Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-08-23
ANOTHER BIG PURCHASE.

The New England Terminal Company
Bought by the ConsOlidated-They
Bid Over the Long Island Railroad
Company aud Secure the PropeFty-l
The Latterss Attachment Released-I
Price About $225,OOO.
BRIDaEPoRT, Aug. 22.vThe New En-
gland Terminal company is at last thing |
of the past. Steamers, transfer floats, real |
estate and leaseholds. all passed into the
possession of the Consolidated Railroad
company by purchase last Saturday. The
price paid was about 1926, 900.
The corporate demise of the New En-
gland Terminal company is only in many
respects similar to the history of many
corporations which have preceded 1t. The
company from its inception was failure.
Almost every pound of freight and every
passenger carried by itwas handled at
loss. The men who created 1t and spread
the most highly garnished reports as to Its
future must have known from the start
that the company. as far as 1t was itself
concerned, never could be q financial sue
cess. As factor in accomplishing GER
tain ends, however, the originators saw
that the New England Terminal company
might serve very useful purpose. Hence
it's origin. That it never quite accom-
plished the purpose for which it was
brought into being was due largely to the
late Jabex A. Bostwick's unexpected with
drawal from the New York and New En-
gland Housatonic alliance and sale of his
stock in the last-named road to Messrs.
Morgan and Rockefeller.
viufo hoo
been 30 brief the New England Terminal
company piled up debt at q pace and
at such magnitude as to evoke the admi-
ration of other companies VIGOROUSLY ex-
pert in that line of business. A bonded
debt of $500, 200 and floating debt of be-
tween 5000, 900 and $500, 900 are very hand
some figures for q corporate existence of a
little more than three years. It was the
logical result, however, under the circum-
stances.
The negotiations for the change of own
gress for almost three weeks. All of the
stock and bond holders being united in the
desire to sell the property and close up the
bankrupt corporation as quickly as posi-
BILE, but one thing stood in the way. That
was the suit brought by the Long Island
railroad on account of the suspension of
the traffic agreement to which the latter
company was a party. In this suit the
Terminal company's most valuable proper
| ty, including all of their steamers save one,
| all of their transfer floats save two or three
at Wilson's Point, their leaseholds of piers
| 45 and 46, East river. and their building on
| Front street facing on those piers, were
| placed under attachment. The building
| was formerly known as Macy's stores, and
was bought by the late Mr.. Bostwick and
by that gentleman sold to the New Eng
land Terminal company.
| AS long as President Austin Corbin of
the Long Island railroad remained obdur-
ate it was practically impossible for Re.
ceiver Catlin to do much toward winding
up the affairs of the company. Although
resented to be on account of the ruptured
traffic agreement, most railroad men did
not take that view of it. They asserted
that Mr.. Corbin's chief purpose was tt
strike blow at Charles Parsons, sr., WHIT
had got Mr.. Corbin out of and himself int
the presidents chair of the New York ant
New England railroad. They said that az
long as Mr.. Corbin thought he could hsras
Mr.. Parsons 30 long would he keep up liti
cation against the New England Termina
company. Now the explanation is givel
that he was finally made to see that he wa
i shooting wide of the mark. The Ney
York and New England company were il
position which made with them a yer
little difference how much or how long MI
Corbin sued the New England Termins
company. When Mr.. Corbin realized thi
. he consented to receive advances from th
: would-be purchasers of the Terminal prof.
, erty and satisfactory adjustment of b
suit was effected the latter part of la
week.
4 The Consolidated railroad companys bi
l. - l.
8 ment which he claimed with Mr.. j. Pie
4 pont Morgan Mr.. Parsons claimed rigl
;. to bid for the property also. He was give
+ twenty-four hours in which to go over IL
It Consolidated's figures, but did not do 8
I and the property was knocked down to Il
f latter.
% The New England Terminal compa1
/ owned no property at that place excel
d two transfer bridges. The wharf fscil
ties are owned by the Danbury and No
walk railroad, which also owns the rigl
of way to South Norwalk, and withol
both of these the transfer bridges would
u valueless to the Consolidated Railroa
: company. The transfer bridges a
: still in the hands of Receiv
= Catlin, as is also the old steam
Artisan, the first steamer bought by Il
70 Terminal company. Almost since its pu
IL chase this steamer has remained tied up
r the wharf at Wilson's Point, being in SUI
=. lesky and rotten condition that constal
~ pumping is required to keep her afos
l. The steamers bought by the Consolidate
10 Railroad company were the Cape Charlie
J. Intrepid and Express.
Drexel, Morgan & Co., the noted Ne
ID York banking firm of which J. Pierpol
% Morgan is a member, have purchased fro
F. 81. Prince & Co. of Boston the enti
10 $500, 200 bond issueof the New Englar
y Terminal company. Messrs. Morgan ar
N Rockefeller are also paying the Termin
Y company's floating debt