The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-06
/ Very Strong Fight to Be Made for
tho Railroad.
BUSINESS vs.. STOCK GAMBLING.
AProperty That Could BE Maintained
mt Profit and Is Demanded by
the Business Interests of New Eng
land.

That the Rhode Island Business Mems
association in passing resolutions for
the retention OF a Providence stock
holder as permanent receiver OF the
New York and New England railroad did
the only thing they could do Is the opin-
ion OF the business men about town.
The situation in New England is daily
becoming more generally understood
There has never been any agreement
among the business men who used the
road that its existence was essential
to the business interests of the city.
It's wrecking and the situation that has
arisen therefrom is accordingly topic OF
timely interest and business men have got
on to 1t. The resolutions printed in another
column are the first public expressions
of the general sentiment.
The simple fact is that of the three
temporary receivers, Platt represents the
Wall street interests, Hart the Consolida-
ted and Perry the interests of the
road, its stockholders and New England
business men. When President Mcleod
formed pool to boom New England
and .hen coolly cut under
the pool by flooding the
market with his own holdings he left a
he cleared an independent fortune before
stock they were trying to bolster up.
Platt simply represents these badly
fooled victims of McLeod's sharp
ness. They would like to get
the New England road back
into Wall street boom it and talk 1t up
and recover in stock speculation, what
they have just let go.
What Hart represents was never Sc
cret. He would like to see New England
slide into the hands Of the Consolidated.
The latter Ia holders small holder only
OF New England second mortgage bonds,
but it has no earthly show of capturing
It's rival unless there is an astounding lack
OF business control or Mcleod like du-
plicity.
Perry represents the interests OF the
road. He has the reputation OF
being builder-up and no.
body ever dared accuse him OF
being . wrecker OF properties. 1t is
probable that Judge Colt, casting his eye
over the other receivers, Platt and Hart,
selected Perry as one who
would distinctly and directly represent
the property In its independent interests.
That the property Is worth preserving
Is shown, II by nothing else, than by its
gross earnings amounting to 5000, 900.
The Chicago and Alton, model railroad
property, does hardly better than that. Its
interests are very largely the interests
Of New England and chiefly
OF Rhode Island and Massa-
chusetts. The permanent receivership
should be in New England and not in
New York. 1t could be in no better
hands than that of Perry of Providence
for the Boston directors, ithe Princes, are
discredited In their own community. The
Boston Fruit Shippers association
the Providence Shippers and
many of the commercial
bodies are among those vitality interested
IN the property who have faith
that II Mr.. Perry is retained
- permanent receiver there will be fight
ing chance to save the road. New England
business interests cannot afford to see
the property go fiat over into the hands
Of the Wall street stock gamblers, who
would have no use for it now except that
In wrecking it they were carried down in
the whirlpocl-and they want to get out