Waterbury evening Democrat., 1889-01-17
THAT INCREASE OF CAPITAL.

THAT INCREASE OF CAPITAL.
 The railroad commissioners have an nounced their decision in regard to the petition of the Consolidated and Hous- atomic railroad companies to be allowed to increase their capital stock. The con- ditions imposed upon both corporations are practically the same, so that the same arguments and observations will apply to both. And there can be no claim, consequently, that the commits sioners have shown any favoritism in the premises.
 In regard to the Consolidated the rec ommendation of the commissioners is that the company be authorized to in crease its stock to such an amount as shall be actually necessary to carry out the objects of the increase: that all stock issued for the purpose of paying the company's indebtedness or the cost of improvements shall be issued only on the payment of S1O0 on each share: that the stockholders be all given q reasonable opportunity to take their proportionate part of the stock; that for any stock not so taken the remaining stockholders be allowed to subscribe and take the same in proportion to their subscription. and that in either event an equitable adjust ment of fractional rights be made: that all shares not taken or subscribed for as stated be sold at the New York stock ex- change and the proceeds be paid into the treasury of the company, each sale to be at public auction. but no stock to be sold for less than its par value: that the amount of Lew stock issued at any time shall not exceed the total par value of the stocks and bonds of all the com panies whose roads shall be held under lease, and that the terms and conditions case of each company, be approved in writing by some judge or state officer to be determined by the general assembly. 1t Is further recommended that no stock be issued unless authorized by a two thirds vote of the stock represented at a meeting called for the purpose.
 The recommendations of the commits sioners will probably be satisfactory in the main to the company. They will probably also, as they ought, be satis- factory to the public, and to the. guar dians of public interest in the state cap ltol. The limitation in the amount of increase will meet the principal objec- ton urged by those who are hostile to the proposed increase of capitalization. and the safeguards that are thrown around the interests of the stockholders will remove all suggestions of danger to them. Conditions are fixed for each issue of new stock, and it is made prac- tlcally impossible for the company. however much it might possibly be disposed, to do anything that would be against the interest either of the public at large or the stockholders of the road. The report of the commis- sioners is, to all intents and purposes, satisfactory, and should meet with favor from the legislature. The Consolidated road Is great institution, and in it's facilities and disposition for accommo- >eAAiSo ohS eAeNShASo dtlu com merce is the peer of any road on the American continent It gives employ ment to a vast army of persons, has helped materially to build up the state bv inducing location along its lines, paws every year vast sum for taxation into the treasury of the state. and altogether is an incalculable element of good in tbe development of our ancient common wealth. It deserves favorable considera- tion at the hands of our legislators, and more especially in a matter where the effect, as in this instance, is designed to promote the public veal.
 It would be mistake, we believe little short of disastrous for any legis- lator to make factious opposition to the proposed increase of capitalization that IS asked for by the Consolidated and Housatonlc railroad companies. The rS