The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-02
NEW HAVEN TO CUT
STOCK $22,SS9,1OO
Part Of Big Financing Plan--
Stockholders Called to
Act in April.
EARNINGS SHOW GAINS

The New Haven rallrond. preparing
/ Tor the big financing plan which, IL Is
| expected will do much to tighten some
/ OF Its financial burdens within a short
| time. issued a call yesterday for a spc-
/ cia' meeting OF stockholders on April
~ AZ New Haven. One of tho propose II
the stock holders will he asked to au-
| tnorlze Is directly connected with the
| financing plan. II is for the reduction
or the capital stock from slSO,O11 900
10 Sl5I.1l1.s00. The s22.SS9.t0O stock
! that would hc cancelled IL now held in
the companNs treasury.
| The object of this Cauc,llation is to
strengthen the credit of the company
| and Increase the security back of the
general mortgage plan of financing,
| which ~ being worked out. 10y removing
| the potential liability Of the company
contained in this stock obligation.
An. encouraging fact Ia connection
with the proposed new financing Is that
! the latest New Haven report shows a
credit of sj?l.Sss instead uf a deficit of
s625.2l9 In the net corporate income Il
| The company for the eight months end
| Ing with February, 1915. and a reduc-
| ton of deficit In the month Of February
! to S5G.l2l as compared with deficit
of s777.i36 IN February. 1914.
supporters of the new plan for the
(
| forts now being made hy the manage
ment In cooperation with the Lersla-
/ lures uf Massachusetts, Connecticut and
I Rhode Island to s.cur" the enabling leg
! islation. needed for the permanent
! financing, will he successful IN time 20
| permit tn. company to meet the inhtur-
! ity Of the s3C.Ouo 900 = pcr cent notes,
/ due on May l. Replacement Of notes
I costing the road more than per CEN.
! u ~ AT
/ save the road several hundred Thousand
/ dollars "A year and would strengthen tn
property materially. II Is understood
! that ;he interest OH the mortgage bonds
will Ice 1 or ~ per cent
! Stockholders of the New Maven AT the
/ special meeting I'm April viii also Il.
asked to approve amendments To the
/ charter Of the company In line with re-
cent Rhode Island and Connecticut leg-
! islatiun and to authorize the issue Of
bonds by the New Haven As the sue
! cessor Of the New York. Providence and
/ Boston and the New Haven and North
4 ampton company.
| The report OF the New Haven and its
subs.diarcs for tho month nf February
and for the eight months ended Fchru-
! AIRY -. 1915, j. an especially gratifying
/ one when compared with that Of the
same periods IN 1914 For IN. month
Of February a big reduction i shown In
! the size OF the New Haven lines sefcit
I for that month IN l"li. while for the
! eight months ended February, l?l'. the
net corporate income of the company
shows a cred, instead of - deficit
: The New Haven lines operating rev
! anueS FOR tn" mouth OF February, 1871 >,
were si5gu. ?6f rs compared with
| $i.5G-.77o fnr F,bruarN 1919. with "a
| railway operating iucome ~ si.o>9.6>2,
| AGAINST sJUl.U?3. The gross Income WIS
FL iN3.3gS ~ compared with >>lI,""I.
! For IA. eight months ended Fchrua',
-. 1918. the railway operating revenues
, were So. i">, u6l, a. compared W'th fid.-
OSi.1i> for the sam. per" d In lH'i.
With railway operating ''ro'uc ~ sll-
oS3.936, a. compared with S".>Hl .3Js.
IT,. gross income of IT," property FOR the
period was sl2.,lI,i2n. against Sill
1850
In the cts" OF the New York. ontario
and Western Railwa, company fh"
deficit for the month of February, l'l'.
- reduced as compared with tntt Of
February. l9li. white the net corporate
income fpI tn. eight months period
ended February 2N. 1913, shoWt "a gain.
IT." railway operating revenues OF tbs
property for the TDu'N ~ February.
1915 We're Si4i.>ii, - compared with
sii1,1lu fpr ~" sam" month .u l"ll.
with 4 RAILWAY operating tucum. % So
49,. against S25.3aI Tn" gross income
was sN5.7"2, As compared with S"3,Sb",
Wlilc she ne corporate iu'om" Tor the
month showed = deficit az >"I35l ~
compared with = deficit "f ;>2.5i2 for
the same month M '"li
The New England S'eiu>H mp Company
has also decreased it, deficit for the
month OF February Is compared with
IN. previous February AID for tho eight
months period shows a credit net cor
poratr inCnm" rs c"mpered with de
nett For tho month o' February the
operating revenues of the company were
S9Is.sl3. a. compared with 1851 1876,
while the net corpora " lnCom" shows &
deficit of but fGl, O3n, as compared Will
ono Of >l-i."?: for N" February Of
1914