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Show ACCESS TO COAL AMD LAKES Now York, Now Haven & Hartford Absorbs tho Ontario & Westorn. NEW HAVEN, Conn., Oct. 30. It is definitely defi-nitely announced that tho Now York, New Haven ic Hartford company, at a meeting of Us directors last Wednesday, with all but two present, voted with substantial unanimity to accept an option offered by Ivuhn, Loeb & Co, on a majority of tho Ontario & Western stock.. The prlco paid Is ? 13 a share ex-dlvldend, and all tho arrangements ar-rangements for the temporary financing, extending over somo months, have been made. Tho question of a lease of tho Ontario & Western came up, but It was found that this plan required tho assent of tho New Y'ork Central, and It was dropped. It Is probable, howovcr, that tho -New York, New Haven Hartford Railroad company w.lU.jpaJiq, provision, for the minority hold-' ers of tho Ontario & Western company on a basis representing about $-10 persharo of stock. By the new purchaso tho Now Haven company acquires about 500 miles of road, of which somo 1C0 miles west of Cornwall, N. Y., Ik In process of doublo tracking. Tho most Important feature of the deal Is tho fact that, for tho first tlmo In New England railroad history, It gives a great New England carrying corporation access to tho coal mines on tho ono hand, and to tho Great Lakes on tho other, and by vlrtuo of tho latter extension tho power of regulating and naming Western trunk line rales From Oswego to Buffalo, a distance of about 110 miles, tho Ontario & Western has a traffic agreement with tho Rome, Waterlown & Ogdcnsburg railroad. This contract Is not. as In tho caso of tho West Shoro terminal, a permanent ono, but by a new lino to Buffalo and Niagara, easily constructed on low grades, the Ontario & Westorn can readily, In tho future, connect con-nect with the Gould system and tho Canadian trunk lines. It Is understood that the New Ilavon read was Immediately forced to tako this stop by fears lest tho trunk linen should ondeavor to paro down Its percentngo on tho through business to and from tho West A very important feature of tho plan la that the Now Haven Railroad company com-pany feels that It will be compelled ero long to use, much moro cxtonclvely than heretofore, anthracite upon Its locomotives. locomo-tives. Mining and carrying Its own coal, of which It uses a million and a half tons a year, at a present cost of about ;s.000,000. tho New Haven company will prospectively prospective-ly by this arrangement save about $1.25 a ton. |
