The daily morning journal and courier., 1895-07-01

SA thS NcW iuIh anu NSW IAilhl3AAu common stock was preposterous, This stock fell to nine dollars share in the open market, which was precisely what the reorganizers desired. With the full assessments paid, it stands the holders who purchased just one year ago at $29, and within the past week 1t has been quoted at above $50, The assessments have been paid on every dollars worth of 1t that can be found and controll- ing interest, together with so percent, of the second mortgage bonds. are in the possession of J. Pierpont Morgan's banking house, Another remarkable feature of the reorganization was the unlimited power given to the reorgani- zation committee, consisting of John l. Waterbury, president of the Manhattan Trust company, of which MT. Morgan's son-in-law Is treasurer, Henry w. Cam non, president of the Chase National bank of New York, and T. J. Coolidge, 1r., president of the Old Colony Trust company of Boston, The reorganization committee has furnished the receivers with all funds needed in the running of the road and the purchase of necessary supplies and equipments The receiv- CTS certificates, which have been issued from time to time by order of the courts, have all found their way to the office of the Manhattan Trust company. where they have been duly cashed, and it is said that few people have ever seen a New England receivers certificate. The road has been run on cash basis, and not only that, but many trouble some suits have been bought off and everything has been done to facilitate the foreclosure, which is to occur next month. At that time the purchase will be made nominally In the interest of the second mortgage bondholders. who will then proceed to settle with the first mortgage bondholders by offering them a new thirty-year 5 per cent. bond in place of the 6 and 2 per cent. bonds they now hold, There are twenty mil lions of bonds, all told, which Will then become one of the best per cent. ln- vestments in the market. It is under stood that there is to be but one class of bonds. The net result of the whole operation will be that for considerably less than s10,000,000 the new owners will come into the control of property nav ing a total capitalization of S45, ,0O0,00O. It will not be denied by any business man that such transaction is a very neat one, if made by the Vanderbilts, who have power to compel fair treat ment of the New York and New Eng land by the Consolidated, the Boston and Albany and all connecting or com peting lines.
 That such is to be the future of New York and New England is confidently asserted by those who have been cog nizant of what has been going on. There is business enough which can be done over this road without interfering in the slightest degree with the pres ent through lines between New York and Boston to make the road a good paying property. The vast terminals at Boston are well known to be worth almost as much as the entire bonded indebtedness of the road. and the prop erty, is, in fact, dirt cheap at the price which has been paid for it. When the bonds have been duly converted there will be only one million dollars of in terest to pay annually, and to earn this and the other fixed charges there will be line of railroad stretching from Boston to the Hudson river, and needing only sixty-five miles more of double-tracking from Bristol in this state westward, in order to make 1t a double track road from Boston to Brewsters, where connections are made both with the Harlem and the New York and Northern. There Is the west ern business to be obtained over the ferry at Fishkill, and one of the most important features of the line to the Vanderbilts will be the independent connection for the West Shore road with Boston, which will be there af- forded. There is also the valuable Nor wich and Worcester line, and the steamboat connection with New York, which can be fully harmonized with the Consolidated's sound lines by the Vanderbilt influence.
 For the people of Hartford and of all cities and towns on the line in this .state the most important feature of this new deal will be the removal of all ob- stacles to the transaction of business between New York city and Connecti- cut points by way of the Harlem and the New York city and Northern rail- roads. The New York, New Haven and Hartford company will no longer figure as an objector to the development of this connection. since it will be effected in harmony with, and not in hostility to, Consolidated interests. It will thus be seen that the future of the New York and New England is to be even more beneficial to our interests than its actual consolidation with the New York, New Haven and Hartford could be.
 When this great scheme shall be car- ried out, it may be expected that the railway connections of Hartford, both with Boston and New York, which have seemed to be sacrificed of late to the Shore line, will be placed on fully as good a basis as those ofHany city on the Shore Line. It is asserted that a more positive demonstration of the Wander bilt influences in Boston and Albany. involving, perhaps, the choince of a new president of that company, may be looked for before a great while. That is, however, mere detail The im- portant fact is that all the three great lines which especially concern us are to be operated in harmony, and with no disposition to embarrass or impede each others business. The rising tide of traffic will give the Consolidated full occupation, even for it's four tracks be- tween New Haven and New York, while the freight traffic over the New York and New England is likely to take on proportions which have never been