The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1918-03-16

ANPbHSN A9SuS w 90 hPPAONCo OSNCl oil
Months Before the Federal Admins
istration of Railways Was Decided
Elliott Has Hope.
NEW YORK, March l6-With its !
issue of I5,000,00e-of which 80, 000,- |
GOO is still outstanding-of one-year )
per cent collateral trust notes becom
ing due and payable in Just one month,
the New York, New Haven 4 Hart
ford Railroad company has IS yet re-
ccived no definite assurance that the
United States railway administration
will assume the responsibility of help
| ing il ont Of its financial difficulties.
| The New Haven management is pre-
pairing and may soon send out to its
\ stockholders On offer of new preferred
stock, which was approved some montAs
| before government administration OF
railway affairs was decided upon, to
/ give them an opportunity to protect
I thcir own interests.
/ Howard Elliott, former chairman Of
the New Haven and u member OF the
board has made several trips to Wash
ingtou 10 consult with Secretary Nc
Adco and john SHELTON Williams on the
company - need for assistance If il IS
to avoid y suit to foreclose on the col
iatcral lodged under the ; per cent
notes, but up - Yesterday he had not
received more than vague assurances
f.f Il =.
Grafton, or SO il j. understood in quar-
terS tircctl concerned in New Haven
matters
iIe has not, it i understood, lost hope
that the director general will either
,rNtead direct aid from government
funds. or in some other way cooperate
with the New Haven TO the end that
the April financing crisis may be met
but in the meantime the offer 10 share
holders iu accordance with the Vote
passed az tnc last annual meeting i.
being mad" through letter soon to q
ont. 50 far as can bc learned, howcy fr
the offer has not been underwritteu
md 20 succeed il will have to recciv,
tine support OF substantially all Of tht
stockholders.
VI Elliott himself refused to discus
he matter, OIL the ground that in thu
absence Of any announcement from
Washington il would not be proper 10
hjm To- reveal the status Of the negotia
,ioEs The only statement obtaiuahl
from the New Haven management rel
atiye 20 IN" pending offer to the stock
holders, was. THE directors are Try
ing in ever. possible way to raise tn
money needed 10 meet the note issue.
r Tho company has outstanding Slj1,
I li1.g0u OF stock, and S39029000 OF
q per cent dcbcutures which arc cor. -r'
q lille into stock after January, 1872,
Ina anticipation Of the problem of NEE
e INC the one. year notes when thcy BIZ
IS come due the management obtained PEI
. mission from the legislatures Of Massa
&c chusctts and Connecticut last year t
create q uev issue of : per cent cunt
!, iatiyc stock and this issue was az
= proved by the shareholders after spirit
: cd opposition mt the meeting hold
; New Haven on Oct. -. 1917.
- The eompanv's offer OF this new pr,
g fcrred stock for subscription az par
. ON the basis of one share FOR over
& -four and ouc-half shares OF common,
n for each 800 par value Of the col
y vc"tihla debenturcS. The new stoc
ia to bo made calahle at 10 on al
dividend da.c after 80 days motto
1t is also provided that at least - p
cent Of the proceeds which may bc I
allied from the sale Of the COMPANY
property secured under the notes mu
l,e auuljcd to the retirement of the pr
- fcrrcd stocks III blocks of not less N;
100000 shares at time.
The books ,tosc on the subscripti,
Office on March ~, with payment To-
made ou April :. Arrangements IN:
be made for payment in four insta
meuts of So each, due April ), .lu
J.. Ort. l. and Jan. ., 1919. The of
is signed 10y A. :. May, treasurer. T
Pennsylvania, as the largest sing
OWNER Of New Haven stock, vi
s5&i2.5oo par value, win be called
20 take il,soJ shares OF the PREFER
If the sale become effective