New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-26
NORTHERN FOR NEW-HAVEN.
TIE DEAL WITH MANHATTAN ID off.
NETWORK AND NORTHERN. HOWEVER, f""|'
TICALLY ASSURED TO WANDER


The mer who are acquainted with the facts con-
cein.Eg The purchase OF the NewyOrk and Northern
by j. Plerpont Morgan from the New-iork Loan ara
Improvement Company were still retlcent yesterday
IN the.c publ!c statements. Mr.. Morgan refused 10
discuss the subject. and t" directors OF The Manha'ta
Railway who declined TO take Mr.. MOrgans purchase
OF his hands. also had nothing TO say to tn" ph'i".
some additional facts. however, were Nonc.ei lor
10y persons who are In a position 10 know The ,rnh
II l. said that the proposition OF purchase based
mon Is for the common stock Of the New-Iork ana
Northern. 81 for the preferred stock ana ~ i0r III"
second mortgage bonds Tie payment was I'd De m'""
IL Manhattan stock at the rate OF 112 share The
negotiations are said to have been conducted by MI.
Morgan, under the Idea that he possessed lni' nh-
thority from the Manhattan board OF directors rs
chairman of the special committee on extensions
When the matter came to the point Of completing the
transfer the opposition OF George J. Gold, Rrs eii
sage and Other directors compiled tn; aban 0aneht
OF the deal The prices regarded ~ exifNayaht
and there a strong feeling that the ROAD YVES not
desirable acquisition for the MANHATTAN The eXteh-
sion far into the country for an urban r0nu
to undertake. and there the fear that It's purchase
would invite legislation compelling thu Manhattan TO
charge only J-cent passenger fares WI I'm the Guy
limits
1t was current gossip In Wall Street ha. the failure
OF the deal with Manhattan had caused d. lied irctl0l
among the directors Of The elevated company. Ihis
was denied by persons IN position 10 SPEAK
auth0ratlyey, but II declared that not single
Manhattan director outside OF Mr.. Morgan. with the
possible exception Of T. e. Eastman and Donald Mae
Kay was In favor OF the Manhattan purchasing the
WORK and Northern.
1t Is declared excellent authority. however, that
the control Of the York and Northern rests
with Mr. Morgan and that there Is an understanding
that IL will be transferred 10 the New-l0rk. New
Haven and Hartford. 70 the New-liaven and TIE
New York Central roads jointly. The advantage OF
control OF the Northern road by the New-llavch Is
obvious I'm Hat II puts another block In the way OF
the plans of Charles Parsons TO carry the Ne"-ior"
an, Nv rnr,,,d ,ood into New. York CITY. The
Northern road would also as an excellent co
operating line for the Harlem road. when Is enseo
10 tn. NewYork Central. and which runs about
parallel 10 the Northern. The mutual interests OF
The Central and the New Haven such as TO make
il highly probable that practicable arrangement
could b. formed by which these two companies c'n'd
Jointly own the New.York and Northern.
Mr. Morgan's influence In tie Central aud the New !
Haven boards Is potent II his councils did not pre-
vail IL Is possible that his relations TO the purchase
II tls Northern may be such mat r. c"uiu res,oss
he control to the original whitney party III s"en
, case the nttractveicss Of the Northern road 70 |
he New York and New-England or Rea1lng managers
night be decidedly enhanced IL Is not coHsiuerri
possible however. that the New England capeusts
yu have an opportunity 10 secure the Nrw-l OK anu
Northern. WelLinformed peoply IN WalLst gay una.
he Northern road Is practically I'm rh" hands Oh Me
Iew Haven and Vanderbilt interests and that IL "i
,nly be question OF short time before the trans
or win formally be- announced