Morning journal and courier., 1891-10-22
STOCKHOLDERS, MEET.

tkW {
 STOCKHOLDERS, MEET. The Annual Meeting of the Consolf-
 dated Road-Features of the Occa-5
 sIon-Mr. Goodwin Heard From
 Again.
 The stockholders of the Consolidated road held their annual meeting yesterday in stockholders hall at the Union depot. There were about 25o stockholders present, including several ladies.
 At.l1 o'clock President Clark called the meeting to order. Secretary William D. Bishop, jr., acted as clerk. It was voted that the reading of the annual report be dispensed with. Then it was voted that the report be accepted.
 President Clark stated the motion and asked if anyone desired to remark thereon
 Henry Goodwin of Hartford arose, and the gaze of the stockholders were at once upon his slight, spare figure. His voice was unusually weak and cries of s1ouder," slouder," arose. MT. Goodwin raised his voice and big part of the assemblage was able to hear him. The burden of MT. Goodwin's talk was as follows He main tained that the company was culpable in not, as formerly, stating in it's report the price received for stocks and bonds sold.
 Thus, in 1875, said he, the proceeds of 1,314 shares of the company's stock sold" is reported at $189, ,559.
 The next year the proceeds of the sale of 686 shares are reported at $99, AIT, and in 1884 the report shows that $2, ,0OO, 900 of the company's bonds were sold for $2,- 047, ,971. The report for this year shows, on page 5, that in October, 1890, 1000 shares of this company's capital stock was issued in lieu of corresponding number of shares of the New Canaan company's stock cancelled, but no account is given of the price received for these shares. The market value of this company's stock was at that time not less than $250 share, and at least $250, ,O00 should have been re- ceiyed for these 1000 shares; but in re- gard to the amount actually received for them this report is silent. It says merely this: "The proceeds of this stock were mainly used in the acquisition of the Long wharf property in New Haven, and real estate adjacent thereto" As to the amount paid for this Long wharf property the re- port is also silent.
 MT. Goodwin proceeded further to en- liven the usual humdrum routine by stat ing that stockholders had right to know
  tie hint that enquiries on his part in the past had been unavailing. He then re- called from the dark and misty past that no report was made of what the sale of the stock of the old Tomlinson bridge, New Haven, realized. He had also tried 8 few years ago to get at the bottom facts as to the company's transaction in acquir- ing control of the Canal road. This also, to him, was still a mystery. The late President Watrous had been unavailingly applied to for exast informa- tion on the subject.
 Mr. Goodwin then went into detailed account of the subsequent efforts to get sufficient light on the subject through the general assembly, and here was more in effectual labor to sum up, said MT. Goodwin The superior courts subse- quent finding in the matter
 Proves conclusively that the officers of this o S9at and the committee, the general assembly itself in regard to this unauthorized and unlawful invest ment of over million and a quarter of dollars in the stock of the Canal road.''
 Mir Goodwin then presented facts and figures to uphold his view that more light should have heen given as to this transaction and he cited alleged discrepancies between what the legiSla- tive committee found out and what the court
 Another kindred investment was 3, 105, STA in the bonds of the Derby Railroad company. The
 
 these bonds and Gin 1S32) had held them for sev- eral years; and Yet the stockholders had never necessary to add that the railroad committee did not discover that this company owned the bonds, or had ever made a loan upon them.
 The annuall report which the directors have this year made to the stockholders shows, on page g. that the company now holds upwards of two and quarter millions of stocks and bonds but inventoried at their market value, or at why should such profound secrecy be preserv, ed, and why should not the directors take into their confidence the stockholders whose money they have thus invested without authority of law and without their knowledge or consent? That part of the finding of the superior court which has already been quoted shows that bought k, ,298 shares of the Canal Railroad com panys stock and had paid for it g., 229, 800, or The finding further says that s'before the re- ! ports were made to the railroad commissioners e Sember' bel iss1.1 the valuation of fl said a stock was reduced by marking down the same 40 per cent. to it's actual market value.'' This finding of the court shows, conclusvely that there was paid for this Canal railroad stock forty dollars per share of $491 92O, nearly half | million of dollars, more than it's admitted mar by this deal: That was beyond the scope of its inquiry The M report ss T made to the railroad com dollars per share or at sas7, 1885, which was up
 
 1 But, notwithstanding this great depreciation l in the value of this stock-bordering well on a million of dollars-the books of the company l show not only that the surplus of the company l has not been impaired, but that it has, from year to year, been steadily increased, and that too, by an amount equal to the excess of the Ths remarEabie feat in bookkeeping WaI pae ae complished, not by marking up the value of | dividends, and adding the amount thus col l lected to the assets without making the proper l entries on the books This fact is not deduced from an examination of the reports made by the officers of the company to the stockholdert ! or to the railroad commissioners. It was dis closed in investigations made by the order ot l MT Goodwin's speech included a long account of the legislative investigation which resulted ii | the discovery that in the report made in 1S8 overstated the operatingi expenses $3GO, 900 an6 ! understated the net earnings @ corresponding l amount. Mir. Goodwin also brought before the l assembled stockholders array of facts apt l figures, tabulated and untabulated in suppor of his claims of the need of more light, and il conclusion urged that the books would show earnings sufficient to warrant a reduction in tho | price of carrying passengers and he offered the 1 Moved, That the annual report be referred tt | committee of three stockholders, whose duty it shall be to ascertain and report to whom ,O0 | shares of the capital stock of this company wa. | issued during the past year and the price ob taned therefor; the price paid fol. the Lone l wharf property in New Haven and other real es | tate purchased by the company the past year; { list of the stocks and bonds owned by the com pany; the price paid for them; their presen market value and the income derived therefrom 1 also the amount of interest paid the past year and that said committee also ascertain and re port the name of the persons to whom $134, ,OOt | was paid as legal expenses the past year. l The resolution was seconded by ex- Governor Sill of Hartford.
 l President Clark then explained concerning the 1 Long wharf property. He said that the proper ty was owned by thirty to forty people, the most of whoIn had agreed to take the railroad stock in exchange for the wharf stock, on the basis of one share of wharf stock for four shares 1 of railroad stock. Some, however, did not wan1 l the railroad stock and about 25O shares were l sold to furnish the nece sary cash. The railroad l ing basis:
 756 shares at $250, $l89, ,0OO ls shares at S0............." 4,s60 9 shares at 270 $40 s6 shares at 2601a. ............ 22,575 133 shares at 2694 ............. B,810.2. l Total ], ,OO0 shares $257, 1855. 3. ''That is the only matter in the resolutions thai N nartinanf n Mr.