The daily morning journal and courier., 1895-03-05
RATLROAD NOTES.
New York and New Haven Stock and De
 bentures.

A special to the New York Evening Post last night from New Haven re- marks as follows:
 The starting point of the plan of the New York and New Haven Railroad company for providing the large sum needed for improvements appears to be petition introduced nearly two weeks ago in the state legislature by the Aetna Insurance company of Hartford The petition, it Is stated by a high officer of the company, asks for the ''protec- ton" of the Aetna company-which is a considerable holder of the per cent. debentures convertible into stock in 19O3-against the injury to the deben- lures which would ensue by the issue of new stock al par, The form that this "protection" takes is the issue of new debentures in the same ratio to the de- bentures now outstanding-abou $13,- 200 O0O-as would exist in the proportion of new stock issued to the amount of stock outstanding, which is now $37 942,- OOO That is to say, if 20 per cent. of new stock is issued at par to the share holders, then the debenture holder is to be entitled also to 25 per cent. in new debentures to be taken at par, holders of each class of securities thus coming in for the privileges of the new distri- bution The railroad officer referred to says that he understands that this is the form that the new issues, if made, are to take, and it seems now highly probable that the petition of the insur- ance company will with the consent and approval of the railroad company, come back from the legislative commit tee in the form of bill with provisions as described. Apparently, however, in that case the balance of advantage would still be with the stockholder as compared with the debenture owner, the former obtaining at present market prices about 95 per cent. premium on each new share of stock, while the de-
 benture holder would obtain somewhat less than 40 per cent. This desparity, however, would be considerably modi- fled by the facts that the great majority of stockholders are debenture holders also. The present premiums of 95 and 40 respectively would, of course, dimin- ish with the new issues, but preserve their present ratio to each other,
 The significance of the plan is it's sug- gestion of a continuance of the old pol icy of the company of distributing its high priced stock at par to holders. Naturally such policy is favored by most of the stockholders, but there is a conservative minority who, In view of such matters as electric competition, the future attitude of the reorganized New England road, and the general un- certainties of the financial and indus tria situation. would pr afer to see any new stock sold at auction-a plan that would be equally fair to both stock and debenture holders, the proceeds of such sale going into the property and neither stock nor debentures being af- fected in market values. Among some of the conservatives, however, there is objection to auction sale of large blocks of stock, which, bought in by large holders, might ultimately vest control in the hands of few while now 1t takes several hundred of the largest holders to control the company.
 LUCKY MAN.
 Last evenings South Norwalk Senti- mel says: Probably Ernest Groeschner of Fort Point street secured as good a | bargain from the Consolidated railroad | company as anyone in town. Some | time he purchased a shore lot adjoining | his property, paying therefore, it is re- ported, the sum of s250. Learning that | the railroad company had made plans | to have the temporary bridge go over | the land, MT. Groeschner opened com | with the officials, with the | result that the latter agreed to pay | him $250 for years lease of the lot. I and when the work was completed, | saw off the spiles at any height he de- | sired and leave him first class dock"
 A VISIT FROM STAMFORD MEN.
 A party of gentlemen representing the Stamford board of trade and com mon council came to New Haven yester- day afternoon for the purpose of ap- pealing to Vice President Hall and l other officials of the Consolidated rail- road to give Stamford better service of express trains. They brought with them petition signed by several hum dred of the business men of the City and patrons of the railroad