The daily morning journal and courier., 1895-04-26
THE GENERAL ASSEMBLY,
IMPORTANT MEASURES BEFORE
 THE RAILROAD COMMITTEE.

cates-MilfOrd Street Railway-Natural
 Oyster Beds-The Election of State o Officers
 The Proposed Constitutional Amend
 ment.
 Hartford, April 25.-Several import . ant bills were down before the railroad committee this afternoon for hearing.
 The first matter taken up was the bill continuing the charter of the Port Ches-
 ter and Glenville Tramway company and of the Greenwich Tramway com pany. There was no opposition to these
 matters.
 On the resolution in regard to the debenture certificates of the New York, New Haven and Hartford Railroad company the first speaker was ex-Gov- ernor Bulkeleys He said there were certain rights under the debentures that would accrue some seven years
 hence, when they were converted into
 the stock of the company. He repre- scented the Aetna Life Insurance com- pany as its president and wished to protect its interests, as it held securi- ties of the company to the extent of $400000.
 MT. Cowles of Pennington wanted to substitute the Massachusetts law un- der the subject, which he thought would do.
 Ex-Governor Bulkeley read the bill. Tt provides to- the owners of the deben7 lures the right to subscribe to addi- tional debentures of the railroad in pro- portion to their holdings, the same as stockholders for stock, at par.
 Vice President Hall of the Consolidated road referred to the issue of $13,O0O,O0O in debentures several months ago. He said this bill was undoubtedly brought in because of the reports that had aris- en to the effect that more stock was to be issued, In this matter the com pany had taken no decision and 1t was not certain as yet that more stock would be issued. Strictly, the owners of the debentures had no rights whatever to subscribe additionally, as had been de- cided in Massachusetts, but at the same time there was some equity in the case and in behalf of the company he would not object to the bill. The holders of debetnuers should have the right to sub- scribe for more debentures whenever is- sued, and at par, as they were to be turned into stock. Apparently, the claim was made in behalf of all the owners of debentures.
 Mr. Goodwin's bill providing that in future issue of stock Of the Consolidated road it shall be in lots of 10000 shares, and the same shall be sold at auction to the highest bidder. was favored by that gentleman.
 MT. Cowles of Pennington offered substitute which he said was similar ito the Massachusetts law. The bill also provides in certain contingencies for the sale of surplus stock at auction.
 MT. Cowlas made a long speech in fa- Vor of his bill.
 Hon. Henry c. Robinson said in part: '"The argument of MT. Cowles was about the same as his speech before the rail- road committee when the increase of stock was proposed two years ago, but he did not influence a vote in the com mittee or in the assembly, nor did his speech affect the chief executive. The Massachusetts policy is that when there is an increase of stock 1t shall be offer ed by a board to the stockholders if they desire to subscribe. This is an inherent right of stockholders. The stock is to be taken at it's par value. When this company had its stock increased for improvements, to take up the stock of other roads, etc., it was provided by the legislature that the stock must be of- fered to the shareholders according to their holdings, and at par. We have followed Massachusetts in some things | and have led them in many things; but l we are not going to Massachusetts In | l,,A ho1iaua fh3 f ! all the corporations in Connecticut are | to be governed like those in Massachu- | setts. There is no intelligent man who | is going to put out stock at 200; instead | of doing that they would issue bonds. l The idea of issuing stock for lOO,OO0,0OO and taking up the stock of other roads is in order that the railroad shall not issue bonds, but shall issue stock for investment by the people.
 "So far as the debentures are con- cerned, if the debenture holders were to have the right.to buy stock the same as stockholders, then it would be a. dis to the present stockholders. It is right for the debenture holders to r buy other debenutres that may be is- sued in proportion to their present hold ings of the same, and so l favor Gov errIOr iBulkeley'S DILL DOn | turn dTounu in your policy, gentlemen, but allow the people to subscribe for stock, at par. I therefore hope these bills will be dis missed and the bill offered by Governor recommended"
 MT. Cowles then made another ap- peal. He said he preferred the issue of bonds to stock.
 MT. Robinson replied that the state would lose half of it's tax that is now paid on stock, if bonds should be issued instead. J. D. Dewell, w. B. Stoddard, Repro Gum and Representative Tib- { bals of Milford, and others, were pres ent to be heard in the matter of the Milford Street Railway company for a , charter, but it was decided to postpone n the matter until next Wednesday.
 THE NATURAL OYSTER BEDS. The bill passed in the senate yester- r lay relating to the natural oyster beds a if the state, and which affects New Haven because there are a number of ooal oystermen who fish there, has for I ts chief object the employment of an D
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