Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-07-13
A BIG DEAL CONsUMMATED.

OBSERVATION-DISCLOSURES to be
the Motive Power of the Two Roads
In the Near Future-WEat the Pol.
Icy OF the Syndicate VIII Be-The
Tracks to be Extended.
The State street and the Whitney ave-
ne horse railroads passed yesterday into
Their hands, as appears below, the pur-
base of controlling interest in the stock
{ the State street road, carrying with 1t |
he control of the lease of the Whitney
venue road, having yesterday been COM
,leted. The purchase of the controlling
interest was effected by the purchase Of
he stock held by President Samuel R.
of the State street road, who
aeld majority of the stock. The price
paid for the stock is not known, but was
no doubt handsome advance, the prop
erty being paying one and having readily
paid per cent. for a number of years
past, beside the cost of making important
of the plant. Mr.. Blatchley
is to retire from the presidency of the road
before long, but for the present the pres
emit officers and directors will operate the
road. The road has now been in opera
ton upward of twenty years, and the Sec
ton of the city through which it passes
has grown wonderfully in that period.
building of the road. The Whitney ave-
nue. road is held by the State street COM
pany under a ninety-nine years lease,
which of course passes also into the hands
of the new purchasers.
A representative of the JOURNAL AND
COURIER enquired last evening of S. Har-
rison Wagner of the law firm of Waller,
Cook & Wagner, of New York, regarding
the sale of the State Street and Whitney
Avenue Horse railroads. Said Mr.. Wag-
ner:
eyes, the deal has just been consum-
mated. ALI previous reports to that effect
were premature. Our firm organized q
syndicate composed of New York and Bos
ton capitalists, and our firm and the syn
dictate have secured control of the State
Street and Whitney Avenue railroads by
purchase of majority of the stock"
cit is not, is it, the same syndicate that
bought the West Haven roads"
"No. None of the gentlemen who own
the West Haven road are in any way in
terested in the State street road except our
firm. The State street syndicate is COM
posed of new parties"
s'What information can you give the
public as to the plans of the new owners?"
"The entire policy of the road will be
changed. 1t has been operated with a
view of saving money in every way in
order to pay dividends. In the future the
property will be operated in such man
ner as to best serve the public, by such
improvements of the equipment and ser
vice as are naturally demanded in these
days in city like New Haven, regardless
of present dividends, believing that the
public will appreciate and welcome these
changes"
evil the road be equipped electric
ally1,', .,..e- !,
roads as soon as possible and hope to hav'
| the new power in full operation early il
1898. They will also extend the track
and expend large amount of money i,
developing the property, all of which will
greatly benefit New Haven"
sIs it true that some of the new owner
are interested in the large electrical com
panies that furnish motors and othe
equipments"
cit may be SO. OF course you kno,
that there is great desire on the part O
various manufacturing companies to sci
apparatus"
stock of the road2'
"No, but they control the road and hav
all the stock they require at present, an
sufficient to fully carry out their plans G
improvement"
"Do they intend to purchase any NOR
stock?"
"Well, yes" said Mr.. Wagner, wit
some hesitation. when the majorit
was purchased the parties selling insiste
upon q contract being made by the synd
cate agreeing to take such shares as WEI
offered for limited time At an agree
price, and Fl. G. Warren & Co., bankeri
are authorized to make this offer in orde
to carry out the agreement"
evil the Improvements be commence
at once?''
Every little can be done to improve Il
service while horses are used as moti'
, | power, but work will be pushed ahead
| rapidly as possible"
1t is also learned from Mr.. Wagner tn
the new management or syndicate operat
various electric roads both in New EN-
land and Western states, so that the
bring to the task of building two electr
roads in New Haven, not only plenty
capital but plenty of experience as to Il
, most economic plan of building, equi
ping and operating roads Of this characte
4
road are S. R. Blatchley president, Charl
A. Warren vice president, J. E. Emery sc
rotary and treasurer; directors, S. R. Blatc
{ | ley, G. A. Warren, J. E. Emery, w. ]. A
water, David Corey, T. B. Townsend, F
Whitney, jr., and N. S. Blstchley. tt
State street roads capital stock is $40, 90
par value of stock per share $25.
A director of the West Haven road wi
o was interviewed on the subject, and wi
: was asked regarding alleged efforts of Il
West Haven company to purchase IL
State street and Whitney avenue road
! said the syndicate owning the West Hav
|, road had spared no efforts to buy t
roads mentioned, but Intellectually, not
1 ing able to come to an agree ment as to t
: terms. The West Haven company had
q | doubt, however, that the two syndicat
would operate the running of their ,
spective roads harmoniously as regar
the transfer of. passengers and the lii
Had the West Haven road succeeded
: buying the roads in question they wou
, also have made electric roads of them
year or so. That was the intention.
, Arrests.
Tohp ord WOO orroora1 vootor1ov