New Britain herald., 1915-04-24
STOCKHOLDERS OF
NEW HAVEN ROAD
Vote to Reduce Capital Stock and
Accept Charter Amendments.


special meeting today by ballot. voted
1,076,12S for and none against TO re-
duce the capital stock OF the COM
pany from 1,S0O.17O shares 10 I.571,-
179 shares by retiring and cancellins
22S.991 shares now in the treasury.
and to accept amendments to the
company's charter, recently passed by
the general assemblies OF Connecticut
and Rhode Island
Some discussion took place follow
ing inquiries by stockholders as TO
whether the directors had under con-
sideration a plan for an issue OF pre-
ferred stock. Positive denial that
any such plan was before the direc-
tors was made by President Howard
Elliott in the course OF a short in
troductory a~lress in which he had
given an analysis OF the earnings OF
the road from the past few, weeks.
The inquiries arose from the fact
that when a resolution to accept the
charter amendment passed by the
Rhode Island assembly was read Il
was seen to contain reference 10 Pre-
ferred stock" Mr.. Elliott again as
sured the stockholders that no plan
for preferred stock had been given
consideration, adding that If, i'm the
future, legislation should be enacted
slNinG the company unquestioned right
10 ~ such stock IL would require
tWG-thirds vote OF the stockholders
TO t-thorize such an issue. He point
cd out that the financial problem Just
now was 10 meet maturing notes and
while that will be taken care OF the
fact remains that the company's A.
nances will have to he adjusted in
the near future. either through the
issue Of mortgage bonds. additional
stock, or some other means, but what
ever the directors decide upon Will
be submitted to the stockholders.
Oppose Preferred Stock.
A number OF stockholders voiced
their opposition 10 preferred stock,
saying that they would rather buy
long term bonds at a low rate OF in
terest, and all assured President Ell
lott that they were now and intend
ell to be loyal to the present manage
ment.
The meeting was SHINY attended.
Outside the door was a notice that
owing to the limited capacity OF the
hall only stockholders and proxy
holders would be admitted, but not
an eighth OF the seats were taken.
President Howard Elliott opened
the meeting at IL o'clock and A. T..
Clark, the secretary. read the call.
hich was issued April 3. President
Elliott said that proxies for 1.062,3
shares had been received by the man
aGement for use in the meeting, so
that two-thirds of the outstanding
stock was represented in addition 10
the shares held by those attending
Mr.. Elliott said he was glad to see
this cordial recognition of the efforts
of the management to serve the stock
holders. 1t was the largest number
of proxies ever sent to the manage
ment for a meeting.
Brief Analysis OF Finances
Mr.. Elliott gave a brief analysis
of the finances of the company, am
plifying the statement which had
been sent to the stockholders, and lie
was applauded when he said that the
system had a net profit balance for
March of $264,000 as compared with
$245,000 deficiency in March of last
year. For nine month the company
earned $S56.000 over interest and
fixed charges, as compared with a
shortage OF $4,000 for the same nine |
months last year. The Central New
England had s16s,000 profit balance
for nine months. as compared with
deficit of 1921, 900 for the same period |
OF last year.
The New England Navigation COM
pany had a shortage OF $4,000 for |
February as compared with a short |
age of 100000 in February of last |
year and this March has shown a |
further gain in earnings, although
not sufficient to meet tho fixed ex- |
penses and charges.
S50.OOO.OO0 Indebtedness.
Mr.. Elliott said that the directors |
were hopeful that business will con- |
tinue to improve. and the company |
will find its finances in better shape. |
Nevertheless the company has a large |
floating Indebtedness of about $50 |
000.0 which must be met.
At the suggestion of President Ell |
liott a resolution was accepted laying
on the table the proposition. stated in
the call. TO authorize "A bond issue
of tho company as successor to the
New York, Providence and Boston
railroad corporation and as successor
to the New Haven and NORTHAMPTON
company. Mr.. Elliott explained these
the object OF the three questions on
the BALLOT Resolutions to ratify these
question were offered by Harris Whit
temorc of Naugatuck. and Eli Whit
ney. of New Haven. both directors.
and A. Heaton Robertson. former
director
President Elliott stated that he
wished 1t TO he distinctly understood
that nothing was before the stock
holders which involved any plan OF
issue OF preferred stock. 1t might
he that future legislation might au-
thorize such issue but i'm that case
the directors will haveto determine a