The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-02-20
THE CONSOLIDATED ROAD
THE FLOATING DEBT WIPED OUT By
SALE OF SECURITIES.

Tho Roads Stock Stiniy Held and Has
Had a Fifteen Point Rise in a Short Time
| Very Successful Financial Dcal Ac-
| complished-Grand Central Depot I'M
| provement III New York.
! A Boston dispatch yesterday after
noon says:
THE New York, New Haven ard
Hartford railroad has just sold to a
syndicate composed Of Kidder, Peabody
& Co., r. L. Day & Co. ard Estabrook
g. Co. large let of bonds, sufficient to
take care of the floating debt OF the
New Haven and Hartford and all Of it's
allied companies"
| Dispatches received by Kimberly,
Root G Day of this city late yesterday
afternoon are of the tenor Of the above.
Said Mr. Root Of the firm: .'By this
sale to a Boston syndicate batch Of
securities changes hands and the roads
floating debt is not only wiped out, but
the company gains additional money
kWItH WHICH W pIOScCIlG luIluGT
Iprovements If it so chooses. The prin-
cipal item Of this important transaction
was the sale of about $4,000 worth
of consolidated five per cent bonds of
the New York and New England rail-
road, both principal and interest OF
which are payable in gold fifty years
from 1895. This sale, with the sale of
other securities that were in the treas
oh ;y,f ox,+ 1ff
floating debt and leaves q handsome
margin of cash on hand.
"a Boston firm wires us: We offer
for sale any part Of 100000 New Eng
land railroad bonds, due in 1945, at 125
and interest, the principal guaranteed
by the New York, New Haven and
Hartford railroad"
Previous to the news above given the
following was received, practically ofh-s
cial:
''The rumor that the New York and
New Haven company will issue 25 per
cent. Of new stock, or, in fact, any new
stock to pay floating debt, is entirely
Iunfounded. The directors will make a!
lstatement in regard to floating debt I'M
their own good time"
The New York News Bureau tele-
graphed last night:
'tWe hear that ]. P. Morgan & Co.
Iare selling New England guaranteed
SIS and a New Haven non-convertible
4 per cent. bond on a 3B per cent basis.
We know of large institution in New
York which has already taken a round
block
Consolidated railroad stock sold at
174 and LIS yesterday, a rise of 15
points since the bears engineered al
slump in the stock a short time ago.
Two hundred and fifty sharese Of the
Istock We're bought at ia yesterday by
one New York firm of brokers, and 200
shares at ia by another New York
firm.
Last nights New York Post remarks
as follows on the trolley controversy
subject:
"The New Haven Railroad company
4 in it's contest with the trolley compa-
nies Of this state won an important VIC
tory yesterday in the vote of the rail-
road committee that no trolley charters
should be reported favorably unless
subject to the parallel clause Of the
general street railroad law which COM
lpeles a Judge Of the superior court to-
pass upon the. question Of public ne,
lcessity and convenience. 1t is said
that the vote was to against the
trolley interests.
''This was one of the two great points
of contest between steam and the troll
ley in this state, and the fight nov, CEN
ters upon the repeal of the parallel
clause itself. The last preceding test
vote of the committee was 5 to in fa-
vor of the trolleys, and the evidence
now is strong that majority has come
over to the steam railroad interest.
This result has been foresehadowed by
reports from the state capital during
the last few days. The trolley compa-
MES seeking special exemption from
the parallel clause will now, in most
cases, withdraw their appeal for ex-
erption and counsel for the New Ha-
ven company has stated that IN nuns
Der of applications that company will
not make legislative opposition, indi-
eating that hereafter it will rely essen
TALLY on the parallel clause to resist
trolley extension
.'It seems now almost certain that
the New Haven company VIII secure a
report of the committee unfavorable to
the repeal of the parallel clause and
win a decisive victory over the trolley
companies"