The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-17
NEW HAVEN MAPS
ITS PURIFIED POLICY
Promises TO Dispose Of All
Holdings Not Essential TO
Main Line.
ASKS NECESSARY LAWS

The directors OF the New Haven rail-
road In a statement OF its policy made
TO the Public Utilities Commissions OF
Massachusetts. Rhode Island and Con
nccticut, from which States the railroad
is seeking legislation to permit q gen
eral scheme of permanent financing.
make the following summary OF plans !:
That the company will sell its
outside properties, securities and
real estate NOT essential to the main
property as cor as reasonable
prices can be obtained, using pro-
ceeds to reduce liabilities or mako
improvements.
That II will o acquire any ad-
ditional Interest In outside proper
ties.
That 4. will attend closely TO the
business of transportation. keeping
capital requirements to a minimum.
That II will use money raised
from sales OF new securities to sat
isfy floating debt. make needed
physical improvements and advance
the minimum amount necessary 10
companies In which Il now has an
interest.
should the States OF Massachusetts.
Rhode Island n Connecticut" the
statement continues. grant the request
now made for avs that will permit
some better plan for obtaining new oap-
itai from the investing public. tho re-
q~uirements OF the laws of those States
will be complied with strictly In the
issue OF any securities"
The directors go OH recon- as desiring
to wind up az soon as possible the New
England Navigation Company. h con
spicuous medium OF the Mellen regime
for much of the intricate ,ntcrnnancing
that bewildered the public.
Tho MillorOok Company, another
parasits Of financA - to be dissolved
as soon a. It's S3.7ss.000 book value OF
improved and unimproved rea estate
along the line ~ the New York. West
chester and Boston a Be sold al proper
prices.
An intimation is made that the New
York. Ontario and Western stock control
will be sold II II can be disposed OF TO
advantage.
The big properties to be retained
are the Sound Steamship Line. II the
Interstate Commerce Commission per-
mits the Central New England Rail
way Company. TO give the Poughkoepsle
Bridge alternative route for through
traffic. which IL essential during con
gestlon on the main New Haven line.
and the New York, Westchester and
Boston Railway. for an alternative
route into New York city This lat
ter company is 10 be consolidate with
the Westminster Northern Company.
The properties to be sold as soon
as reasonable prices can no got arc:
The Berkshire Street Railway Com
pany ard the Vermont Company. pro-
vided Massachusetts authorizes or the
court directs such sale.
The Eastern Steamship Company,
which is now in recelvership.
Thu New York and Stamford Rail
way. the Westchester Street Railroad,
the Shore Line Railroad, which are 70
be merged.
The sl3.7os.0oo par value Of the
notes OF the New England Investment
and Security Company.
The statement; shows that in accord
ancc with the court decree Of dissolu-
ton there have been transferred to
the proper trustees the following
Control OF the Boston and Maine.
through the stock OF the Boston Rail
way Holding Company.
Control OF the Connecticut Company,
to which II is the intention 10 turn
over the Connecticut Railway and
Lighting Company and TO le4so IN.
Bulls Bridge hydroelectric development
near New Milford.
Control OF the Rhode Island Com
pany. and securities owned In the
Providence and Danielson Railway
Company and the Sesview Railroad.
The water power rights OF the Housa-
tonic Power Company. are 10 he re-
tanned as a means os providing power
for the main New Haven line,