New-York tribune., 1899-06-09
MAY INCREASE ITS STOCK
"HUCKLEBERRY" RAILWAY. UNDER A
NEW LAW, re- ABLE TO PROVIDE
FOR IMPROVING IT'S
PROPERTY

Albany June (SpecaD. The Union Railway
Company which is sometimes called the "Huckle-
| berry Railway" may. under act passed by the
last Legislature and subsequently approved by the
Governor increase the amount OF its stock and
bonds At the office OF the State Railroad Com
mission It was stated to-day that. under the orig
inal corporation papers OF the concern. 1t was
limited 20 the issuing OF 100000 in bonds ana
| s2OO0OD in stock. The road has lately acquired
| additional property and Is seeking TO extend ns
lines in New-York and westchester counties and
therefore Its managers desire. apparently 10 issue
more stocks and bonds.
The law" said John 5. Kenyon. the secre-
| tary of the State Railroad Commission. merely
! puts the Union Railway Company upon an equality
| with the other street railway companies OF the
| State. Under certain conditions which applies 10
all the other street railway companies. it may In
! crease the amount OF its stock and bonds. To do
so must obtain the approval OF the State Railroad
| Commission"
! The act alluded TO was introduced by Senator
Coggeshall and now forms Chapter sse OF the Laws
I Of 1899 II reads follows:
Section l. Section "A of the stock. corpora:
tion law in relation 10 increase or reduction OF
capital stock amended by chapter three hundred
and forty-six of the laws OF eighteen hundred ana
ninety-four. is hereby amended so as 10 reao as
Section A. Any domestic corporation may increase
or reduce its capital stock In the manner herein
provided but not above the maximum or beiow me
the holders Of the additional stock issued shall be
subject TO the liabilities with respect thereto
provided by law Tn relation 10 tne orlslnai
capital: IL reduced the amount of it's debts and
liabilities shall not exceed the amount or It's reduced
capital, unless insurance corporation, IN Wnicn
the amount OF its debts and Liabilities shali
exceed the amount Of its reduced capital and
other assets. The owner OF any stock shall not be
relieved from any liability existing prior 20 the
reduction Of the capital stock or any STOCK cor
poration. II banking corporation, wnether tne
capital be increased reduced, its assets sha az
least be equal its debts and liabilities ana the
capital stock increased or reduced. domestc
railroad corporation may increase or reduce lts
nft al stQ i'm he herein provided
withstandng any provision contained hereln or IN
any general or special law fixing or limiting tne
amount OF capital stock which may be issued oy H.
Section q This act shall take effect Immediately
Sections a. IS and IS OF the Stock Corporation law
provide that an increase or a reduction Of the cap
ital stock OF a street railroad corporation must be
authorized by a vote OF the stockholders owning
least majority Of the stock OF the corporation.
and, secondly, the certificate OF the proceedings
must receive the approval OF the Board OF Railroad
Conmis issioners
It has been enormously stated that two amend
ments the Railroad law suggested in bills intro
duced by Sena tor Rsnes the last session or the
Legislature would also be OF service TO the owners
of the Union Railway Company when they should
seek 10 extend their lines in Westchester County
and issue new stock and bonds for this purpose.
yon to-day, neither OF the bills received the ap
proval OF the Legislature. One made Section OF
the Railroad law in regard 10 extensions OF steam
railroads apply 10 surface roads, and the other
should certify that public convenience and necessity
required the extension OF street railway the said
Board Of Railroad Commissioners should Ak the
maximum amount OF capital stock which might be
issued by the railroad company. and the amount
so fixed might be subsequently increased reduced
as provided by the Stock Corporation law