Page:Shore Line Electric Railway Predecessor Companies 1961.pdf/14

14. stopped at the time of impact as its motorman. G. w. Murphy, had seen the passenger car approaching and had sounded his whistle repeatedly in an effort to warn its crew.

Damage claims from this collision cost the company more than 54.000 — a substantial figure in those days, although a paltry sum by current standards.

Corporate

ARLY OFFICIALS of the Norwich & Westerly Railway Company included H. H. Gallup, president; C. D. Noyes, secretary; S. W. C. Junes, treasurer; H, P. Phelps, auditor; R. W. Perkins, general manager; C. W. Comstock, general counsel. and E. B. Johns, superintendent.

Directors in addition to the officers included F. S. Jerome, Costello Lippitt, Adam Reid, John Porteous, Joseph Hall, E. H. Knowles, William Segar, Lewis, W. Arnold, Morton F. Plant and B. P. Learned.

At the time, Messrs. Lippitt, Comstock and Noyes were also directors of the Groton & Stonington street Railway Company, and Mr. Jones was treasurer of the New London & East Lyme street Railway Company, indicating some degree or common ownership among the three companies.

The Norwich & Westerly was capitalized at $517,900. including $450,000 in common stock and $157,500 in preferred, and its funded debt consisted of $750,000 in 5 per cent first mortgage bonds.

FINANCIAL

XPECTED TRAVEL on the Norwich & Westerly Railway failed to develop and the first full fiscal year of operation, from July 1, 1907 to June 30, 1900, ended with loss of $50,549.33. Another loss of $35.323.71—was reported on June 30, 1909, and late in August the company served notice that it would be unable to pay the $18,750 in bond interest due Septemher 1st The bond-holders initiated legal action and on September 15th. U. S. senator Frank B. Bmndegee of Norwich was named receiver.

The receiver operated the property for nearly two years—a period which saw no improvement in the company's financial status (the loss for the year ended June 30, 1910 being $25,438.43) and with another huge deﬁcit in prospect holders petitioned for foreclosure of the Mortgage in late April 1911.

On May 13, 1911, the presiding justice of the U. S. Circuit Court at New Haven signed a decree of foreclosure. At this time, the claims of the bondholders totalled $933,302 including par value of the bonds plus accrued interest, while, debts of the company over and above the mortgage were about $200,000

Little more than a month on June 23rd at a foreclosure sale in Norwich, the Norwich & Westerly Railway Company property was purchased for $940,000 by A. E. Locke of Boston and H. M. Verrill or Portland, Maine, representing the bondholders, and on July 28th. the Norwich & Westerly Traction Company was charted in Connecticut to take over.

NORWICH & WESTERLY Combination Car No. 7 on State Line bridge over the Pawcatuck River on the outskirts of Westerly, R. I.