The Bridgeport evening farmer., 1914-05-26

II AG Al1ES hAO4A5 oEC 2J ~%As ' S--AAA3
 HOW h Was Done.
 o what was the consoIidated Railway Company
 The Consolidated Railway Com z,srv was originally the Thcmpson @rrs rnzay Company of Connecticut It Sfterwards became the Worcester & f*6nnacticnt Eastern Railway Com 4,s rixks then the Consolidated Railway frrr1pany. and then was merged into ana became d part of the present New York. New Haven & Hartford Rail- road Company
 when was 1t orEanizeds do you
 X Long before my time
 Now there were steaznboat and trolley lines exchanged between the navigation company and the consoi- 1dated Railway Company PC you arnpvv anything about that transact ction1
 don't think carry it clearly iii my mind what your question is
 fQuestion repeated0
 The auestion does not give me eurzcient light to eanble me to an zssl- o. 1hsEs was 7eapital stock Of the New Haven par value Of 30, ,o0o, ,0o o--.
 Now ! know
 Q Well explain it.
 That was the result or n con- 1olidatfon or about June 1, dso7. of. the u&F1%4L1Dn g4U1paUFs tA45 tSs31a<s<,AA- dated Railway. and the New York, FeH Haven & Hartford Railway. The Consolidated Railway which was the New Haven Company consolidaEed In to itself or, bought for itself the steaubozts, then the Consolidated and the New Haven were merged into one; T1se capital stock Of the Consolidated Railway, which was all in the treas nr-y Of the New Haven Raflwsy, be- rmrae by the articles of consolidation. the capital stock of the New Haven and the Consolidated Railways to- getfer became the capital stock of the new company the present New Y orl<. ! New Haven & Hartford Railroad Conn p4ny.
 That left in the treasury of the New Haven Company sso.0oo, ,ooe of capital stock. which it acquired through the ozr1zership of the Consolidated Railway. That became treasury stock and and enbtect to the disposition of it's board of directors and it was that stock, a rcrt1on off ft which was used in the. exchange. share for share. for Boston $ Main stock. to the extent of 1os 948 shares
 BuHions of stocksNo vazne.
 So that the New Haven stock vas out capital stock, par value, $30s-s C00= poo at the end of all these trans- actions. and had in lieu of this $30,- U4EsMEB 1fOLLn IOl HAoC1N tlVAtGJ e~A-e Steamboat 1ines
 A 1t was not out one single cent CT one share of stock It simply cre- ated, by the act of consolidation, $30,- ooo-o0O of capital stock. sub5ect-
 e. How did it crease ait7 <fhe stock Of the Consolidated Rail- <way The New Haven stock was in existence in the hands of the public sThes two together were consolidated tfor the aggregate capital stock of the two. and every share of the New Ha- <rNmazned i'm the treasury of the New Haven Railway and was not disposed of. and remains, the most of it, there today
 O. In the issuance of this so e0o.- . 600 additional stock market value of t3o so90 sooo, was there created one do1- 7ar,s worth of additional profit
 No. there did not need to be The stock represented property in the neEnnins- It was not water. The stock was all in existence. all legal 1Sad-
 tvas not already in the possession of xne New Haven
 The only property of the New Haven WAS this stock itself The New Haven Railroad did not own the steam boats; 1t owned the stock of the own 4ks Consolidated Railway; it crrned stheE stock ef the Consolidated E2al1ways by the merger instead of owning the stock of the Consolidated Eazzway and the Steamboat Company i # owned SS0.000.0o0 of it's own stock, which took the place of the ConsoIi- dated and the Navigation Company. stock There was not a dollar created; [fhere was not certificate created; xhsre was not an additional share of zaodk 1created by the consolidation -1 e Then in the issuance of this f< 10. .BuS. coo of your stock was there tfe&Hsd one dollars worth of addition mz properly
 AZ There was not created any ad .Azfk<onas stock That is the point wanted 10 drive home
 c What was the purpose of all <1zz xaznz azound the ctrcle7