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Show INEW HAVEN ROAD I WOULD ISSUE BONDS BOSTON, Sept. D. Declaring that the proposed ?G7,0U0.000 issue of debenture bonds Is the only feasible and practicable method for raising money necessary for meeting the floating indebtedness, purchasing pur-chasing equipment and effecting necessary neces-sary improvements ton tho New York, New I Taven fc Hartford railroad, two mil road presidents. Howard Elliott of the New Haven and Samuel Rea of the Pennsylvania, Penn-sylvania, addressed the Massachusetts public service commission today In support, sup-port, of the New Haven's petition for permission per-mission to issue tho bonds. President Elliott set forth the needs of the New Haven road, and said that while a greater sum of money must be raised in the near future, the proposed Issue is an emergency measure, and is for immediate needs. "I purpose," Bald he, "to spond $7,000,000 of this issue Immediately Im-mediately for tho safety of the traveling public. It will be spent for steel cars, changes in our signal system and other like purposes." President Rea of the Pennsylvania railroad, rail-road, appearing as a New Haven director, direc-tor, said that present monetary conditions made the proposed Issue necessary. |