The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1895-03-28
STREET RAILWAY CHARTERS
BILL FROVIDING THAT SUCH CHAR
TIERS TERMINATE IN 30 YEARS.

Opposed by Hon. Lynde Harrison--An I'm
portant Hearing -Bill Explained by Vice
President Hall-New Haven Corporation
interests Consolidated Road Annual
Meetings-Directors and Stockholders
The Old Colony StoclS-Nominations Con-
| firmed-Steam Road and Electrics.
Hartford, March 27.-The committee
on interpretations this afternoon held
an important meeting, hearing many
bills. They first heard parties interest
ed in the bill concerning quasi-corpora-
tions. The bill was favored by Attor-
ney Wells of Newton and Wells of New
Haven. The bill provides that charters
of certain street railroads and other
corporations using the street shall ter
inmate in thirty years.
The bill was offered by Hon. Lynde
Harrison. He said there was no state
which favored such permission. The
general assembly could revoke street
charters at any time when cause was
| found He represented the New Ha-
ven Gaslight company, which was con-
stantly extending its pipes and mains.
Now this company could not afford to
go ahead and do this work if the charter
was to be abolished in thirty years. 1t
was very poor provision, and there
was no demand for the measure.
S. Harrison Wagner of New Haven
said that Mr. Wells was talking as a
theorist Capital is very timid. The
company had acted very carefully and
wisely in the control of the quasi-public
corporations The present control exert
ed by the general assembly was very
|healthful and sound, Such a permission
as the bill called for would wipe out the
securities of any such corporation.
Companies had acted wisely in the past,
and there should be no change in the
law.
The next bill heard provides for cor
poration acquiring the stock of other
companies. 1t provides for wiping out
the Union Wharf company and the
TomIinson Toll Bridge company proper
ties acquired by the Consolidated road.
The bill was explained by Vice Presi-
dent Hall of the Consolidated road. The
bill provides for wiping out these old
corporations and emerging them into
the railroad company, He said it was
expense in keeping UP these corpora
tions, and for so doing there was no
benefit to anyone
william E. Barnett, the clerk of these
two companies, said the bridge company
was organized in 1896 and in 1867 the
bridge was sold to the town of New
Haven The organization had been
kept up but long ago the stock had be-
come the property of the railroad. The
stock was about $500. The capital
stock was the property of the old Hart
ford and New Haven railroad, and later
.,mae road was merged with the COnsol-
idated road There were no bonds or
debts Of the company
The Union Wharf company was incor-
porated in 1901 to build Long wharf
in New Haven. In 1910 there was form
ed tie contractors of Union wharf TO ex-
tend the wharf. This new company be-
came practically the owners of the prop
erty. In 1890 the Consolidated road
acquired the property. There is no
bonds ar obligations, and there is no
demand for keeping up a separate com
pany longer.
uance that the matter could be looked
into more fully
Vice President Hall said he would
not object to any continuance If the
committee desired Mr. Goodwin was
seeking to be the guardian of the
public in general and the Consolidated |
road in particular. The city of New
Haven had no interest in the matter |
There was a certain amount of land
and certain amount of travel from the |
going across the Consolidated |
road tracks The railroad acquired this |
and there was no reason OIL
Keeping up a separate organization |
longer
The committee decided that no fur
ther hearing was necessary
The bill permitting stockholders to
invest in the stock OF another com
any was advocated by Hon. Lynde Har-
ison, representing a couple of New |
Haven corporations. He put in a sub
stitute bill and advocated 1t, claiming
hat it would greatly accommodate the.
He instanced New Jersey,
Maryland and West Vir-
ynia, which had such laws. There
could be no objection to the change in
he law.
Attorney Robbins Of Terry proposed
some slight amendments, which Mr.
Harrison agreed to.
The bill providing that any stock
holder may wind up the affairs of a
if the court finds that it
$ for his interest and If such corpora
ion has run ten years without paying
! dividend was favored by Attorney
Iickerson of Litchfield.
The bill was opposed by ATTORNEY
Terry of Waterbury He said that too
much latitude was given in the bill.
lie knew of cases where such a bill
would work great harm; the present
aw gave power to wind up a company
or cause and nothing further in this
inc was required. He did not wish
me stockholder to run a corporation
lnder a republican form Of govern
nent.
Mr., Harrison asked Mr.. Nickerson if
his bill would not allow Mr. Goodwin
o wind up the affairs of the Consoli-
ated road (Laughter).
Nickerson-I cannot say sir.
Representative Williams of Glaston-
ury favored his bill concerning the
nnual meetings Of the New York, New