New-York tribune., 1869-03-18

A0g / iesa Amount issued 10 conversion OF convertible
bonds issued resolution Of Direct.
on Ta,sel Peh 70. ais, aud under statuts Of the
State Of NeSl JoOO@O
Toa.......................... s3I76s1O
boats gsL resolution of Beard Of Director p..s.d
fS ~ s '.oo '' a' " 100000
bond. % per resolution ofte fDreeto passed
100000
bonds per resolution Of The Board Of directors passed
100000
s57Ts3Oo
From the testimony of Mr.. Clark it is learned that
the present amount of preferred stock is Ss5369lO
and the amount of capital stock excluding preferred
stock is $57,77G.3OO.
Horace +. Clark. lawyer OF New-York testified that
he WAS a member OF the Executive Committee OF the
Board uf Directors Of the Harlem Railroad Company. and
that the Company had made several Increases OF capital
stock since It's organization the original capital as liked
hy the charter, 100000 it was increased by egs
latyc act 10 100000 tie capital stock Is now Sl6,02
80 3 the excess above Tour millions was created either
by the Of bonds issued for moneys borrowed
by an incrcase OF the stock by vote OF the stock
holders the two last Increases were by vote OF the
stockholders FOR specific purposes.
uarb a. is,7 70 S@prmRcr 80 iss7 We're So 6S 800 nv
authority ~ act Of the Legislature early $780,
the Company were authorized TO issue interest scrip
that H. To pay interest upon the payments made upon
stock subscriptions during the work of construction and
interest shares were consolidated from scrip Issued in
pursuance Of that law the OF soc Then In
April, 1893, there was subscription for 22Is shares,
charter which brought the stock to 0O0OO the amount
lin To- ise3 the stock had been think below par and
the road had gone through that struggle which almost all
roads have TO go through 70 get ino complete condi.
In IsC7 converted into stock 10 the amount or
s22o.oo From May l. lse9, TO May ?: is6i there were
making total amount OF capital stock the 30th OF
September 1864; OF S62lsON 81 The power OF issuing
~ such bonds expressly authorized by the amend
mens Of the charter OF the Hudson River Railroad om
Tie Laws of 1880 chapter section have the follow
e The amonnt which may be borrowed under tho elev
enth section Of the act passed Feb TO- Sis, entitled An
act further 10 amend an act 10 authorize the construction
Of railroad from New.York TO Albany, passed May H.
IsiG is hereby extended 10 tGOOO0OO which section shall
nave the like effect as II such sum had been originally
con aimed therein IN lieu OF the S3OOoOOO therein men
toned, provided that any security given under this act
small not affect any security already gwen"
From Nov. /. 1884 Nov. l. 1866. there a further
conversion into stock OF tho bonds Of 1875 Between
Nov l. 1906 aud April !, 1907 scrip issued In pursu
ance OF the acts 20 which have called your attention
hat H. scrip issued upon which interest was authorized
To be paid during the work OF constructionl, to the
amount Of $500 and the total amount OF capital stock on
tie lot Of April. 1867, was $6,0G)9J] 10.
convertible bonds and the subsequent increases Of stock
made by votes Of the sockhodGrs The first issue
that time the Company purchased Hudsonsquare I'm tile
CITY Of NewYorE' & for which they paid m sSo0Sco
in the erection OF freight depot on IT,
March s. 1867 the stockholders OF the Company
"Dcrease OF the capital stock OF the
ctasln ts depot accommodations for freight and pas
sengers and me 9n5ire & rSdG m R
rolling stock shall he required tho additonai eaptal
The gnarI of may time time determine"
The cKhOlders subsequently voted increase the
stock that amount and In that way tho Gapa STOCK
was Increased TO S3,933 2i9 IS, made up follows:
Full shares torigiullJ snb'crbed) )..... sb569 100 90
Interest shares s9 90 So
Stock OF "'''O
Tool full .sI39n7ooOo
From Interest enp''''''''''''''''''''''''''''''
Total capital stock.
There been since 1867 issue OF convertible bonds
hut there has been OF stock. There wasa
portion OF bonded cebt OF the company amounting TO
about l00o0o maturing IN 1862 ana on Tue Jgn OF NO
called. and the recommendation was made to them 70
sane9n an increase SEQ OF nGsd soSS deb The SocEhors
nnanlm6usly Voted. at meeting at which more than
The nroposcd Increase Tha has been issued and
il was issued TO the stockholders at par, pro rata
The at the meeting that the new
Issued for the purpose OF the retirement Of the debt
should distributed among tho pro rat,
at par that tho offer OF should irSt De made 10 tns
stockholders before other disposition Ihey accepted
the offer, and the whole stock was TAKEN 6y ,e m G 9e
That embraces the Original st3oR anu an suse
qent increases whether Dy coFo'siono Vi JULIUS vi W
The only issue OF convertible bonds since became
Board was sold thihk' at lO0' OF aoo'o
Mr. CIark' continued: Am not aware that the bonds
bonds were seven per cent think that tho conversion
OF bonds Of the Hudson Railroad CGmpay was made
a better Income upon their Investment than II they
contInd ~ Keen possession OF them. The bonds were
moi converted however until after the prosperity OF the
road mad been established; THINK that the issue OF con-
verhIs hands was under SG.Oo0OOO, and that IL WAS
never i'm ycess OF amount authorized by the amend
mentr Of the charter OF the Company NJ any time twas
deemed the fair mode II we were abous 10 increase the
value OF stock do IL by vote OF the stockholders Inc
bonds were converted considerable tlnle after
trv were issued and conversions allowed after
the expiration OF tho hVe years Ihere are conneLG
ibe bonds now OF the Central Road which remain
10 the amount OF si9500O No very large
amomnt of bonds been converted any short space
M tn the have generally been made from
time 10 time the stockholders IT. There never
ba hon auy doubt but what the received from
the sale OF these bonds appropriated for tho finishing
and operatug of the road .-,
NJ mark said that he considered the power 10 issue
convertible bonds very dangerous power, was also
hnnd