The Bridgeport evening farmer., 1915-04-24
CAPITAL STOCK OF NEW HAVEN"
 ROAD LOWERED
(Continuad fron Page D

ah eighth of the seats were taken President Howard Elliott opened the meeting at 12 o'clock and A. B. Clark the secretary, read the call. which was issued April 8. President Elliott said that proxies for 1,062,- 322 shares had been received by the Kaanagement for use in the meeting It was the largest number of proxies ever sent to the management for a meeting.
 MT. EllIott gave a brief analysis of the finances of the company, ampli- lying the statement which had been sent to the stockholders, and he was applauded when he said that the sys-- tenn had a net profit balance for March of $264,00o as compared with $245,00 deficiency in March of last year For nine months the company earned $S5 1000 over interest and fix 1 ed charges as compared with g. short age of $87O. 900 for the same nine England had $16S, ,o00 profit balance for nine months as compared with a. deficit of S291, ,oo0 for the same per iod of last year.
 The New England Navigation com pany had a shortage of SPA. 900 for February as compared with a short I age of $100, 900 in February of last lyear, and this March has shown a l further gain in earnings. although not sufficient to meet the fixed expenses and charges
 I MT Elliott said that the directors l were hopeful that business will con- l tfnue to improve and the company I will find it's finances in better shape 1 Nevertheless the company has large 1 floating Indebtedness of about $5O,- lOo0, 900 which must be met l At the suggestion of President EH- liott, a resolution was accepted laying I on the table the proposition stated in } lthe call, to authorize bond issue of
 the company as successor to the New York, Providence & Boston Railroad q ICorporation and as successor to the
 New Haven & Northampton Company, 2 dissolution to ratify these questions II were offered by Harris Whitemore o1 Naugatuck and Eli Whitney of New Haven. both directors. a4ad A. Heaton 1 Robertson, a former director. Il President Elliott stated that he , wished it to be distinctly understood Ethat nothing was before the stockhold- 2 CTS which involved any plan of issue oa ;, preferred stock. It might be that fu- ture legislation might authorize suct : issue but in that case the directors l will have to determine plan and thai 2 plan must be submitted to the stock. . holders. To adopt such a, plan a two thirds vote of stockholders will be nee,
 essary.
 9 tions being adopted. referring to thu a preferred stock. He said the resolu
 Gions were lawyers weapons, He Was : not lawyer and did not get his livina 8 off the misfortunes of others. : MT. Buckland tried to explain tha
 the resolution was only a means t, 8 bring about a vote.
 MT. Bogigtan said:
 ''Mr BuckIand. you are a. vice Epresident of the company and a law
 yer, and have no faith in you.
 am a farmer; raise melons and DO a fa4oerz in (<aIifnrrie. am not a law ] ayer.''
 President EInett remarked that h. Of also was a farmer; he raised apples F The Hillhouse resolution was adoptes c and w. B. Stone. of Springfield t Spoke briefly, saying that he beIievei e lithat acceptance of the Rhode Islan, q Fcharter amendment would give tn h Fright to issue preferred stock but tn !. directors, in view of the situation l a 1.-the past over the status of the vari [ lfous stock issues in light of conflict q ping stock laws should exercise grea n care before recommending any ne7 = forms of security issues.
 D. A. Blakeslee, of New Haven, pro . tested against an inference that h
 said had been made as to the honest Of a New Haven man connected wit the company. MT. Bogigian rose t
 say that he thought the criticism wa
 directed to him as he had said he di
 not have faith in some of the direc
 tors. He said he did not refer to an F New Haven man. He had in mind l ing a little time to arbitrate diffei
 ences between notorrnen and condut :. tors of another company. .s A motion to proceed to ballot stoppe . the discussion.
 The Danish Parliament adopted u = new Danish constitution which giv'