New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-11
.F|NANC|ERS SAY THEY
WILL AID NEW HAVEN
Assert Boston Bankers and
Morgan & Co. Will Place
$67,000,00 Issue.
WANT OTHER LINES HELD
Oppose Sale of Trolley and
Steamship Subsidiaries of
Railroad-Hint of Panic
Given at Hearing.

Boston. Sept. 10 Several Boston hnan-
ciers not only Endorsed tho petition OF tie
New York. New Haven & Hartford Rail-
road for the approval by the Public Ser
vice Commission of its proposed SLcol'o)
bond issue at the hearing before the COM
mission to-day. but announced that they
mad changed their opinion regarding the
ownership OF trolley and steamship lines.
and believed that the road should retain
them.
They also told the commission that in
stead of n few banking houses partici-
pating i'm the underwriting OF the new
bonds arrangements had been made TO
apportion at least one-third OF the issue
10 two national banks. "A trust company
and two banking houses of Boston. The
commission was again urged to approve
the issue quickly and save the company
from possible receyership.
Tic commission to-day heard Philip
Dexter president OF the Boston e Provl-
dencc Railroad: Charles Francis Adams,
2d. treasurer OF Harvard College. and
Bradley W Palmer. a Boston lawyer. all
members OF the stockholders protective
committee; A. c. Ratchesky. the presi-
dent Of Boston trust company, and H..
NJ KochcrsperGer financial vice-presi-
dent of the New Haven road.
Mr.. Dexter told the commission that at
ono time he strongly favored the sale Of
the trolley and steamship companies. but
he now believed they would be sacrificed
II disposed Of quickly and that the rail-
road ought to hold them.
He said that he approved the issue OF
bonds because the small stockholders
were getting nervous over the decline In
the stock and many OF them had feel
ing that there was something wrong In
the management.
30 YOU think this commission should
act counter 10 the Interstate Commerce
Commission" Mr.. Dexter was asked.
II think it should act Independently OF
f." he replied.
Mr.. Adams was OF the same opinion re-
garding the trolley lines. and disclosed
some OF the agreements under which the
proposed issue OF bonds is expected 10 Ne
sold. He said that at least one-th!rd 81
the issue would be apportioned To New
England banking houses. 10 be sold al
commission Of per cent. while j. !. Mor-
.an & co. will sell the rest and receive
commission Of ~. per cent
\ g. Ratchcsky president OF the
United states Trust Company, OF Boston,
told the commission that there would be a
manic i'm New Haven securities II the
bond issue was not approved. He said "
was extremely difficult TO obtain new
money even under the most favorable
circumstances owing 20 the adverse feeI-
ing amonc the investing public. lie
hoped that tho New Haven would be per-
mitted TO retain It's trolley holdings.
Vlce-Prcsident Kochersperger produced
many financial reports Of the company
and said that the present floating deot
of s,onrroJ was due In December and
must be met. He said that since 1910 the
companv had spent Sl0."oc in new
coulpm,ut and that the companys snare
I'm the Grand Central Station was S.S-''-
ga which gave 1t permanent right IN
about half Of the station.
Bradley Palmer. counsel for the pro-
tact!vc committee. said that during Nsi'
10 Mr. Morgan this summer the latter
had stated that his firm intended 10
Withdraw from the New Haven financing.
Mr.. Palmer said he urged MI Morsi"
not TO withdraw. a. 1t would leave the
New Haven In bad plight Subsequent
ly a list OF Boston banks and banking
houses 10 handle the bonds was approved
by Mi Morgan.