Morning journal and courier., 1894-05-04
RAILuoAD NOTES,

Handsomc Trains-Klegant Cars-The |
 Bay state Kxpress-sweepinx EcOno.
 mics on the BosIon & Maine Road-
 The New England Road ReofGani.
 nation.
 The first train of elegant new cars on the Bay Stats midday expreas passed through here for Boston Tuesday, and now the two trains are on. They are the handsom- est passenger trains ever run on road in New England.
 The four cars on each train are run in the following order: First, the composite or buffst car; second, the straight parlor car, then the buffet parlor car, and on the rear of the train the state room par- Tor car. As these trains arrive in Boston on one run and in New York on the oppo- site trip, they will run down on Y track ! and be turned around, 50 that every trip | the cars may run in the same order. The cars which these fine trains will dis place are atifl in very fair condition, al- | though they have run on the fast Bay State express about fen months. The wear on the paint and varniAh of the exterior Is considerably greater on very fast traiH than on the cars of an ordinary express, but the cars will be put in the shop in New Haven, and after general over ! hauling will be put in other service sgain | at once.
 Sweeping reductions have been made by | the Maine Central road. Two through | freight trains have been cancelled and two | switching engines at Portland, two at Lew istori, and one each at Waterville, Bangor and Brunswick have been laid of. l Furthermore, large number of employees | in the train and, mechanical departments have been laid off pending revival of business, although no further reduction in | wages has been made.
 New York and New England 2d mort gage bondkolders have taken action not in connection with the official New England road plan of reorganization. They think that they are entitled to par for their bonds, and SO they are if the property Is
 worth 1t above the prior liens. which 1t | probably Is and somewhat more, since, Il otherwise, preferred and common stock holders would not contribute some 30 ,OOO, 600 for the preservation of the junior lien. This proposition really argues the
 cause of the second bondholders. The
 manifesto of the bondholders' committee indicates . willingness to negotiate with H.
 latter will likely find itself in error
 in assuming that the opposition comes
 chiefly from New Haven interests. Quite
 likely the committees will reach an under
 standing. The Boston Herald observes:
 There is one good thing about the reorgan-
 ixation plan, without passing judgment
 upon others, and that is the proposed abo-
 ition of the cumulative clause in the pre-
 ferred stock. That clause ought never to
 have been incorporated. It would be bet.
 ter still If the preferred stock could be
 wholly retired. One class of stock if
 enough for New England railroad, and
 there Is too much of even one kind issued
 on this property. New England railroad
 stocks should be investment stocks. Spec
 ulative holdings of stocks are detrimenta
 to property.
 John I. Waterbury of the New England
 reorganization committee says the letter
 from the second bondholders' committe.
 opposing the reorganization plan has beer
 received and duly acknowledged. The re
 organization committee made no proposi
 ton to change their plan or to make con
 sessions, and have no intention of doini | 20.