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New York, New Haven and Hartford Railroad Co. (1906)
New York, New Haven and Hartford Railroad Co. (1906)
[19060067]
USD49.00
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  New York, New Haven and Hartford Railroad Co. (1906) - (pdf)

New York, New Haven and Hartford Railroad Co. (1906)


Certificate: Convertible Debenture Certificate, $5000

Dated: 1906 - New Haven, Connecticut - United States
Signature: hand signed
Measure: 13.2" x 9.3"
Coupons: no
Edition: -
Category: Railroads

Condition: VF+



New York, New Haven and Hartford Railroad Company
The New York, New Haven and Hartford Railroad (reporting mark NH) was a railroad that operated in the northeast United States from 1872 to 1968. Commonly referred to as the New Haven, the railroad served the states of Connecticut, New York, Rhode Island, and Massachusetts. Its primary connections included Boston and New York.

The New York, New Haven and Hartford Railroad was formed 24 July 1872 through the consolidation of the New York and New Haven Railroad and Hartford and New Haven Railroad. It owned a main line from New York City to Springfield, Massachusetts via New Haven and Hartford, Connecticut, and leased other lines, including the Shore Line Railway to New London. The New Haven went on to lease more lines and systems, eventually forming a virtual monopoly in New England south of the Boston and Albany Railroad.

The first line of the original system to open was the Hartford and New Haven Railroad, opened from Hartford to New Haven, with steamship connections to New York, in 1839 and to Springfield, with rail connections to Worcester and Boston, in 1844. The New York and New Haven came later, as it ran parallel to the Long Island Sound coast and required many bridges over rivers. It opened in 1848, using trackage rights over the New York and Harlem Railroad (later part of the New York Central Railroad system) from Woodlawn south to New York. From 1912 Grand Central Terminal served as the New Haven's New York City terminal.

Around the turn of the century, New York investors led by J. P. Morgan gained control, and in 1903 installed Charles S. Mellen as President. Morgan and Mellen achieved a complete monopoly of transportation in southern New England, purchasing other railroads and steamship and trolley lines. More than 100 independent railroads eventually became part of the system before and during these years, reaching 2,131 miles at its 1929 peak. Substantial improvements to the system were made during the Mellen years, including electrification between New York and New Haven. Morgan and Mellen went further and attempted to acquire or neutralize competition from other railroads in New England, including the New York Central's Boston and Albany Railroad, the Rutland Railroad, the Maine Central Railroad, and the Boston and Maine Railroad. But the Morgan-Mellen expansion left the company overextended and financially weak.

Under the stress of the Great Depression, in 1935 the New Haven slipped into bankruptcy, remaining in trusteeship until 1947. Common stock was voided and creditors assumed control.

After 1951, both freight and passenger service lost money. New Haven's earlier expansion had left it with a network of low-density branch lines that could not support their maintenance and operating costs. The New Haven's freight business was short-haul, requiring a lot of switching costs that could not be recovered in short-distance rates. The New Haven had major commuter train services in New York and Boston (as well as New Haven, Hartford and Providence), but these always lost money, unable to recover their investment providing service just twice a day during rush hour. The death of the New Haven may have been sealed by the building of the Connecticut Turnpike and other interstates. With decades of inadequate investment, the New Haven could not compete against the automobile or the trucker.

In 1954, the flashy Patrick B. McGinnis led a proxy fight against incumbent president Frederic C. "Buck" Dumaine Jr., vowing to return more of the company's profit to shareholders.McGinnis won control of the railroad and appointed Arthur V. McGowan Vice President, a longtime McGinnis acquaintance. . McGinnis attempted to accomplish many of his financial goals by deferring maintenance. McGinnis also spent money on a flashy new image for the company: green and gold trim was replaced by black, red-orange and white. McGinnis and McGowan had Chrysler Imperials custom made that could travel along the railroads tracks to their country estates in Litchfield County Ct. When he departed, 22 months later, he left the company financially wrecked, a situation exacerbated by widespread hurricane damage in 1955. In 1959, the New Haven discontinued passenger service on the Old Colony network in southeastern Massachusetts. Despite this and other cutbacks, the New Haven once again went into bankruptcy on July 2, 1961.

At the insistence of the ICC, the New Haven was merged with Penn Central on December 31, 1968, ending rail operations by the corporation. The corporate entity would remain in existence throughout the 1970s as the Trustee of the Estate pursued just payment from Penn Central for the New Haven's assets.

On August 28, 1980, American Financial Enterprises, Inc., became the successor to the New York, New Haven and Hartford Railroad Company when the plan for reorganization was approved by the court and the company was reorganized. This brought to an end the 108-year corporate history of the storied railroad, and the end to the 19-year saga of its second bankruptcy reorganization. American Financial Enterprises would become the largest single stockholder of PennCentral Company shares by the mid-1990s, controlling 32% of the stock of the company.

In 1976, after Penn Central went bankrupt, a substantial portion of the former New Haven main line between New York and Boston was transferred to Amtrak. It has since been a major portion of the electrified Northeast Corridor, hosting high-speed Acela Express and regional rail service. The main line between New Rochelle and New Haven is owned by the state of Connecticut within its borders and the MTA within New York borders, and is served by Metro-North and Shore Line East, which runs to New London, Connecticut. The MBTA's Providence/Stoughton Line provides commuter service from Providence to South Station in Boston.

The state of Connecticut frequently alludes to the New Haven in its modern transportation projects; many Metro-North Railroad engines are painted in McGinnis-era livery, while the familiar "NH" logo has appeared on everything from station signs to passenger cars.

Source: Wikipedia®


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