Report of investigation of the financial transactions of the New York, New Haven & Hartford Railroad Company

 
9781130552171: Report of investigation of the financial transactions of the New York, New Haven & Hartford Railroad Company

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ... franchises to the Union Trust Company of Providence to secure its bonds to the amount of 15,000,000, a part of which is reserved for the refunding of the outstanding bonds of the Pawtuxet Valley Electric Street Railway Company $247,200 and of the Cumberland Street Railway Company $69,000. In June 30, 1902, according to returns filed with the Railroad Commission of Rhode Island the condition of the following-named companies was: The United Traction & Electric Company, at about this time (say previous to May, 1902) became doubtful of its ability to finance the growing capital needs of the above properties, and, as may be inferred from the following letter, sought the aid of the United Gas Improvement Company of Philadelphia, Pa.: Mat 9,1902. Hon. Royal C. Taft, Providence, R. I. My Dear Sir: I regret very much that I did not have the pleasure of meeting you on Wednesday, when we verbally presented to the committee of shareholders of the United Traction & Electric Company, at their meeting held in New York, a plan or proposition for a lease of the properties controlled by the United Traction & Electric Company to the Rhode Island Company. After a very full discussion of the subject, it was suggested that I present to you, as chairman of the committee, in writing, the proposition then outlined, which I beg to do herewith, with the explanation that the United Gas Improvement Company proposes to subscribe to and pay up in cash the at present authorized $2,000,000 at par of capital stock of the Rhode Island Company. The proposition of the United Gas Improvement Company is: That leases for 999 years shall be made to the Rhode Island Company by the Union Railroad Company, the Pawtucket Street Railway Company, and the Rhode Island Suburban Railway Compan...

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