Democratic Sentinel, Volume 11, Number 4, Rensselaer, Jasper County, 25 February 1887 — THE JERSEY CENTRAL ROAD. [ARTICLE+ILLUSTRATION]

THE JERSEY CENTRAL ROAD.

The Property About to Pass into the Control of Austin Corbin. His Brokers Hold Enough Stock to Insure the Retirement of President Little. [New Y'ork special.] It was rumored in railroad circles to-day that President Little of the New Jersey Central might resign before the date of the annual election, in which case he would be succeeded by Austin Corbin. The latter and his friends are supposed to hold enough stock to control the May election, and why it should be held if not for that purpose is a mystery on ’Change. Corbin’s brokers have had another block of 10,000 shares of Jersey Central stock tranferred to their name. This makes about 40,000 shares now held by them, and it is understood that, with the holdings by parties friendly to them, is sufficient to give them control of the road at the coming election. There seem to be preparations to continue the receivership indefinitely, as a company has been organized under the title of the Jersey Central Improvement Company, the object of which is tojirovide means for the development of Jersey Central, in which the receiver’s funds cannot be invested. The capital stock is $1,000,000, and $350,000 has already been issued in payment of stocks and bonds of the Cumberland and Maurice Bailroad, which was lately added to the Jersey Central system.

Austin Corbin is President of the Beading Bailroad. He is a native of New Hampshire, and is about seventy years old.

His father was a lawyer with a small practice and after he had given his son an academic education, he left him rely upon himself for his law studies. Like many another great and successful man, he taught school for awhile, and out of his earnings as a pedagogue he saved money enough to pay for a course in the Harvard Law School. He graduated with high honors and began the practice of his profession at Newport, Bhode Island. He soon perceived that the West afforded him better opportunities for advancement and he went to Davenport, lowa, intending to practice law there. He soon saw there were great opportunities for making money through loans to Western farmers, and, procuring capital from New Hampshire friends, he engaged in the business very successfully. He became interested in railroading, and in 1881, unsuspected by anyone, secured from the hands of Messrs. Drexel & Morgan a controlling interest in the Long Island Railroad system. He also became largely interested in the I. B. & W. Bailroad, of which he is at present President. For years he has been interested in a scheme for rapid transatlantic travel, and believes that steamers can be built which will ran from the terminus of the Long Island Bailroad, at Montauk Point, to England, in six days. Mr. Corbin has made his way from poverty ap to his position as the owner of $25,000,000, and still he works harl, and will have to work hard, as Beading’s President.