The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-02-15
L0CAL FINANCI4L NOTES.

Consolidated Stock Steady-The Union
Pacific decentralization Pacific
lists Wheeling Bridge and Terminals
lsts-New Haven Bank Clearings-DiyI-
dends Due soon.
The New York, New Haven and
Hartford railroad stock has been
steady for week on small sales at 1877,
l6S1s and 1917. The debentures were
in demand at 1884, closing at 1889.
The MiddleseX Banking company Of
fers to pay at It's office in Middletown
debenture series Al, with interest to
February 20, if presented to-day.
This series@will come due April l, 1897.
The Fitzgerald committee announces
that under the new plan of reorganiza-
ton Of the Union Pacific railroad each
holder of $1,000 Union Pacific s per
cent. sinking fund bond will be entitled
to a $3.50 new first mortgage 4 per cent.
pond and ten shares of a. par value of
$1,000 in new preferred stock. Under
this plan, which was approved Febru-
airy IL, outstanding bonds will be re-
ceived without penalty until February
% by the Mercantile Trust company of
New York city, or the Old Colony Trust
company of Boston.
A meeting of the holders of the Kan
sas Pacific railroad first mortgage per
cent. bonds has been called by the
"Tappan" committee. The Union Pa
cific railroad reorganization committee
says that it is not within it's power,
with the amount of securities at it's dis
posal, to meet the previous plan of the
"Tappan" committee, which called for
so per cent. of each present defaulted 6
per cent. bond in a new first mortgage
per cent. bond and " per cent. in new
preferred stock. Instead of this allot-
ment, it is now proposed to allow so per
cent. in a new first mortgage 4 per cent.
bond and ITO per cent, in new preferred
stock. The Kansas Pacific committee
says that it has done its best to secure
a larger allotment of bonds, without
success. With this great change in the
proposition it has decided to submit 1t
to a general meeting of the bondhold-
ers. The subject is a most important
one, as in the judgment of the commit
tee the alternative is presented of ac-
cepting the new provisions or of assum-
ing charge of the property, retiring
from the present Union Pacific reor-
ganiZation and assuming to reorganize
the Kansas Pacific property by itself,
or in conjunction with some existing
line or lines.''
At an auction sale in New York last
week $4,000 Wheeling Bridge and Ter
minal first mortgage 6 per cent. bonds
M 1920 sold al 95K mar pant and S90 non
second mortgage per cent. bonds of
the same company sold at 4 per cent
These were fiat prices, carrying default
ed interest since December 1, 1891. The
late bankrupt firm of George p. Bissell
& Co. of Hartford was largely interest
ed In this property, and their downfall
was caused by the shrinkage in it's
stock and bonds. The late E. M. Reed
of this city, vice president of the New
York, New Haven and Hartford Rail-
road company, was asked in 1890 by an
investor If these first mortgage bonds,
then being offered at 95 per cent, We're
a reasonable investment Mr.. Reed
promptly replied, II should have moth
ing to do with them" Though Mr..
Reed was in the mechanical rather
than in the financial department of his
company, the would-be buyer took his
advice and remembers it gratefully.
The clearings and balances of the
New Haven banks for the week ending
February 10, and for the corresponding
week of 1895, are furnished by days by
the secretary of the New Haven clear
ing house. The week of this year falls
a. little short of one per cent. less than
last year:
1897 RaIancns 1896