Norwich bulletin., 1913-09-11
Might Avert
 ReCeivership
ONE ARGUMENT FOR NEW HAVEN
 BOND ISSUE
STOCKHOLDERS HEARD
Boston FInanoIers Express Opinion That Road Should Retain Trolley aHd
 Steamship LInes-Hearins at sosten

Boston, Sept 1o.--A number of BoR- ton dnanclers not only endorsed the petition of the New York New Haven and Hartford railroad for the approval by the public service commission of itH proposed $67,000.000 bond issue at ths hearing before the commission today, but announced that they had altered their opinion regarding the ownership of trolley and steamship lines and be- lfeved that the road should retain them.
 They also told the commission that instead of a few banking houses par ticlpatlng in the underwriting of tho new bonds, arrangements had been made to apportion at least one-thiFd of the issue to two national banks, & trust company and two banking houses of Boston.
 To Avoid a ReeeiVership.
 The commission was again urged quickly to approve the issue and save the company from possible receiver ship.
 The commission today heard Philip Dexter, president of the Boston and Providence railroad; Charles Francis Adams, 2d, treasurer. of Harvard col lege, and Bradley w, Palmer. 8 Boston lawyer, all members of the stockhold- ers' protective committee; A. c, Rat cneslky, the president of Boston trust company, and Financial Vice President II. M" AAOSA4O4 SEIC4 5S4 OA SA4S 4N0W ven road.
 The hearing had not progressed many minutes before there was 8 clash between the four members of the conn., mission over the attitude of it's oo1n- sel, H. l.. Brown, toward MT. Dexter. Two commissioners, Messrs. Bishop and White. strenuously objected to the line of questioning while Chairman Mcleod upheld the lawyer, CoHnmis- sioner Anderson restored harmony by n 1-Aa quirieS.
 Should Hold Trolley and Steamship
 Lines.
 MT, Dexter told the commission that one time he strongly favored the sale of the trolley and steamship compa- nies. but he now believed they would be sacrificed if disposed of quickly, and that the railroad ought to hold them.
 regarding the trolley lines. and dis closed some of the agreements under which the proposed issue of bonds is expected to be sold He said that at least one-third of the issue would be apporioned to New England banking houses, to be sold at a commission of per cent. while J. P. Morgan & com pany will sell the rest and receive 3. commission of 2 1-2 per cent
 A c, RatcheskyD president of the United States Trust company of Bos- ton, told the commission that there would be panic in New Haven securi- ties if the bond issue was not ap- proved He said it was extremely diff flcult to obtain new money even under the most favorable circumstances ow- ing to the adverse feeling among the investing public. He hoped that the New Haven would be permitted to re- tain its trolley holdings. SIG, ,0o0, 900 Tn New Equipment Since
 1910.
 Vice President Kochsberger. the hast witness, produced many financial re- ports of the company and said that the present floating debt of 40,O00, 900 was due in December and must be meG He said that since 1910 the company had spent $10,000, 900 in new equipI ment, and that the company's share in the Grand Central station was 3B,S2s,- 009, which gave it & permanent right in about half of the station.
 The company expects 8 good return from the buildings above the station.
 Vice President Kochsberger will com tinue his testimony tomorrow.