The daily morning journal and courier., 1895-05-10
CLOSE VOTE IN THE HOUSE
ON BILL REGULATING APPOINT. MENT OF PROSECUTING AGENTS.

ure Certihcates-Several Unfavorable Re- ports from Committees.
 Hartford, May 9.--There was an i'm \teresting discussion in the senate this
 afternoon over the bill concerning the
 debenture certificates of the New York,
 New Haven and Hartford railroad and
 their conversion into the stock of the
 company. The bill is as follows: Section That at any time when the
 New York, New Haven and Hartford
 Railroad company, having outstanding
 contracts emitting the holders to future
 delivery of shares of It's capital stock
 under the provisions of the amend
 ments of its charter passed by the
 general assembly in 1889 and 1S93
 makes an additional issue of it's shares | for any purpose except for exchange for the capital stock or the obligations
 of leased lines, it shall offer to the hold
 CTS of said contracts respectively the
 right to subscribe for additional coh-
 tracts maturing at the same time and
 in the same ratio that new stock may
 be offered to it's stockholders, and at
 the same price, but not less than par.
 Section 2-Such offer may be made d to holders of outstanding contracts, \ whose names and addresses are not
 registered on the books of said com M pany, by advertisement once a week in
 one or more newspapers published in
 this state and in the city of New York,
 in the state of New York, and in the . city of Boston, in the commonwealth N of Massa chusetts for at least thirty
 days prior to the time fixed for making
 such subscription.
 Section 3-The directors of said com pany, may sell for the benefit of said
 company, at not less than their par I value, rights to make the subscriptions . herein provided not taken by holders { of outstanding contracts.
 When the bill was advocated before < the railroad committee ex-Governor N Bull1eley, president of the Aetna Life I Insurance company spoke earnestly for it. The representatives of the Con-
 solidated road said they would not oppose it, and the committee reported unanimously in favor. When the dis 1 cussion opened in the senate this af- 4 ternoon Senator Chapman said: These debenture bonds are notes of the company, and I do not believe I these debenture holders should partake I of these benefits without sharing in the \ drawbacks as we'll. Should the stock of the road go down these holders of | the debentures would not care to invest in the stock"
 Senator Douglass-The option to take hhe debentures was given to all of the stockholders. and if some did not avail of it that is their lookout. If they are now on the wrong side of the market in the transaction that is their lookout. Everyone of the holders of the de- Tbentureswerethe original shareholders. The New York, New Haven and Hart ford is a very prosperous railroad, and don't believe there was ever a time that the stock of that road has not been disposed of to the old stockholders, when it has been for disposal. When ever there has been any mellon to cut the management has allowed the stock holders to share, and that is the way it should be; they should be given an option of taking new stock. I am in flavor of a fair distribution, and am not willing to leave out the holders of the debentures It is a very fair proposi- tion and the bill should pass.
 Senator Warner-The stockholders have paid for their debentures, and it is manifestIy just that they should be al- lowed to subscribe for new stock.
 The bill then passed almost unani- ] mously.
 THE BALLOT LAWS.
 Just before adjournment this after l noon an adverse report was made on the Myers ballot machine proposition. l
 Representative Judson of Stratford | said his committee would also report l unfavorably on the Australian ballot l bill and several other ballot bills, and l lreport a general law on the subject. OTHER COMMITTEE REPORTS.
 An unfavorable report was made in l the house on the bill providing for | guard rails for electric roads. Also on | the bill providing for reprinting old | state reports Representative Judson said it would cost about $10,000 to do this work, and while it might be order led sometime the condition of the state finances would not warrant it at pres lent.
 An unfavorable report was made on the bill prohibiting street railways for obsmucting the sidewalks with lsnow It was explained that the se- llectmen Of tuwns had the power to reg ulate the matter, and the bill was re- |jected.
 An unfavorable report was made on the bill concerning the enforcing of collection of damages from railroad c0mpanies, and the bill was rejected.
 An unfavorable report was made on the bill providing for the sale of six tickets for twenty-five cents Oh the street railways of New Haven and for transfer from one line to another, and the bill was rejected.
 Favorable reports were made on the to the charter of the New Haven Street Railway company allow ing the company to extend its tracks from East Haven green to Short Beach and Mansfield Grove; also in favor of a charter for the Milford Street Railway company. Those who are named in the | charter are Charles A. Tomlinson, D, R. Merwi11, George M. Gum, Frederick l.. Tibballs c. w. Beardsley, George H. Ford and William B. Stoddard. The F line is to run from the Naugatuck Junc- !, tion to Meadows End, Burns Point and / to other parts of Milford, including the Milford depot also the amendment to / 9a i1rnod do,,,