounts
OF your company were deliberately falsi-
fed in manner which your manage
ment believes, with perhaps one excep-
tion, is unique in the operation of rail
roads. During that year, month by
month, the amounts due other roads for
use OF their cars were systematically re-
duced. 1he amount which was thus
simply stolen from other railroad compa-
MES during the year 1891 was $50, 81"
He says that the new route TO Boston
was failure from its inception. This,
whether intentional or otherwise, WAS a
fraud upon the New York and New Eng
land Railroad Company"
This venture ran the New England
Company into floating deDJ of $40, 6l2.
A Railroad Modus yivendi.
BosToN, March 9.-1t is reported on the
street today that theNew Haven has agreed
to keep out OF the north of the Bcs on
and Albany and tue Boston aud Maine
has agreed to keep out OF the territory TO
the south, although the Hew Haven Is
not precluded from acquiring control Of
the Boston aud Albany.
BROWN UNIVERSITY NOTES.