Morning journal and courier., 1889-01-17

l
 The capital stock and bonds of the various companies whose roads are under lease for longer term than fifty years are: Shore Line rail
 road atss5 Bssa. s''sSSSSSSS sSS,sSS SS
 s1,eoo.coo % railroad. :st9sh Sesds ss'sSd, sSd,6sS ,5sS s s 4,s61, ,1so ss Colchester rail
 road d........... Stock 25,000 %
 Bonds 25,000 % 50,OOO O0
 Valley railroad Stock 7ss,aOo % New Canaan rail
 N.H&Northamp-
 ton railroad. Stock s,4so,Oooeo
 o,-eo,oeo 6,s6o ooa % T9sd fssss Bsss. s9sSsSsSS GsS,SssS SS
 a,15o.ooo % Harlem River &
 Port Chester
 fAHfoA'' '''''- seSsE sosds s,ooo,'oOO eo'SOSSO 60 Total. .... S1s,o6s, 1858 3l That the present rental on this SIS, ,062,- 85S 34 averages about 5 per cent, amounting to $94O, 1000.
 That if this total of stocks and bonds were exchanged at the present time for stock of the New York, New Haven and Hartford railroad company it would probably require $12, 800, 900 of new stock for this purpose, which, with the present stock and debt of the company, would make about $33, 900, 900.
 That the four r-tracking of the New York 6 New Haven division is to be continued if the means are provided, and the Shore Line di- vision double tracked.
 That the cost of these improvements would be at least $8, 100000.
 That the elimination of grade crossings and the pro1iding of all the necessary facilities and accommodations for the public would re. quire further very heavy expenditures, but that it was necessarily impossible to estimate the amount thereof.
 That under all these circumstances it was impossible to determine in advance the sum which will bs needed, but that in accordance with the policy of the general railroad law of the State limit may be fixed by defining the uses to which it may be applied and the terms upon which it shall be issued. We accordingly recommend that said com pany be authorized to increase it's capital stock for the above described purpose to such an amount as shall be actually necessary therefor.
 That all stock issued for the purpose of paying the indebtedness of said company, or the cost of Improvements or additions to its property, whether owned or held under lease shall be issued only upon the payment of not less than one hundred dollars for each share of stock.
 That the stockholders of each company be all given reasonable opportunity to take their proportionate part of said new stock. That for any other stock not 80 taken the remaining stockholders be allowed to sub scribe and take the same in proportion to their subscription, and in either event an equitable adjustment of fractional rights to be made.
 That all shares not taken or subscribed for as above be sold at the New York Stock Ex- change, and the proceeds paid into the treas- ury of the company. Such sale to be at pub lie auction, but no stock to be sold for less than its par vaule.
 That the amount of new stock issued at any time for improvements or addition to property shall not exceed the cost of such improvements as certified to the comptroller of the State by the sworn statement of the president and treasurer of the company and | a civil engineer approved by the railroad commissioners.
 That inasmuch as equitable terms for the ! exchange of the stock and bonds of compa- ! nies whose roads may be held under lease | cannot now be ascertained and the necessary l amount of new stock determined, we recom- l mend that the whole amount shall not exceed | the total par value of the stocks and bonds of | all the companies whose roads shall be so \ held under lease and which may be so ex- i changed, and that the terms and conditions of such issue and exchange shall in case of | each company be approved in writing by some judge or State officer to be determined by the General Assembly; such written ap- proval to be lodged in the office of the comp ! troller of the State.
 THE HoUsAToNIc ALSO SUCCESSFUL.
 The commissioners also sent in their re- port granting the application of the Housa- tonic railroad company to increase it's capital stock by the addition of the amount of $4 4,' 500, 900, or such other sum as may be neces. sary, for the purpose of building branches from Bridgeport east to connect with tht IL ! chasing the various railroads which 1t now operates under lease, and of double tracking and otherwise improving it's various rail- roads and railroad property.
 The commissioners find that the total cap ital of the Housatonic's leased roads is $2, JOS, ,05O. Improvements and purchases con templated demand $4, 800, 900.
 The company for many years has held b, lease and operated certain railroads in th' State of Massachusetts, to wit. The Berk shire, the West Stockbridge, and the Stock bridge and Pittsfeld railroads, and acquired the Danbury and Norwalk railroad in tn same way in 1886.
 The capital account of these roads Is sub stantially as follows, viz:
 l BERKSHIRE RAILROAD Qeased by the Housatonic raj
 road company in 1s4s) Capital stock S60oOoo
 Unfunded debt and profit and loss 15,000 $6i5.O0
 Housatonie railroad company in 1s5o) | Capital stock S44S,700 l Debts and profit and loss $3,550 S452,2 ,25 WEST sTocKBR1DeE RAILROAD Qeased to the Housa tonic railroad company in 1s3s)
 Capital stock Ss9.6oo . ! Profit and loss 200 $40, DABNUEE AND NoRwALK RAILROAD qeased s5. by tn Capital stock S60o.0e0
 BSaSs PSofs and loss sSS,.SSS SSS.SSS s1.4oo.oo Total capital stock of the leased reads S2 250s o5 The stock of the West Stoekbridge railroa, ! was purchased by the Housatonic railroad company during the past year. The lease of the Danbury and Norwan | railroad is for 99 years from 1886, and tn Housatonic railroad company has since en larged the terminal facilities of the Danbur, , and Norwalk road very largely at it's connec tion with tide water st Wilson's Point I has also established connection between it main line and the New Haven and Derb, railroad by branch recently built iron ! Botsford in Newtown to Huntington. Said company has petitioned the Genera ! Assembly for authority to build branch O it's railroad from Bridgeport to or across .th' Danbury and Norwalk railroad, through tn towns of Bridgeport, Fairfield, Westport ant Norwslk; and another branch from Bridge port through Stratford, Huntington, Milford and Orange to connect with the New Have1 l and Derby railroad; and also for authority t, I build sundry other branches which may ex | ceed ten miles but not thirty miles in length the location of none of which was disclosed at the hearing. Also for further authority t, , purchase the railroads now held by it unde leases. The managers also declared it to b their purpose to double track their main lin and Danbury and Norwalk division, and in crease their terminal and other facilities ant accommodations for business. For all taes purposes they expressed the opinion that a least $4, 800, 900 of additional stock would b. | needed.
 We are of opinion that it is better that thu money required for these purposes should bt raised by an increase of capital stock rathe than by sale of bonds.
 The commissioners expressed that it ii better to raise the funds needed by stocl issue than by sale of bonds and recommend ed that stock issue be authorized to pay tn. Housatonic's indebtedness, the cost of tn, proposed branches. of additional track and o l buying the stock and bonds of leased lines The commissioners recommend restriction on stock issues identical with the above noted TT