Litchfield enquirer., 1878-04-11

for undivided earnings" reported '.none" to the Railroad Commiss ners, and that in an- swer to question 5 't ,pital stock upon which l no payment had been made either in cash. or it's equivalent 2" also answered ''none ." whereas it should have reported in answer to one or both or said questions at least S3, 700,- 000 in round numbers. ] 3. That from 1872 to 1877 inclusive, said company has overstated the cost of its road and equipment not less than $1, 772, ,S68. and probably overstated it nearly B, O00 GOO. 4. That from 1879 to 1877 inclusive, said company has over stated it's surplus annually some $1, 772, ,868. .,.
 ALLEGATION AGAINST THE DANBuRY AND NOR | WALK RAILROAD COMPANY. l. That said company from 1871 to the present time has over stated the cost of it's road.
 ?. That acting under instructions from the Railroad Commissioners said company i'll 1876 and 1877 reported it's total capital of S6OO, 900 as all actually paid in; whereas, only $332, 100 had been paid in.
 ALLEGATION AGAINST THE SHORE LINE RAIL- ROAD COMPANY. l. That in 1871 and 1872 said Shore Line Company reported it's total capital of one mil lien dollars was paid in, and that from 1872 to 1877 inclusive it reported it's total capital as actually paid in ;" whereas, only $74O, 971 had been paid in.
 3. That said Shore Line Railroad has un- | truthfully reported the cost of it's road. over l stating it's cost some $260, 900. | ALLEGATION AGAINST THE NAUaATucK RAIL 1 ROAD COMPANY. 1 That said Naugatuck Company from 1 1865 to 1872 reported it's paid-in capital stock i some six hundred thousand dollars above the amount paid in.
 3. 7. That from 1873 to 1877 said company Overstated the amount of it's capital stock act 1 9ally paid in, . by some six hundred thousand dollars.
 5. That said company has from 1865 to 1877 overstated the cost of its road, and that it | is now overstated some four hundred and fifty thousand dollars.
 A. That said company in 1972to 1875 re- ported its watered capital at only one hundred and forty 1.-two thousand, seven hundred dol lars; whereas, it was over six hundred thou sand dollars
 l ALLEGATION AGAINST THE NEW HAVEN & NOR TAXATION COMPANY. l. That in 1872 to 1877 said company over-stated the amount of it's capital stock act ually paid in, some five hundred and seventy thousand dollars.
 2. That said company reportedits water ed capital in 1872 to 1874 as ''none," whereas it had issued watered capital amountingin 1874 or 1875 to five hundred and seventy thousand dollars
 3, That said company in 1873 untruth- fully reported it's surplus last year (Sept. 30, 1872) at $71 ,526, whereas it was $197, ,263 discrepancy of $115, 736.
 ALLEGATION AGAINST THE RAILROAD CoMMIs-
 That from 1867 to 1872 inclusive, they per mitted the railroad companies to make incom- plete returns emitting in several instances an- swers to forty or fifty questions.
 ?. That in 1874 they untruthfully inform ed the General Assembly that mo charges of incomplete or inaccurate returns had been made to them"
 8. That in 1875 they neglected and refus- ed to comply with the law (Sec, 95, page 339, General Statutes), although requested soto do, by having the Naugatuck, the New Haven & Northampton Company, and the New York, New Haven < Hartford Company correct their returns. -sH ~------
 4. That in 1876 they issued such instruc- tions to the railroad companies as made it in-
 
 in," capital stock which was not actually paid in.
 3. That in the text of their report to the General Assembly in 1885, they said that the paid-in capital of the companies of the State amount to thirty y-six million, seven hundred and thirty three thousand, two hundred and forty -four, and suppressed and concealed the fact that some four tofive million dollars of this stock had not been paid in but was watered capital.
 5. That during the same year (and in the same report) they compiled table of pad-in capital which included this five million dollars of watered capital, and omitted to compile any table of watered capital.
 In accordance with the authority conferred by the before mentioned resolution, and with the aforesaid charges and specifications before them, your committee entered upon such in- vestigation as their exceedingly limited time permitted them to make
 In consequence of admissions made by the Railroad Commissioners and by Mir. Wm. D. Bishop, president of the New York, New Ha- ven & Hartford Railroad Company, and one of the directors of the Naugatuck Railroad Company, and in consequence, also, of the evidence afforded by an examination and con- parison of the annual returns made by the Rail- road companies, to the railroad Con- mlssioners, your committee did not deem it advisable to occupy the limited tune which it had (and which was sohO1ly i5as4 ficieut for the perJect accomplishment of the objects for which your committee was appointed) in taking the testimony of witnesses or in exami- hing the books of the several railroad compa- nies complained of
 Upon as full investigation of the subject re- ferred to them, as it was possible to make un- der the circumstances above stated, your com mittee find the following facts, namely; HARTFORD & NEW HAVEN RAILROAD COMPANY
 In regard to the 5th and 9th allegations against the Hartford &.New Haven Railroad Company, the committee finds them to be true.
 In regard to the 1st, 2d, 3d, 4th, and Eth al- legations against said company, your commit tee find them supported by the reports referred to- ill the said allegations, and by the state- ment made and submitted to your committee, by Mir. Wm. D. Bishop, president of the com pany into which the said Hartford 6 New Ha- ven Railroad Company was merged and con- solidated.
 From Mr. Bishops statement it appears, that at the time of the consolidation of the Hartford & New Haven Railroad Company with the New York 6 New Haven Railroad Company, the amount of the capital stock of the Hartford & New Haven Railroad Compa- ny actually issued was s6, 800, 900, of which amount $4, 982 900, was for capital ''actually paid in," the remaining $1, 517, 100 being Iva tered capital, issued as dividends to it's stock holders as follows, to wit In 1864 a stock dividecd was made to the stockholders amount ing to 4,671 shares. In 1868, further stock dividend was made amounting to 5000 shares. In 1870 or Fl, the stockholders were allowed to subscribe, pro rata, to $3,O00.000 of capi- tai stock, at the rate of 75 per cent on it's par value which was equivalent to further stock dividend of 7,500 shares
 The above comprises all the stock dividends, made by the Hartford < New Haven Railroad Company, and amounts in the aggregate at par. to $1, 547, 100, as follows:
 In 1664-4, ,671 shares, or $468, 100
 1S6S-3,O00 '' '' 300, 900 1S7O-7, 300 '' ''. 75O, ,O00
 Total, 15,4n $1, 1,517, 100 full statement of every distribution of stock to the stockholders, was made in the day and time If if tn fhn rrin+a1 opOTyol rororfc