Norwich bulletin., 1913-08-23
IA Commission for Somebody
 
RuLkELEY cRfTIcfsEs ISSUE OF
 DEBENTURE BONDS
AT RAILROAD MEETING
Action of New Haven Directors Rati-
 fled by stockhoIders-No Chance Given Stockholders to Obtain Bonds.

New Haven. Conn. Aug. 22-"some- 1 DodyS going to make commission | of $1,750,000 on these debentures and stock declared former Governor Nor l gan G. Bulkeley, of Hartford, at the special meeting of stockholders of the l New York; New Haven and Hartford Railroad company, this afternoon af- l ter he had found out what business | was before the meeting. The one 1 time governor had been delayed in reaching the meeting by the holding 1 up of train to let a special train | by and when he entered the meeting l an informal discussion was under way l over the company's affairs. MT. Bulk | eley after being told that the vote was being taken ratification of the 1s- | sue of debenture bonds, said:
 ."The company ought to save that commission for the stockholders" 1 MaIoontent Among the Stockholders. I A. Maxey Hitler another stockhold- CT, who took part in the discussion, 1 interjected: T heard that the road lost $12.000000 in the Oakley Thorne in- 1 vestment."
 That will appear at the annual
 meeting, said Director c. F. Brooker. who was presiding.
 MT. Bulkeley continuing, said he was much encouraged by the malcon-
 tent among the stockholders. He read l stated action to be taken on the bond
 issue and said
 Wild and Extravagant Proposition.
 Now we are confronted with all
 the plans for the disposal of the bond
 and stock issue, even before 1t is au
 thorized by this needing and they
 are underwritten by private bankers.
 We have reached a point, it seems to me, where we ought to stop. It Is a | 0t 1 present bondholders and stockholders
 can do without the aid of Wall street One of your directors is to get the l financial benefit of 1t all and a syndi-
 cate Is a member of your executive | committee. 1 came ready to vote for ] this issue, but I want the bondhoiders
 and stockholders to get first chance
 to take the Issue. Now we are told l that the executive committee has all
 ready entered into contract which
 has been approved by the directors to take over that issue and before this
 meeting has authorized 1t: and l am told of plans of this so-ealled protec-
 tive committee of which the gentle 1 man who offered the resolution CEli Whitney) Is a member, to keep the 1 financial control of the road where it is that the office of the head Is to be
 removed to a neighboBing state and
 New Haven is to have a nominal office,
 only.
 Director cuyler Replies. Here the directors have made 8 contract which discloSeS a waste of one and three-quarters millions of the
 stockholders money. As I said before
 I know I can't stop pre-arranged plans
 of this meeting, but I want to say to . you that if you can't do some of the things you suggest at this meeting, be
 sure and be here and do them at the next"
 Director I. Dewitt Cuyier of New
 York said he could not let the remarks
 of Mr. Bulkeley go unchallenged. If we didn't provide for the pay , ment of $40, ,000,0 900 in December 1t , meant a receivership for the road
 Now. the stockholders can't take up
 this issue of bonds and stocks. They
 haven't got the money"
 Applause at Reference to MeIIen. , MT. Bulkeley replied:
 ! The. public are jumping at the chance to buy it. I willing to
 trust the bondholders and stockhold- CTS to furnish all the money leg1t1- mately needed And let me tell you,
 you will go a long way before you
 find a man who will develop physically
 the road as did the man you have al 1 lowed to retire.
 This reference to President Mellen ' brought applause.
 I Roads Financial Policy Rotten.
 MT Bulkeley said in conclusion:
 "The financial policy of this road for ! ten years has been rotten (applause) 9 and it will not improve unless there f is somebody to say something about a it. I don't want to see a couple or Q million dollars thrown recklessly. 1 approve of the issue. but dfsapprove
 of contracting with syndicate or
 bankers which is not legally oniged : to take a dollar of it."
 r Henry FIeishner 2nd of New Haven. ,. a lawyer, asked MT. Brooker why the }. bonds were not offered to stockholo~ n CTS. and the reply was that the matter e was closed.
 Bond Issue Authorized.
 Autroriza ton of the bond issue was e given, 912.754 for and S.S54 against.
 T IT. Hustis vice president of the p Boston and Albany, was appointed 3, v vice president of the New York, New o Haven and Hartford railroad at 8 v meeting of the board of directors held today in connection with the meeting
 of the stockholders. His appointment is effective September 1. He will be n 1 in charge of all departments, with ', headouarters in New Haven. Later, f when the bylaws of the company have 7 been changed to permit Howard Elliott . to become chairman of the board of 5 directors, MT Hustis will become pres
 ident of the New York, New Haven
 and Hartford.
 . Ex-Senater Crane Elected Director. # The resignation of De Yer H. War = ner of Bridgeport, as a director, was y accepted and w. Murray Crane of f Dalton, Mass, was elected to succeed
 him. Theodore N. Vail was named a
 nfember of the executive committee. Il President elect Elliot, who takes e charge September. 1, was present. He e left tonight for Dublin, N. H., to spend e the time until September with his d family.
 |. The New Vice President.
 James H. Hustis, who has been ap- r pointed a vice president of the New V York New Haven and Hartford rail r road and is later to become president i of 1t, was born in New York city in 2 1S6 4and was educated in the public c schools there. Thirty five years ago Q he entered the office of the general su =
 pertntendent of the New York Central
 and since that time has worked with g the eastern lines of that system.
 Private William. Mccarthy of Com T rany II, First Infantry. c. k. S., of 2 Hartferd, was lodged in the Hartfcr5 Q county 5nil. yesterday, beca use of his : refusal to pay 3 s6 fine for noA-e4@
 tendance al drfl15