Morning journal and courier., 1893-06-13
PRIVATE AND MODEST.

The Hartford Courant calls attention to private charter which has slipped through the house with ease and dispatch, and Is now "on the table" in the senate. It is a daisy. It is intended to create the Wash ington Industrial company, the capital of which is nominally fixed at $10O, ,000, but the company may proceed to business whenever 30 per cent. is subscribed and 10 per cent. paid. That means it can start on payment of $5,000. After it has started ''the capital stock of the corporation may from time to time bs increased or dimin ished to such sum as may be determined by the board of directorsi"
 And what doth the Washington Indus trial company want to dol It wants to conduct general manufacturing business and to contract for, and to acquire, by purchase or other lawful manner, and to hold, own, lease, construct, extend, en- large, repair, complete, equip, and operate, and aid in constructing, extending, enlarg- ing, repairing, completing, equipping, operating, and furnishing railroads, rail road bridges, engines, cars, rolling stock and other railroad equipment, stores. build ings and warehouses, telephone, telegraph and electric lines, steamship or steamboat lines, vessels, ferry boats, horse, electric, sur face, underground and other railroads, and all buildings, wharves and structures, nec- essary or sppurtensnt thereto; and 1t may contract for, acquire, receive in trust or otherwise, hold and sell real estate and personal property, and the bonds, stocks, obligations, securities and franchises of any other corporation, company, or associ- ation, and the bonds, obligations, and se- curities of any state, territory, gov ernment or local authority, or individusl; and it may enter into contracts with any corporation, company, association, in- | dividual, state, territory, government, l or local authority, iu respect to their stocks, bonds, obligations. franchises, leases, or se securities, and in respect to the construction, establishment, acquisition, holding, equip ping, leasing, maintaining or operating any such railroads, telegraph, telephone or electric linee, steamship or steamboat lines, or any public or private Improvements, or any appurtenancef thereof, in any state or territory of the United States, or in any foreign country and 1t may buy, hold, and sell all kinds oi public and private stocks, bonds or secur ities, and exercise all rights and powers incident to or connected with said owner ship; and said corporation may borrow sne loan money, issue it's bonds or other evi dences of indebtedness, and sell, negotiate and pledge the same to such amount no exceeding seventy-ive per centum of thu cash value of its assets, upon such term
 and in such manner ss may, from time tt
 time, be determined by the directors O
 said corporation; and it may mortgage al
 or any of It's property, assets, and fran
 chises to secure such bonds and the inter
 est thereon, upon such terms and condi
 tions as shall be prescribed by its directors
 That's alL Andif thatisn't enough wh,,
 couldn't the legislature give the Washing
 ton Industrial company power to mortgag
 the State of Connecticut for the purpose o
 carrying out its modest plansa