Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-04-05
APPROyED THE LEAsEs.

APPROVED THE LEASES.
what was Done at the Meeting I'm
This City Yesterday of the Console
dated Railroad Stocikholders-Presi
dent C1arkss Interesting Statement
OF Affairs In General Pertinent to
the Occasion-mr. Goodwin Heard
From.
Quite an interesting meeting of the Con-
solidated railroad stockholders was held
here yesterday at Directors hall at the
Union depot. There was large attend
ance, and in the throng of stockholders
was quite q sprinkling Of ladies, the fair
faces and Easter bonnets much enlivening
the scene. President G. P. Clark presided
at the meeting. At his left sat. Vice Presi-
dent Tuttle.
Directors present were: George n. Miller
of New York, Lucius futile, O. P. CLARK
and e. q. Trowbridge of this city, Henry
q. Robinson and Layerett Brainsrd Of
Hartford, Nathaniel Wheeler of Bridge
port and Mr.. Lee of Springfield.
Among the stockholders present were
Captain q. b. Townshend, LyndeH Harrison,
Clarence Deming, Rev. DR.. Phelps, James
N. Townsend, Henry 8. Lee, A. Maxey
Hitler, E. S. Kimberly, 81. g. Newton,
Hoadley B. Ives, George D. Watrous, 81.
9. Warren, Of this city; Representative
George Jones of Wallingford, II. L. Good
win of East Hartford, Austin Brainard Of
Hartford, George Carmichael of Rhode
Island, q. z. Morgan, f. B. Cooley, Fred
erick P. Leopard and Mr.. and Mrs. Seth
Ta1cott of Hartford.
President Clark called the meeting to
order at II O'Clock.
The act of the Connecticut legislature,
allowing an increase of the stock Of the
company, was read on motion of Henry G.
Robinson of Hartford, also an act of the
general assembly of Rhode Island, ratifyin
the lease of the Providence and Worcester
railroad.
Mr.. Robinson read a copy of the ballot
which had been printed for the conven-
fence of the stockholders. President CLARK
then held up before the meeting the origi.
nal leases Of the different roads that were
to be acted npon. The vote on the various
questions was unanimous. The following
will show the vote in detail and the mum.
Der of shares voting:
In favor Of acceptance Of the resolution Of The
the charter Of the New York. New Haven an6
Hartford Railroad company approved Marcel
In favor Of acceptance Of San act concerning thu
Providence and Worcester and the New York
New Haven and Hartford Railroad companies,
BY Of Rhode Island. iss, s2a. 0 s'A'' ''''''''
the Old Colony railroad. 1850. ~ ' y
x the lease
In faver Of the resolution approving the lease O
e. IS. s'0eho'idzs and r'tt'fls'd railroad 1885,
aySF Of the The lease
After President Clark had announced tn.
result of the vote Lynde Harrison aros'
and offered the following resolution:
Resolved-That the board of directors be au
increase and issue from time to time tho capita
stock OF this company for the purposes contem
plated BY and under the provisions under tn
l such extent as the best interests of the com
pany may in the judgment Of said board require
Previous to taking the vote Presiden
Clark made statement of the affairs O
the company and the reasons governin,
the directors in recommending the vote
offered at this meeting. The statemen
will bs found appended.
| Some sharp shooting now occurred be
tween Lynde Harrison and Mr.. Goodwin
Mr.. Harrison explained that the adoptin
of the resolutions ought to be done as
wise provision and to save a good deal O
red tape proceedings.
Mr.. Goodwin jumped up and strenuous
lily opposed this. He claimed that as til
resolution was not named in the call fo
the meeting, 1t was clearly out of order 8
| this time.
President Clark interposed, saying tn
passage of the measure was eminentl
proper and all right. 1t was to complet
the effectiveness of the authorization
the matter given by the legislature an
was entirely in order.
Mr.. Goodwin was not satisfied and il
sisted in his previous plea.
Mr.. Harrison responded that this rest
luton was mere incidental matter, an
was perfectly legitimate and prop,
measure to adopt.
Mr.. Goodwin quickly responded, sayin
II have the floor" Mr.. Harrison eonced.
that point, but President Clark said Il
meeting had a right to hear what Mr.. Ha
rison had to say on the subject. Mr.. Ha
, | rison then reiterated that it was perfect
proper proceeding for the meeting to pa
the proposed measure, and added that
!, supposed Mr.. Goodwin voted for II
, amendment. Mr.. Goodwin was corner.
and said, 81 did not" Mr.. Harrison the
= | replied that Mr.. Goodwin evidently didr
L Aof0 GAc COuIdS0 W tOIo AkAluSG H. HI
l proceeding, stated again to the meeting tn
7 it had a perfect right to act upon the res
l luton then and there.
Mr.. Goodwin then retorted, saying: "
the directors were authorized in this ma
ner they could throw this whole stock in
the market at once"
0 President Clark-sNo one share can
issued except in the form prescribe.
There can be no loose issue of stock"
Mr.. Goodwin-.t'There are two conflic
ing interests. One ia the stockholders an
the other is the owner of the rights B,
the main question ia, the stockholders ha,
no right to pass upon this matter, now"
ii President Clark-'The meeting will
] oide in this matter. I hold that the res
s luton is mere incident and can bs co,
: sidered at this tlme.''
Mr.. Harrison-''Sin Mr.. Goodwin b
| came stakeholder twenty years ago, Wit
I his ten shares, he not only has not a
tempted to increase his holdings, but b,
been the only stakeholder to bear IL
stock. He has fought the board of direc
ors for twenty years and to day, as at a
times, he is trying to depreciste the stock
President Clark then ruled that the re-
olution was in order, and Mr.. Goodwi
/ took an appeal.
President Clark-''In issuing stock v
} are required to give thirty days notice I
. the New York stock exchange before til
' stock can be registered. would like fe
this resolution to be adopted, and then a
that will be necessary will be to send
copy of this resolution to the stock board.
. The vote on sustaining the chair VIZ
unanimously in favor.
Mr.. Goodwin-s'I called for a stoc
vote. want fair play. I now call for
stock vote.'
q. G. Robinson arose and explained th
position Of the directors in asking tbs
the resolution be passed and added tbs
when the bill providing for an increase {
stock was being drafted PRECEDENT Clar
said to him: "Ycu and I will die som
time, but I want this bill drafted so til.
no spectators can ever get control of thi
stock"
President Clark said that Mr.. Goodwi
had it in his power to insist upon stoc
vote, although 1t was unusual in sue
cases.
The vote was then taken, delaying &C
journment fifteen minutes, but many lei
the hall. There were votes cast on 1873, so
shares of stosk, Of which 1888 1928 were
favor of sustaining the chair and ITO OF
posed. The meeting then adjourned.
PRESIDENT cLARK's STATEMENT TO TH