Year: 1868

Aeeisintion ON Increase of Capital Stock


Election for Directors-ContempIated I'm


prOvements.


Dill was introduced in the Legislature Of Con-
necticut some days ago, and passed by both houses
In favor OF authorizing the New York and New
Haven Railroad Company to increase its capital
stock to the extent OF saooOoOo by the issue Of new
bonds, for the purpose of carrying certain i'm
provements and the purchase Of real estate in the
city Of New York. Parties interested In
other railroad enterprises Monday succeeded
in getting the Lower House to send to the Secretary
OF State for the bill in question, and brought 1t up
for reconsideration. An effort was made to induce
the Senate to pursue similar course, but that body
refused to do so after angry discussion yesterday
in both houses Committee OF Conference was
appointed In relation to the subject. II was asserted
by those opposed to the New Haven Railroad Com
pany that the s3,OOoO0 additional capital pro-
posed to be raised wanted for the purpose
OF buying the New Haven, Hartford and Springfield
Railroad, with o view of consolidating it with the
New York and New Haven Railroad.


The annual meeting Of the stockholders of the New
York and New Haven Railroad Company was at the
Same 'in,a hning held at the Merchants Exchange
New Haven for the election OF directors Iur uv en-
suing year, and after the usual reading and approv-


ing OF the minutes Of the last meeting resolution
was offered by General Elliott to the effect that the
stockholders then assembled heartily approved OF
the Improvements to the road and property Of the
company suggested by the board Of directors In their
annual na ,n nrepSSrt Whereby the road should be
| therefore, recommended that the board should
cause the proposed improvements to be carried ont
desired to modify the expression little by substltu-
ting the words zone Of the best' for ''the BEST"
which resolution amended was unanimously
adopted. The election OF directors then held,
and resulted in the unanimous eeecton Of the old
board each member OF Which VI Ss RECEIVED the full vote
$3,665, 800 OF the capital. Mr. Vermilyea, Of New
York, then offered resolution Of thanks to the Board
of Directors for the able and efficient manner in
which they had managed the affairs OF the company
during the past year, which was unanimously


The following resolutions were then orered:-


Resolved. view of the Importance magnitude
the @ % By s


the capital stock Of the company should be inc ncrsassd


as the meeting 90
% Al sas Of @ :
the to increase and add s capital by the
whereof Se expended said


After reading the resolutions, Mr.: BISHOP, Presi-
dent, made brief explanation OF the objects for
which this increase OF capital was desired. lie first
spoke of the experiments which had been made with


in point Of economy and public safety they were the
only kind which should be used and that the Board
| had decided to use them hereafter In renewing
the tracks; that at the present time the machine
| shops OF the company at New Haven were the same
as originally used when the rolling stock consisted
of about thirty passenger cars, 100 freight cars and
fourteen een locomotives whereas no less than
100 passenger cars 400 to 500 freight and forty


one locomotives now taxed to their utmost capa-
city; that for want Of proper facilities for repair


ing locomotives they had been obliged to sell them
OFF when they needed repairs and get Others. As .
site for new ana extensive machine shops the
| company had purchased twenty acres OF ground,


which could be gradually increased to fifty acres by
| the refuse from the shops. But to erect the
| contemplated buildings and nt them up with proper
machinery $4O0 900 would be required. 1t was pro-
posed TO replace several wooden bridges with sub
stantia and permanent structures Of stone or iron.
ground In the city OF New York. In four years the
lease of the depot corner Fourth avenue and Twen-
tyseventh street would EXPIRE and the engine house
was only hired from year to year. The position Of
the company would not be an agreeable one, II
they should wake up some morning and Ind
that they had no depot or q foot OF land
which to locate one. Block after block is now
and while they had been waiting and waiting for
means prices had gone mp higher and higher that
now there is no telling how much money 1t will re-
quire to secure plot OF ground on which they can
erect depot suitable to the wants OF the company.
Probably from 100000 to 81, 900 would be
wanted for this purpose, besides the cost OF the
buildings; but he thought that they could be SO
arranged to admit Of portions being let out to ad
vantage.


Judge PHELPS favored tho views advanced by the
President, and remarked that as 1t had been stated
that several heavy stockholders were opposed TO the
proposed increase Of capital stock, he would like
those gentlemen to express their Ideas In relation to
the matter; but none responded to the remarks. A
vote on the resolution offered was therefore taken,
and IL was unanimously adopted.


II Is presumed that the action of the meeting In
have some influence on the Legislature In the matter