The daily morning journal and courier., 1907-06-06
TROLLEY BILLS
 PASS OYER VETO
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as may be necessary to fully carry out the objects of this resolution. He also pointed out the right of eminent do- main clause. He said he seriously ques- toned the wisdom of granting such wide powers as the charter and its amendments confer upon a corporation of this character with the right of em- inent domain.
 MT. Woodruff's communication was: To the Honorable General Assembly:
 I return herewith, without my ap- proval, to the house in which 1t origi- mated, house joint resolution No. 379, amending the charter of the Lebanon Street Railway company" and as req sons for withholding my approval would say:
 This company was incorporated by the general assembly of 1905 Chouse Joint resolution No. 449, pages 1O57 to 1O6O of the Special Acts), and was granted rights of way through the highways and over private lands in the towns of Columbia, Lebanon, Franklin, Bozrah, and to the line of the Consolidated Railway company in the village of Yantic, in the town of Norwich, as set forth in section two of that charter. I learn that this com pany has never exercised the right to construct the line as granted in that charter I would call your attention to the fact that, under section four very wide powers were granted outside of the railway rights proper, the pro- vision being that the company may purchase and hold such real estate, water rights and flowage rights as may be necessary to fully carry out the ob- jeets of this resolution" that, further more the said company may sell and convey the same as occasion may re- quire," and, moreover, the right of em- inent domain in this connection, is also granted by this section of the charter, and in section eleven it is provided that the company may take, in ac- cordance with the provisions of section four, and of the general statutes, such water rights, rights of fiowage and easements of any nature for general ing electricity and transmitting the same, for the purpose authorized by this charter but the provisions hereof shall not permit the taking of any nat ural pond or lake or any developed wa, ter power, or any land or water power, outside the towns within which such railway is to be located"
 You will note that in addition to the towns of Columbia, Lebanon, Franklin, Bozrah and Norwich. in which rights were granted by the charter of 1905, there is added by house joint resolu- tion No. 379 rights in the towns of Andover, Bolton and Manchester seriously question the wisdom of grant, ing such wide powers as the charter and it's amendments confer upon a cor poration of this character, with the right of eminent domain as to water powers. Tn the original charter you will find. in section six, that the capital stock of the corporation Is to be $50,000 but that the same may be ncreaseE from time to time to any sum not ex- ceeding $200,O0o. And in section two of house joint resolution No. 379 it is pro- vided that the capital stock of said cor poration shall be $S00,000-an increase in the charter Of 19O5 and increasing fourfould the maximum provided in that charter, although the company has not exercised it's rights to build un- der the original charter
 I find that the population of the six towns between the terminal towns. in which the company has rights of way by virtue of house joint resolution No. 379, is only 4,363.
 You are well aware of the reasons given by myself when called upon to act on resolutions previously consider ed at this session of a somewhat simi- lar nature. I have stated it as my be- lief that the capital stock of every corporation should represent either so much cash or so much property which the corporation has received, or is to receive. further believe that, in the event of an increase of capital stock of this, or any other public service cor poration, such increased stock should be issued at par, or not less than it's market value-in other words, capital ization of street railways should repre- sent cash. If this policy is pursued there need be no fear that the corpora ton is overcapitalized, or that it's se- curities represent wind and water" to any considerable extent,
 I am, therefore, of the opinion that this bill should not pass, and I there fore return it to you without my ap- proval, and ask that you further con