Show ATACK NEW NE HAVENS HAVEN'S UNDERWRITING PLAN Objectors Contend New Bonds V l Could Be Sold Direct to Stockholders r Boston Sept Sept IS The The case for Cor tho I Ness Ness' ow York New Haven Ha Hartford railroad which I Is seeking ln the authorization author author- author I of the lie Massachusetts public serIce service ser ser- vice Ice commission for tor a Issue i or of or convertible debenture bonds was con closed today Former Governor Morgan or an G. G of oC C Connecticut and his counsel James F F. Jacl Jackson son former forer chairman of ot the tile Massachusetts railroad commission d in objection to the proposed Issue The features of the bond Issue are arc condemned b by the objectors namely the e I proposition anu me tao tie con con- convertibility of th tho bonds Mr r. r Bulkeley contended that lint the tue issue could be le sol sold direct Irel t to the holders of or New Haven stocks s toch and bonds without t underwriting f ing To support this Mils contention he sal said that the ri rights on the proposed issue were selling Belling In the thc market at a premium and he lie believed ed bel that yen oven though the issue should be he offered on a n aI I f. f pe per cent instead of a C G per cent basis basis ba ba- ba- ba sis it could be bp sold Just as readily I am em not frightened h by tho the suggestion suggestion ug esti es- es ti tion n of or a n receivership a hip hip-a a suggestion which has conic conc principally from front Now New cw JIa haven 1 directors he lie said The Tho financial finan cia cial of th thi road have b been en rotten rotten rotten rot rot- ten for ten years Th Tho road has been Interests which controlled b by the tho large have Hie alna always outvoted th the minority stockholders when the latter later disapproved disapproved proved fro El buying trolley and steamship I 1 lines hues I es He lie a added lle that his experience at stockholders stockholders' was wa that the email amali Imul stockholders had liati been given I en Email mal consideration r. r e gr 1 Bulkeley and Jackson Jackon stated I emphatically that they did not cen deny that the company compan needed money monc but the they thought that the proposed bond Issue was not nol the best wa way vay In which 4 to raise it Before the New cW Ia Haven cn com company pan i clo fl the presentation of Its side E. E D. D general counsel o of tho the road under questioning that the ach trolley holdings which the supreme court cour of ot Massachusetts sold were vOre owned by br tho the Billard company a New Haven subsidiary took Stock Holk Drops Drop Drop to It Ion Losi Now New fW York Sept 18 A A break of ot 2 points In tho ho stock of the New ew York New cw Haven Hartford railroad on the I stock lock exchange toda today carried the thc price I down to a new low y record At t S the stock showed a loss of or G Ii points I b since the time close 0 of last laRt week It I was points under the time high price o of th the year reached on January 10 HI The flue deI depreciation de de- de- de I in market value represented ted by this decline is nearly Meetings of the New Ney ew York New HaYen Haven Ha Ha- Yen cit Hartford railroad ad directors and those of or subsidIary lines were held t day at which the reorganization caused b by time recent lt r resignation l of ot President C. C K S. and the election of Howard Ill tott Ilot resulted in iii further changes Arthur T T. 1 Hartley president of or Yalo university lr and James Janics H. H I. I 1 re recently ic- ic Ie- Ie c mt elected a vice pl president of or the tho New cw lEaven Haven were cl elected directors It Itis Itis I is if understood that Mr 11 Hadler's name was advanced d b by tho the New ew Ravens Havens Ia cn's New Nc cw England protective committee Mr tr Ir will wi become president oCh of oC th h Nc Now Haven Ha In n nar ar future r h len n 11 Mr Elliott will wil I he be Q elevated elc to the chairmanship of that system stem an and all aJ Its Is subsidiaries laries The New Xe Havens Haven's Directors accepted tort tort-jy the withdrawal of or J. J P. P Morgan Co as th the roads road's fiscal n agents PresIdEnt President Pres Pros ident IdEnt Elliott declined to discuss the New ct I Havens Haven's len future financial policy |