Litchfield enquirer., 1878-04-11

their report for that year. two full pages hay ing been devotedto the matter We therefore find that the charge that the commissioners have suppressed and conceal ed the facts" in regard to watered stock, is unsupported. ..e.- wATERED STOCK. Your committee find that the following named companies have issued so-called water ed capital stock, for which no equivalent was paid in money by the stockholders, to the fol- lowing amounts, to wit Danbury & Norwalk Company, 1S70 Paid in Capital, $338, Ar, Watered Capital, $261, 583 Total Capital Issued $60O,O00; Shore Line Railway Company, 1870, Paid in Capital $75O, 971 watered capital $259 029, total cap Company, 1868, paid iu capital, $1,227, ,375, watered capital, $591 525, total capital issued, $1, ,618, 900; New Haven & Northampton Co.,, 1874 paid in capital, $1, ,912, ,O0O, watered cap ital $548, 900, total capital issued, $ 46O, 900; New York < New Haven Co.,, 1870, paid in capital, $5, 047, 375 watered capital, $952. 625, total capital issued, $6,OOO, 600; Hartford & New Haven Co.,. paid in capital, 1870, $3,,, 482, 300, watered capital, 1,517, 100, total capital issued, $5,O6O, 900. Total, paid in capital sig. TAO 03S, watered capital, $4, 129,- 862s capital issued, $16, ,676, 900.
 The committee find that the issue of this wa tered capital stock was concealed and covered I'up by reporting it first as ''paid in," and af- terwards as actually paid in" and by re- valuation of the roads and other corporate property. The committee do not find any law express | ly authorizing arailroad company to issue cap- ital stock except for ''bO'eo fdeinvestment of actual value, but they are informed and find that the Danbury & Norwalk Railroad Compa- ny issued its Watered capital stock under that clause of it's charter which permitted it to ln- crease it's capital stock $1 200 900, ''the same l to be issued at such time and in such manner and form as the stockholders may di- l rect"
 1 That the Naugatuck Railroad Company is- sued it's $591 1895 of watered capital under that provision of its charter that gave to the di- rectors of the company 'full power to make 1 such rules and regulations as they shall deem needful and proper touching the disposition 1 and the management of the stock, property, estate, and effects of said company not con- trary to the laws of this State, or of the Unit l ed States"
 | That the New Haven < Northampton Con- pany issued its $549 900 of watered capital l stock under that clause of its amended charter 1 passed in 1872, which authorizes it to increase its capital stock $2 900, 900, to be ''issued in | such manner as the directors of the company shall determine"
 (See Private Laws of 1872, p. 23.)
 NEW YORK & NEW HAVEN RAILROAD COM 1 The original charter of this company passed in 1844, authorized a capital stock of $3, OOO,- 1 900, and gave the directors full power to make such ''by-laws, rules and regulations, touch | ing the disposition and management of the ful md | er"
 In 1855 an Act was passed authorizing the directors of the New York & New Haven 1 Railroad Company to settle and compromise | the claims growing out of controversies rela- | ting to the fraudulentissues of stock by Schuy- l Ter. By the terms of this law, the company | was fully authorized and empowered to issue $2, O0O, 900 of additional capital stock Gin | such way and manner and upon such terms and conditions as they may deem expedient, any law to the contrary notwithstanding. 1 In 1866 this company was authorized to in- crease it's capital stock to an additional amount l of $1 ,OOO, O0O for the purpose of paying oil 1 it's bonds to the same amount. | In 1868 the company was further authorized | to increase it's capital stock to an additional | amount of $3, O0O,OO0.
 THE HARTFORD & NEW HAVEN RAILROAD COM RAINY. | The original charter of this company fixed the limit of its capital at $1, ,000, 900, and con- ferred upon the directors ''full power to make such rules bylaws and regulations as they should deem needfnl and proper touching the disposition and management of the stock of the company"
 In 1889 this company was authorized to add $200, 900 to the amount of it's capital stock.
 In 1842 further increase of $500, 900 was
 authorized.
 In 1857 further increase of $650 900 was authorized, not to be sold at less than par. n1869 further increase of S3, 900, 900 of capital stock was authorized In 1845 the Branch Company" was char tered wthsn authorized capital stock of $1OO,- 900, for the purpose of constructing branch road from the main line of the Hartford & New Haven Railroad in the city of Hartford to the Connecticut River, with full power to make joint stock and consolidate with said Hartford &. New Haven Railroad This consolidation was effected by the ac- tion of both companies in 1850. In 1844 the "Middletown Railroad Compa n.y." was chartered with authority to con struct railroad from the city of Middletown to the main line of the Hartford & New Ha- ven Railroad, with full power to consolidate and make joint stock with the latter company. The amount of the capital stock was fixed in 1 
 1S49. by act of the Legislature, was increased to S25O, ,00O.
 The Middletown Railroad Company was consolidated with the Hartford & New Haven Railroad Company by the action of both com panies in 1850.
 In 1852 the New Britain & Middletown Rail- road Company was chartered with an author ized capital stock of $1OO, 900, which by act of the Legislature, passed in 1864, was increas- ed to $150,OOO.
 This company was consolidated with the Hartford & New Haven Railroad Company, under the provisions of it's charter and by the action of both companies in 1868.
 In 1868 the ''Windsor Locks & Sufield Railroad Company" was chartered with an authorized capital stock of $2OO, 900, with power and authority, under an amendment to make joint stocks with the Hartford & New | Haven Railroad Company. This consolida- | tion was effected by action of both companies | in 1871.
 In 1885 the Hartford tS Springfield Railroad Company" was chartered with an authorized capital stock of S1, ,OOO, 900, and under subse quent authority granted by the legislatures of the States of Massachusetts and Connecticut was authorized to consolidate and make joint stocks with the Hartford & New Haven Rail- road Company.
 This consolidation was effected by the ac- tion of both companies in 1847.
 The Hartford & New Haven Railroad Con- pany therefore, prior to it's consolidation with the New York X New Haven in 1872, was corporation made up from the following nam- ed corporations, which had from time to time been merged into and consolidated with it, viz:
 The Hartford S New Haven Railroad Con- pany.
 The Hartford < Springfield Railroad Com pany.
 The Branch Railroad Company, Hartford.
 The Middletown Railroad Company.
 The New Britain & Middletown Railroad Company.
 The Windsor Locks & Sufield Railroad Company.
 The amount of capital stock which the Hart ford & New Haven Railroad Company up to the time of it's consolidation with the New York & New Haven Railroad. Company was authorized to issue under it's charter and