The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-12
$l5,O0O,0OO.
New York, New Haven and Hartford Road
to Issue Convertible Dcbepture Ger

New York, New Haven and Hartford Road
to Issue Convertible Dcbepture Ger
tihcates.
NEW York, Dec. IA meeting of the
directors of the New York. New Haven
aud Hartford Railroad Was held in this
city Saturday afternoon. aud IL was voted
to issue convertible debenture certificates
TO an amount not exceeding $4,000, ,0O0
A circular was issued by the directors as
follows:
The increase of traffic aud earnings
derived from the expenditures for inn
provements OF the company's plant and
equipment during tue last five years has
been 30 manifest that its board OF direc-
tors has determined TO complete them as
speedily as practicable.
The full advantages anticipated can
not be realized until they are finished.
More than Sl0. COCOON have already been
expended upon them, OF which e, 200 900
have been provided from increase OF capi-
tai st Jck.
The Board does not think IL wise to
issue at par the company's stock, upon
which immediate dividends at the pres
ent rate might be expected. or to lessen
the dividends for the purpose OF improv-
Ing the property, or To create an interest
adverse TO the stockholders by issuing
mortgage bonds.
The company, therefore, proposes TO
issue on April /. 1898, at par, converti-
bic debenture certificates to the amount
not exceeding Sl5,0O0OO0.
The proceeds of these convertible de-
benture certificates wall DO held as a trust
fund To be dlsbursed only for the follow
INK purposes-vlZ, for the completion OF
four tracks on the New York division, in
cluding the Harlem River branch; for the
completion OF two tracks between New
HAVEN aud New London; for terminals,
notably at Providence, New London, New
Haven. bridgeport and New lOrk; Tor
additions to the company's motive power
and. equipment FOR an extension or It's
block system ana the elimination OF
grade crossings, aud 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
debenture certificates during the a. onth
or March, 1893 In the proportion of forty
per cent OF their then holdings OF the
company's capital stock. Stockholders
may assign their rights To subscribe.
AliotmCnts not subscribed or not
paid for in accordance with the terms OF
this circular Will be disposed OF by the
board OF directors. The transfer b JOks
will be closed and remain closed auring
the month OF March. AS the proceeds OF
these convertible debenture certificates
cannot at once De expended with advan-
tage subscrip ions viii DC payable Ia in
stalments and negotiable receipts will be
issued therefor.
These instalments of 25 per cent will
be pa able AS follows: Ga the lst of
April, 1898; on the 1st If October. 1893;
on the lst or April, 1894, and on the lst OF
October. 1894
'In accordance with the understanding
In 1859, when the company was author
lied 10 increase its capital stock, an op-
pOrtunity will be given to the holders OF
the stock In its leased lines to become
stockholders of this company during the
months OF January and February, 1893 =.
They will thereby become entitled 60 sub
scribe during the month OF March for
convertible dobenture certificates"