New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-17


tics Of tho New Haven company, con
NidCrcd as whole.
1T will he necessary. however. from
time 10 time for the New Haven com
pany 20 protect its investment IN some
Of the subordinate companies by MAX
ing advances for payment Of interest
and for additions. Improvements and
bettcrmcnts pending the sale Of the
properties.
Millions Will Re Needed.
On a road as large as the New
Haven, and occupying so populous a
territory, the demand for new capital
for additions and improvements on
the existing property is very great
and in the next ten years great many
millions Of dollars should he spent in
putting the property in a position 10
do its work with tho greatest safety.
efficiency and economy.
SHOULD the States OF Mas sachusCttS
Rhode Island and Connecticut grant
tho request now made for laws that
will permit some better plan for oh
tanning new capital from tho investing
public. the requirements Of the laws
az those states vii be complied with
strictly ina the issue Of any sccuritics
50 that there may be no doubt about
the legality and validity OF such new
issues.
"All now securities will be issued
in accordance with the laws now in OK
iStcncc. as amended by those now pro
posed, and the policy Of the company
viii be TO use the money so obtained
by the sale Of such securities to:
satisfy its floating debt; make
needed physical improvements on the
Now Haven road; advance the mini
mum amount necessary 10 companies
in which it now has an interest, but
which II hopes TO sell At some future
time; sell its so-called outside prop
critics. securities and real estate not
essential TO the property. and TO use
the proceeds in reducing the liabilities
Of the company or in making needed
improvements TO its physical property,
thus reducing the necessity Tor new
capital"
Certain Stocks Held.
SO far there have been assigned and
transferred all Of the shares of pre-
fcrred aud common stock of the Boston
Railroad Holding Company. all OF the
shares Of the subsidiary and leased
lines of the Boston & Maine Railroad
owned or held by the New York. New
Haven & Hartford. the entire capital
stock Of the Rhode Island Company,
the Providence & Danielson Railway
Company and the Sea View Railroad
Company.
when the affairs Of tho Eastern
Steamship Company reach promising
stage the stock will be sold, so that
too much money will not be lost on The
investment. Other stock ordered sold
will be released as soon as market con-
ditions warrant.
"The stock control of the New York.
Ontario & Western Railroad" il is an
nounced. will be retained unless en-
opportunity can be found TO dispose Of
the same to the advantage, Of the New
Haven company. This route gives New
England direct connection with the
anthracite coal fields
Boston. Feb. &c. Legislation to vail
date the stock of the New York, New
Haven & Hartford Railroad Company
outstanding on June so, 1914, including
a portion declared 10 have been issued
without authority OF Massachusetts law
since 1910. is recommended by the Pub
lie Service Conn ission in report filed
to-day. 1t is further recommended
that the funding Of all the floating
debt outstanding be authorized.
Referring TO the directors statement
Of their future policy, the commission
says:
'The policy is. on the whole, com
mendable. and should lead If 1t is fol-
lowed out, to a simplifcation of the
affairs Of the company. 70 cencentra-
ton of attention upon its proper trans
portation business and to other needed
reforms Of past practices"
The commission adds that while IT
believes the present management sin
cere, the state cannot safely guide its
action By a mere voluntary statement
which has no binding force when man
acements continually change.
"The New Haven" concludes the re-
mort. latter fouting Massachusetts law
for wears, now shows signs OF peni-
tence and expresses a desire to abide
l.. our laws -