The Washington herald., 1907-03-25

New York. March 24-Timothy E.
Byrnes. first vice president of the New
Haven road. in the absence of President
Mellen. said tonight that the report OF
an extensive curtailment in construction
work by the New Haven road was a mis-
conception OF the policy of the road.
mo work actually under way will be
stopped" he said, "and only a conserva-
tive attitude viii be assumed on account
of the uncertain financial situation.
THE report that the public utilities bill
affects the New Haven road is not 50. and
furthermore, the legislative situation is
favorable for our company.
''All work now in progress will be ear
ried through TO completion, but we are
not going ahead with projected expendi-
lures untn the business situation Of the
country warrants it"
Mr.. Byrnes was asked what work near
New York City. now under way, might be
curtailed. and he answered:
None whatever. The electrihcation OF
the Woodlawn-Stamford section OF our
! line viii be completed. The Danbury-
lGreenwich eut-on is simply held up be
cause the people there cannot decide
among themselves where they viii let Us
put our tracks. This is in no way affected
| by any legislative action.
Going Ahead with Tracks.
In reply to further questions concerning
the other large improvements now being
carried TO completion by the New Haven
road, Vice President Ryrnes said:
1--WE are going ahead with the double
tracking OF the Highland division. slowly.
| il is true. as BELTS ali railroads, owing 70
/ the uncertain conditions in the financial
world. but nevertheless surely. The work
1 in and about New Haven viii be COM
pleted as planned
/ Mr.. Byraes denied all knowledge Of any
| contemplated hold-up in this work, or
any other of Importance.
What effect does the public-utilities
/ bill have upon the New Haven road 2"
was asked.
Only an Insignificant interest IS at
taehed to IT, was the reply. Our Dam
ury-Greenwich lire cuts into New York
State for only the distance Of few miles.
and we anticipate no i'll effects from that
source
/ Financial Situation Discussed.
/ Speaking of the financial situation. Mr.
! Byrnes said that business interests are
adopting a conservative attitude for the
! reason that the uncertainty of TIE future
makes all financiers cautious. However,
/ he said the New Haven road was not
going to retrench TO any radical degree.
as that would be just as much a mis-
/ taken policy as would the other extreme.
Hard at Work on Terminals.
/ The New York Central and the Penn
sylvania are stin driving away at their
costly terminals and other Improvements,
/ including the substitution OF electricity
for steam in this neighborhood but the
! Central was the first to announce that
no new work would be undertaken for the
/ present.
/ Among the improvements that the New
Haven has under way was the task OF
making the line an eight-track railway
from the State lire south TO the Harlem
River, together with the electrifeation Of
tho entire suburban system.
| A vast amount of work has already been
done in contracts. and the enormous num-
Der OF people who use the road expected
To see the new order of affairs in service
within a reasonable period.
Caused Rise In Value.
The undertaking of these improvements
caused real estate TO rise rapidly in value
! in various towns in Westchester County
and along the Sound shore. The idea is
general in that neighborhood that the
suburban line will in some way connect
with the subway. giving a better service
to commuters than they could obtain
through the tunnels to New Jersey.
/ In February last the New Haven placed,
through Kuhn, Loeb & Co, loan of
about S29, ,OOO,000 The bulk of it was placed
in Paris, and the rest of it was distributed
/ in Belgium, Holland, and Switzerland. II
was understood that the New Haven Sc
cured its money on more favorable terms
than did the Pennsylvania.
It Was pointed out. however, that the
/ Eennsylvania labored under the disadvan-
Itage of placing loan in an entirely new
/ field, and that the experience of the Paris
/ bankers with that loan, which is under
stood to have sold readily, inclined them
/ to look with favor upon additional Ameri-
can railroad securities. Last April the
New Haven authorized an issue of Sl5-
! COO. 900 per cent bonds for reconstruction
work Prior to that an issue of $4,000 900
Of new stock had been authorized.