The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-10
NEW HAVEN CONVERTIBLE SIS
SSSyOs7yOOO q PER CENT. DEBEN-
TURES INSTEAD OF STOCK

To No offered 20 HaAders or tine Reads
Shares and OR DeDentures COnVertibIo
Into ahsFes-On Three hares o Can
Subscribe for Ono BROO D~eOonturo.
Haven and Hartford Railroad met In the
Grand Central Station yesterday and de-
Cided to issue sSO.O77.OOO Q per cent. de-
benturs bonds. convertible after January
l5. 1923. into stock. dollar for dollar. These
bonds. which ara to run until lO4S. are
issued instead Of common stock OF the
same amount which IL was proposed until
yesterdays meeting 20 bring out soon.
In fact, at the stoCkhOlders' meeting on
October 30 IL was voted that stock should
DO brought put on the basis Of one share
for every three outstanding. instead OF one
for every four. AZ previously projected.
The reason for the change i'm plan was not
given In the official statements.
The right TO subscribe terminates on
january iS next. The debentures viii he
offered to Stockholders Of record December
2 at the rate OF 800 worth for every three
shares Of stock hello The holders OF out
standing debentures convertible into stock
between January 1. 1911. and January 1.
1915. or those who have paid three OF four
instalments on the same are TO have { he
same right to subscribe for the new de-
bentures as II thev had already conve rted
the Old ones into stock. the official statement
says.
For each $3.50 Of face value Of the con-
vertible debenture certificates convertible
into stock between January 1. 1911, and jan
uary 1, 1919, subscribers to these debenCures
are to pay the face value 9I0Ol of the new
debentures, to be subscribed for in four
i~nPtalments. each Of rs per cent. The first
insta iment 10 to be paid on january Is. 1908:
the second. July IS. 1908; the third. January
10, 1909. and the fourth. July IS, 1000. Interest
In to be paid on partial payments until the
debentures carrying interest are obtained
aC the rate Of o per cent. per annum.
Any subscriber may upOn any Of the install
mene dates complete payment In full and be
entitled to receive the new debentuTes bearing
interest on that date or may pay In advance
for any instalment or instruments not vet due,
and no subscription for such debentures based
on fractional rights Co subscribe will he re-
ceiVed unless such rights are consolidated
into subscriptions Of 800 OF the face value
of such debentures or multiples thereof.
Il Is expected that warrants will BE issued
eviuenCinR the rights tO make subscription 10
these new convertible debentures. Such rights
will be Issued to holders Of stock and OF regis
tered convertible debentures convertible into
stock between January 1. 1914, and January
l.. 1915. az they stand upon the books Deem
Der ?, 1907. Holders Of the coupon con-
vertible debentuTe certificates convertible
into stock between January 1. 1911, and jan
uary 1. 1OI6.or OF subscription rights for such
debentures must present the instrument held
by them to he properly submitted on or before
December 20. 1908. II is expected that ar
rangements will be made for presentation at
trust companies in New York. Boston and
several other cities.
The money is understood to be for the
same purpCs ~ as tho stock issue was meant
fOr-to finance the roads current needs for
several years to come.
The roads capital is now SiI7.0 s1 800,
which includes the $50, 600. OOO Of stock held
for the conversion of the $50. 100000 OF de-
hentures, which are convertible n common
stock at $50.