New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-11
MILLIONS FOR IMPROVEMENTS
THE NEW-HAvEN ROAD WILL ISSUE DE
BENTURE CERTIFICATES.
THE AMOUNT NOT TO EXCEED $4,000 oOO-IM.
PORTANr ACTION TAKEN BY THE
BOARD OF DIRECTORS
IBY TELEGRAPH TO THE TRIBUSE.l

lBY TELEGRAPH TO THE TRIBUNE
Now-Haven, Dec. l0-A meeting Of the directors
of the New-York, Ncw-llaven and Hartford Rail
road was held in New-York City this afternoon.
Ii voted TO issue convertible dcbenture ccrtii-
Gates TO an amount not exceeding Sl5,000,0O0.
circular was issued by the directors In relation
TO the action, which reads as follows:
The increase OF traffic and earnings derived from
tie expenditure for improvements OF the company
plant and equipment during the last FIVE years has
been manifest that its board OF directors has deter
mir cd to complete them speedily practicable
The full advantages anticipated cannot DO realized
until they are finished More than 100000 ha,
already been expended upon them, Of which $500
600 has been provided from Increase Of capital stock
The board does not think It wise to issue at par the
companys stock upon which immediate dividends nj
the present rate might be expected, or 70 lessen
the dividends for the purpose OF improving The
property, to create interest adverse 10 the
stockholders by issuing mortgage bonds. The
company, therefore. proposes TO issue on the first
day OF April, 1858, at par, convertible dcbenturc
certificates to amount not exceeding sl50o0,000
The proceeds OF these convertible debcnturc cerin-
Gates will be held trust fund, 10 be disbursel
only for the following purposes
For the completion u four tracks On the New York
DIVISION including the Harlem River branch for The
completion Of two tracks between Newliavcn and New
London; for terminals, notably at Providence, New
ditons to the cOmpanys motive power and equipment,
an extension OF It's block signal system and the
elimination Of grade crossings for the payment OF the
public debt OF the company already incurred for the
above purposes.
Notice is hereby given to the stockholders that
they may subscribe for these convertible debenurc
certificates during the month OF March. ls03 in the
proportion OF 40 per cent Of their then holdings Of
the company's capital stock. stockholders may as
sign their right TO subscribe. Allotments not sub
scribed or not paid for In accordance with the terms
Of this circular, will be disposed OF By the board
Of directors. The transfer books will be
closed during the month Of March, As the proceeds
Of these convertible debenture certificates cannot at
once be expended with advantage, subscriptions will
be payable in instruments, and negotiable receipts will
be issued therefor These instruments, OF % per cent
Will be payable as follows: On the first OF April
1885, Oh the first Of October 1893 one the first u
APRIL 1894, and on the first OF october, 1894.
In accordance with the understanding in 1850, when
the company authorized 10 Increase lis capital
Stock an opportunity will be given to the holders Of
stock In its leased lines to become stockholders OF
this company during the months Of January and Feb.
ruary, 1893. They will thereby become entitled 10
subscribe during the month Of March for convertible
debenture certificates; exchanges 10 be made
upon the following basis This company
will issue and deliver Of It's stock.
one share for share Of the NewYork, Providence
and Boston Railroad Company share for share
OF the Hartford and Connecticut Valley Railroad Com
pany share for eight shares Of the preferred stock
OF the Housatonic Railroad Company four shares for
thirteen shares of the New and Derby Railroad
Company; one share for four shares Of
the Danbury and Norwalk Railroad Company and
with the approval Of the committee provided for by
the company's amendment chaIterI two shares five
shares OF the stock OF the New-Iaven and North.
amptOn Company; two shares for five shares OF the
preferred stock OF the Boston and New York Air Line
Railroad Company share for one share Of the
Naugatuch Railroad Company; three shares for four
shares OF the Shore Line Railway.
The ricrular also states that certificates of
shares must be assigned TO the Consolidated Road
before March /. II is signed by President c. =.
Clark
At the meeting quarterly dividend Of 2 l-2
per cent was declared. The present stock is over
$23, 100000 A 10 per cent dividend will pay
$2,300,00O per annnrn, or $4,000 every three
months. Tomorrow the title of @. H. Platt will
le changed from general superintendent TO general
manager.