The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-24
new HAVEN TO SELL
$6O,0OO,OO0 NOTES
New Plan Adopted To Meet
Roads Nearby Mstnrities
Of S54.OOO.OOO
LEGAL OBSTACLES CLEARED
New York and Boston Bankers
Are Expected tn Take the
Entire Offering.
LEGAL OBSTACLES CLEARED

tn. bant.-s ard Official. % IRE S'~
Maven rsiiroad have dsvs.d . new plan
a. fnancire 70 moi nearby rna.uritles
which amour, ~ about $4,000. 900 The
p,sn provide, 'Or tho sale ~ 800 .f60
Ne~ tIaven on. year notes. $4,000. 900
Harlem Y yer and Port Chester Railroad
COMPANY one year per cent notes and
sco.oso.oeO New England Navigation
Company tire. year 6 Der cent notes
A S-n.r plan, which became known
last ss'urday and which has been put
aside. provided for IN. sale OF certain o.
the New Hsyens assets I, IL understood
that the change wa. made necessary a.
. resul, Of legal technloalitl.s with re-
gard 20 the sale % securitle. OF the road
nov held IN l's treasury.
Tn. plan also II Interesting In view OF
the Fact TIA, u provides az a substitute
for the sal. Of treasury asset. Of the COM
psny Issue ot i20ooo.60o one year
notes which bear ! per cent. less Inter-
%, than IN. old notes now outstanding
II n undsrytood that tn. bankers who
vers mentioned In connection with the
financing plan proposed las, week viii, b.
VIZ s3iu~ cu's y Ho VIII take Inh OnerinR
They are r Morgan 4 Co. the First
National Bank. the National City Bank.
kidder. Peabody 4 Co. and Ire, Hierin.
con Co. Arrangements are said 10
have been mad. to include in the under.
writing syndicate Those bankers who sorn.
time ago agreed 10 under~rit. the $50
$4,000 OF convertible. debentures III. An.
tnorizsiion OF which was defeated
The feeling in the financial dl.tr,c, q,
that this plan to hnanc. N. need, ~,
ths New Haven will 20 through smoothly
ana that there Will be no further hitch.
II 20 II would seem that tho New Haven
s out OF the worst % It's difficulties.
Hor the present at least
II will have the funds 10 me-, III IA
10000 maturitles. which include SIS.
100000 due May -. and will hsy. sn,ne.
ming In the neighborhood OF $4,000 900
LETT over besides Thus the roads need.
Ter the present year viii be taken care
81. ana II - not impossible that the ieGis-
I.uon ~ Massachusetts may be so altered
- 10 enable the New Haven 70 devils.
some satisfactory scheme for long term
financing In the meantime the road will
ee enabled. through its strengthened credit
eno the rigid economies IL g. now prSc-
using to put IT. house In order"
II Is understood that the details a. TO
shs price at which the notes will be Of
Sered have not a. yet been worked out
but that they viii be at an early date.
ana an officisl announcement is expected
either 'ate tbs week or early next week
The collateral behind the notes Of the
New Haven per cent notes, the New
England Navigation Company and the
Harlem River and Port Chester Railroad
Company IL said 10 be excellent /,
- reported that the syndicate offered TO
take the notes without pledge Of collateral.
but that officials OF the New Haven
pointed out that they could obtain better
prices At their sale providing that IL
could be shown that they were properly
secured. The securities In the New Eng
land Navigation Company treasury amount
- So. 900. 900.
In the New Haven treaGury are The FOL
lewing unpledged shares. some OF which
At least will be placed as collateral under
lying the issue o. the 10000 900 on. year
; per cent notes
Shares. Name Book value