New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-09
THE OLD COLONY PURCHASE.
TERMS ON WHICH THE DEAL WAS BASED
THE COST THE CONSOLIDATED ROAD ADooi
se7i,oOo-coNCoRD AND MONTREAL MAY
RE TAKEN u


BE TAKEN II.
ps.or rh c TIL. Old Colony New Haven CON-
bnation has been the topic the street tod"y' vi"
Colony opcned 1 IL lower than yesterday nj W.
rose TO o13 and settled back to 2lO aeah' Inv
cost TO the NewYork New-lIaven and Hartford Oh 'he
control OF the Old Colony Is figured III us way
At $50 less rights, New York, New-Ha'en anu i"''
ford stock figures at 900. Nine shares amount W
81 Os6, and rs ten shares OF Old Colony get hiie
shares OF New Haven. this makes Ola colony nsure
in the deal at practically 200. There are i'''o'o
.boros ~ ola Colony stock calling for the issue OF
100 1O7 T. shares OF New York. NewIlayen ana iart-
ford Ten per cent on this is 81 22l,O'o. Inc
per cent paid by the Old Colony Is $o4o,o.o' h'h"e
the difference $211 $50. which appears 10 pe 'ne
increased annual dividend charge to the N"wfork'
w-lIaven and Hartford. and may be put uo"h Us
tie cost to 1t OF securing the Ola Coiohy' UT
figured another way the Consolidated ROAD VIII pay
ninetenths OF the dividend on its own stock 10 'he
Old Colony stock This IS = per cent more IMAM he
latter had been getting and per cent on lo''-
67j shares Is sell $50.
The union IS to count from January /, 1903 but
the New lIaven actually takes possession on July l.
Meantime It Is hoped to obtain legislative sanction Tor
the exchange OF stock No legislation Is required 10
lease the Old Colony, but the exchange Oh STOCK
| requires the consent OF the Legislature.
President Choae. OF the Old Colony, could not be
| seen to day. lie came downtown and Immediately
shut himself n his Office with the directors. line
| Journals, Concord correspondent nlludes TO The
possibility that the Ncw-lIaycn may lease tho Con.
| cord and Montreal. lie says tEat tie ONO iais OF
| that road have made advances to the New-iiaveh
people and that 1t only remains for The latter to ac-
cep for the Concord and Montreal to be taken
| into the New Haven camp.
The announcement OF the success OF the New
| York. New Iavcn and Hartford In securing the con
troll Of the Old Colony Railroad. has excited variety
| ratIr ond iS
a severe blow to the ambitious schemes Of tn, Pila
dclphia and Reading Railroad In It's excursion into
| territory east Of the Hudson Rlver-scheines wmci
excited The animosty OF powerful financial interest,"
that have long coveted exclusive domination III IN,
| railroads OF New England. Little pablo comment
| Chnunccy " Dcpcw. who h. director OF tnc New
| Haven. was in such good humOr that he chose tc
| take an extremely philosophical view OF me situi
| tion, stating that he had heard that the New
| with the DEAL j. Herpont Morgan said that tht
terms OF the transaction rs published were correct
lie added: at is'a great thing for both companies
| The old Colony deal fastens new attention upi
now remains u pleasing object CT specnlau3'
| in tho stock market than ever. The annual meet
Ing next month Is necessary 10 determine the qneso
Of ownership. The friend, OF Charles Parsons say ina
the Reading interest declare that they hold Do,oV
shares II Is extremely doubtful that the two IN
| terests are in strict harmony. II Is evident TINT
| narrow turn in holdings would give the control Y
| be persuaded that II was 10 his advnn'age 70 turl
| the New England road over 10 It's rival. There L
little doubt that the New-Engand RAILROAD situation
| is tending directly toward constellation. but II /
not impossible before this Is accomplished thcr
| may be important changes In the management OF TN
Philadelphia and Reading.