The daily morning journal and courier., 1907-06-01
ELECTRIC LINES
 MERGED WITH STEAM New Haven Road Stockhold- CTS Formally Take Over
 Trolleys. COMMON DIRECTORATE. Papers Joining Companies Filed With Secretary
 Bodenwein.

At a special meeting of the stock | holders of the New Haven railroad held at the office building of that l company yesterday afternoon this | $100,0O0,000 corporation, according to | the terms of the call for the meet ing, was merged with and in the 1 Consolidated Railway company, a $1O,0OOOOO proposition which serves as a holding concern for the New Ha- | ven's electric lines in this state
 This merger is one of the most im- portant consummated by the New Haven with it's owned or leased lines since the beginning of the long strip of consultations in which this com pany has figured for several years past. Under the terms of this trans action the Consolidated company will continue to use the name of the New York, New Haven & Hartford, but will operate under the charter of the Con- solidated Railway company. This charter is one of the broadest ever granted by a general assembly in this state, and now that the New Baven is to enjoy the fruits of it is a fact Of which financial and railroad men have been discussing ever since the significance of the business to be transacted was outlined in this paper some weeks ago. The Consolidated trolley charter permits the company to run anything from a railroad, steamboat, banking, brokerage, trolley or bus line down to almost any sort of business in which 1t might find there was profit. The charter of the New Haven will not become obsolete as a result of this merger. It will not be called into play as it gives the New Haven few valuable rights that 4 are not contained in the trolley com pany's charter.
 There was preliminary meeting of the stockholders at the big building at 10 o'clock yesterday morning. The at tendance was slim. President c. s. Mellen presided and after Secretary John G. Parker had read the call for the meeting, vote was taken on the proposition to ratify the recent amend nent to the New Haven charter, ap- proved by the general assembly March 26 last, which permits the railroad to merge with other concerns. This amendment was ratified by the stock holders without a dissenting vote. To make the amendment operative the company had to file the result of this ballot with the secretary of state which was done at once. The morning meet ing lasted but few mnutes and the session was then adjourned until 2 o'clock by which time the stockholders action was in the hands of the secre- tary ofIstate, Theodore Bodenwein, and the merger with the Consolidated was then permissible under the recent legis- lsflve act
 <Under this merger the New Haven /and the Consolidated, the latter now having it's fold the New England Transportation company. will make common stock to the amount of the combined capital stocks of the merged companies. This was the reason for the recent announcement that the New Haven was to increase it's capital from s1bOO00,O00 to $lS00OO0O0 the advance being the amount of the capital of the other companies.
 The directors of the Consolidated rail- way will be the directors of the con- solidated company until the next an- nual meeting which will be held in June.
 The new ss0OOOoOo of stock for which application has been made for listing at the New York Stock Exchange is im- mediate1y connected with the merger, The Consolidated Railway company re- gently took over the New England Navigation company at valuation of $2o,OOO,00O or exactly the price which C. w. Morse sometime ago offered for the property. Against this $20,O00,O00 of Consolidated Railway company's stock was created which added to the previ- ons outstanding s1OOOo,oOo makes $S0.- 000, 900 of stock share for share of the steam corporation. This sS0,O00,000 oi stock while legally outstanding is held in the New York, New Haven & Hart ford Railroad company's treasury foi eany legal use whatsoever.