Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-10-31
In New Haven Railroads
Capitol Stock.
Reduction Of Eight Per Gent.
Dividend Not Likely.
william Rockefeller and J. P. Nor.
gan Elected Directors.


holders CT the New York, New Haven
& Hartford Railroad met in special
meeting ut the administration build
ing this afternoon to transact business
of the annual meeting which had been
adjourned and to act upon a number
OF propositions, one Of which concerned
a new stock issue. After President
Charles S. Mcllen had called to order.
A. Heaton Robertson of this city
moved the adoption Of the annual re-
port which had been submitted in
pamphlet form. United States Senator
Morgan c. Buckley at once offered
an objection to q number Of things in
the report and criticizing the manage
ment of the property, especially it's eX-
pans;on policy.
President Mellon made 4 long reply
il answer to the statement Of Mr..
Rulkeley and said he was ready at all
times to answer inquiry regarding
questions Of policy. Shortly after the
rejection Of directors was taken up and
Secretary John G. Parker Treasurer
A. s.. May and Edward E. Robbins. at
torney for the company We're elected,
filiirg the places of the three directors
!
had declined to serve. The other -
members were reelected.
The questio of capital stock was
taken up and on motion of j. T. Nor
gan. 1t was voted unanimously to in
crease sfhe capital stock by 431.219
shares instead Of 354.695, the number
PROPOSED in the advertised notice for
the meeting. The new figures would
meansan issue Of one share to three in
stead Of one share to four. The direc-
tors Will pass upon the amount to be
issued and also on its ratio. The vote
on Mr.. Morgan's motion represented
555,SS3 shares.
During the discussion Mr. Mclien ex-
claimed that the directors had power TO
issue stock held in the treasury in eN-
change, but had no power of issue OF
new stock, except by authority of the
stockholders AS to the stock issued I'M
der such conditions. he explained that in
every case it had been given for genuine
value received.
The report was accepted. At first there
were reported as against it 5117 shares.
Senator Buckley in conclusion explained
that the minority shares should be voted
by him. but had been incorrectly report
ei as against the proposition as he simply
desired not to vote them at all.
! Following the regular stockholders
meeting special meeting was called and
Senator Buckley asked for an explana
ton of the various proposed charter
amendments. In connection with the pro-
posed increase of stock. a stakeholder
! asked President Mellen whether or not the
matter of it's issue at S125 a share or at a
lower price was still an open. President
Me!;en replied that he regarded the ques-
| ton as still undecided; that he himself
| favored the issue of tie stock at 500 a
share. but that if issued at that price 1T
would be necessary to change both the
! number of shares to be issued and the
ratio in which they are to he issued, in
| order to supply the sum that would he
obtained at the issue of 1925 a share. He
| stated that the matter Of issue Of the
| stock. whether at 1925 or 800 share.
| would he very carefully considered by
| the board of directors.
| Before the meeting adjourned President
| Mellen read statement showing that the
net earnings of the road for the quarter
ending Sept. so had shown decrease in
| net of only $4,000 and as the last year
| had closed with a surplus of two millions
| the stockholders could see for them
selves whether there was any likelihood
| of n reduction i'm the per cent. dividend.
| He added, however, that under existing,
conditions nobody could prophesv far as
| to the future of the corporation or any
other in which it seemed to be tho policy
of the government to consider the in
| weston undesirable citizens" but barring
unforeseen contingencies he could see no
reason for apprehension OF n reduction OF
the dividend and had so informed his
| hoard of directors at the time when the
proposed increase Of stock was under
| consideration. He urged the stockholders
| to remember that the corporation had be-
| come a great one and had outgrown its
old stock of sl5. 900 which stood for so
many years. a fact which he feared some
Of the stockholders had forgotten.
| The complete list of the roads directors
elected today is as follows: William
| Rockefeller. J. Picrpont Morgan. George
/ Mccullough Miller of New York. Charles
| r. Choate and Nathaniel Thayer of Bos-
ton; Charles F. Brooke Of Ansonia; Geo.
J. Brush of New Haven; T. De Yer War
ner of Bridgeport: F. W. Cheney of South
Manchester: Edwin Miner, William Skim
ner Of Holyokc: D. Newton Barney of
Pennington: Charles S. Mellen Of New
Haven: II. Mex. Twombly of New York:
Robert w. Taft of Providence: John Fl.
Whittemore of NauSatuck: James S. FL
| ton of Waterbury: James s. Hemingway
of New Haven; James McCrea eff Phila-
Continued on Page Five)