New England

Gas, electric and telephone companies have for some time undertaken to market at least part of their obligations among their patrons, but the application of this practice to railway financing is novel. Recently, the New York, New Haven & Hartford Railroad, whose financial ups and downs have affected the greater part of New England, decided to try the expedient.

It needed $23,000,000 and it put the matter up to manufacturers, bankers, insurance men of the territory it served. They put their heads together and agreed that it was to their interest to help. So the railway offered $23,000,000 worth of 6% bonds at par for private subscription. Last week, it was announced that more than $21,000,000 of this amount had been subscribed and, at the rate subscriptions were arriving, the whole would soon be taken.

Banks and insurance companies each subscribed more than $9,000,000, other business men about $1,500,000. The railroad was able to save between $2,000,000 and $4,000,000 by this means of flotation, The arrangement was a success.