New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-08
TWO BIG SYSTEMS UNITED.
THE CONSOLIDATED ROAD ABSORBS THE
OLD COLONY
NEGOTIATIONS HAVE DEEM IN PROGRESS FOR
ACQUIRED ny THE NEwHAvEN.

some TIME-A SKETCH OF THE PROPERTY
ACQUIRED ny TIE NEwKAvES.
FIR TELEGRAPH TO THE TRIBrSE1
Bc cston, Feb 7.-rresidert Choate. of the oh
Colony road. tonight authorized the publication
of the statement that negotiations have gone so
far between directors o! the Old Colony and Of
the Ncw-IIavcn road that a union of those two
properties may b. regarded as practically settled
While this will result in better train service and
single administration between Boston and New
York, something the public has been constantly
seeking the arran cement will destroy tho identity
of the Old Colony system. This will continue 10
Re aled. as heretofore from Boston, ard }. X
kcndrick will continue ii. immediate charge ana
will become Of the vice-prtsdcnts OF the
New-IIa,cn road. The terms of the union cam
not b. stated rs they hove not yet been agreed 10
by the respective boards Of directors. In gen
cral it, is understood that share OF Old Colony
viii be worth about S2l5. if agreed 10 by the
directors and contracts must be submitted 10 'he
stockholders for Their approval. l'y next july
u ive-hour train will he put on between boston
and Ncw-Yoik over the Shore Line.
The rapid rise in the stock of the Old Colony
from s2O7 on Saturday to S22l on Monday noon
WAS sufficient TO demonstrate that there was some
thing unusual going on. The Old Colony has
and best railroad Investments in the country
The Old Colony owns from Boston to Province
town. Mass also lines to Kingston, Plymouth
Somerset Junction New Bedford, Lowell ana
Fitchburg. Mass and to Newport, r. l-whlch
limos with their branches constitute 4o5 miles.
The railroad leases the Boston and Providence
with its branches, which with smaller lines leased
make a total df 603 miles controlled. Inc M'd-
dleboro' and Plymouth Railroad, sixteen miles III
length. was leased in 1892, and interest on lts
S225, 900 of bonds was guaranteed.
In 1882 the Old Colony paid IL per cent
dividends: from 1882 10 July, 1891, inclusive
AZ the rate of per cent yearly III Decenpcr'
1901 1.-THE dividends at'that time being quarterly
. 0.1O por cent In March, June, September ana
December of 1892. 81 per cent. In November
! $50 tho stockholders Of the Old Colony author
lied an increase of stock from Sl2,oOoooo 10
81 } OO0, 900, 90 that new connections, etc, might
be paid for, and n further issue OF stock WAS
authorized in order 10 meet the expense OF r'i~
ing the grade Of the Boston and Providence tiach
for four miles, as ordered by the Legislature, abd
70 subscribe 70 the additional stock OF the Old
Colony Steamboat Company. IN which 1t holds the
moior;tv interest. Two hundred thousand dol
lars worth OF stool, issued in August, loo-'
and in January of this year an equal amount was
soll at auction The bills payable October J.,
1902 amounted 70 81, ,200,j6l, and the . per cent
ro,es % s2no. 500 Authority TO issue $4,000
GOO rcfunding bonds was granted 20 the directors
NJ the Old Colony road in September, lso?
The report for the year ending at that time points
ont that there will he q saving OF Si3o.Ooo yearly
ssr interest charges II the bonds OF the system
maturing uricr 70 March 2, 1897, are refunded
when due at per cent.