The Bridgeport evening farmer., 1915-02-17
RAILROAD MAKES SOLEMN PROMISE
 IT WILL BE GOOD
"New Haven" Issues State ment of Policy Regarding
 It's New Capital
Special to The Farmer,)

Hartford, Feb. 1.-The New Haven company has issued a, statement of '"poIicys' defining it's purpose with re- gard to the use of any new capital 1t may obtain.
 The document is a solemn promise to be good, and is strongly reminiscent of the attitude of a small, bad boy, after he has been caught in the jam and soundIy spanked for his offense.
 Should the states of Massachusetts, Rhode Island and Connecticut grant the request now made for laws that will permit some better plan for ob- taining new capital from the investing public, the requirements of those states will be compiled with strictly in Nthe issue of such securities so that there may be no doubt about the le7 gality of such new issues.'
 The money so obtained will be used. it is said:
 gro satisfy the floating debt of the company, to make needed physical Improvements, and to advance sums needed for the conduct of the sub sidiary companies to be so1d.''
 Other promises are as follows:
 t"To advance the minimum amount necessary to companies in which il now has an interest, but which il hopes to sell at some future time l And it will be the policy of the com pany to
 L ties, securities and real estate not es l sentiaI to the property, and to ust the proceeds in reducing the Habili l ties of the company or in. makint needed improvements to it's physica l property, thus reducing the necessit, | for new capital.
 Mot to acquire any interest il Eproperties and business other thai
 those which are directly and clearl, 1 necessary to the transportation com | panies, which under the laws of tn l United States. Massachusetts, Con l necticut and Rhode Island, it is al
 lowed to hold and operate.
 gro attend closely to the bushes I of transportation. and to conduct so as to keep capital requirement. T to a minimum and to prom ote in ev
 cry reasonable way safety, efhcienc
 and economy, and to furnish goo
 service to the public
 The statement of policy says tha
 the New Haven company has assigne its holdings in the Boston Holdin .i Company, in subsidiaries of the Bos ton & Maine Railroad, and in tn J Rhode Is1an dand Connectcut sTroIle Il companies to federal trustees, unt
 the sale of the properties is accom- p1ished-
 The proceeds will be used for phy sical Improvements, or to reduce tn Edebt of the New Haven Company. The New England Navigation com : pany is no longer voting the shares { , the Eastern Steamship Company, an 2 that is in receivership, and the $2 1000 securities owned by the Ne 5 Haven are worth little or nothing. The New Haven will continue |
 hold and operate the Central Ne
 England Railroad Company. over tE Poughkeepse bridge, for the conven
 ence of western through traffic, an
 sWtl1 hold and operate the New Yorl
 Westchester & Boston Railway Con
 pany, for its value as an alternati1
 route into New York city. Real e, tate along the. right of way, whfc has a book value of $3,799,OOO wi
 be sold.
 The Housatonic Power Compar 2 will be sold, but certain rights in u water power of the Housatonfc Riv. z will be retained, to furnish power f. z the eIectrifieation of the railroa }. property.