CONNECTICUT. 



195 



grounds or out of favoritism. The bar of the 

 State favor this change, deeming that it will 

 raise the standard of the bench, without trans- 

 ferring the power of electing the judiciary, 

 which by the traditions of the Constitution re- 

 poses in the representatives of the people. 



The New York and Connecticut joint boun- 

 dary commission agreed upon a boundary-line 

 between the two States. This gives to New 

 York a small strip on the west, 4 - 68 square 

 miles in area, called the " oblong tract," on the 

 Connecticut side of the straight-line boundary 

 running north and south twenty miles east of 

 the North River, agreed upon in 1685, but 

 which was given to New York by a faulty sur- 

 vey made about a century ago, and first came 

 into controversy in 1856. The settlement 

 draws the more important southern boundary 

 through the middle of Long Island Sound. 

 Difficulties and disputes have many times arisen 

 over the islands and fisheries along the Con- 

 necticut shore, which were added to New York 

 by the Duke of York's grant, but which by 

 earlier charters and by maritime law belong to 

 Connecticut. The authorities of each State 

 have sometimes claimed, sometimes avoided 

 jurisdiction over these lands, according as im- 

 mediate interest dictated. Fisher's Island, about 

 seven miles long and one broad, and lying with- 

 in two miles of the shore, was left in the 

 possession of New York by the settlement. 

 Against this the citizens of Stonington earnest- 

 ly protested, who represent the island as a re- 

 sort of prize-fighters and refuge of thieves from 

 New York. The General Assembly ratified 

 the settlement of the commissioners, as the 

 New York Legislature did also ; but a new 

 commission was appointed to negotiate with 

 the State of New York for the cession of Fish- 

 er's Island to Connecticut. 



The new law relating to the incorporation of 

 joint-stock companies requires twenty per cent, 

 of the capital to be paid up in cash, and de- 

 mands that any portion of the remainder which 

 is paid in property must be taken at its real 

 value. Charters are not to be granted for the 

 buying and selling of real estate, the trust, in- 

 surance, or banking businesses, or for traffick- 

 ing in patent rights. Directors must be elected 

 by the stockholders annually ; and the secre- 

 tary and treasurer, or an assistant treasurer, 

 must be residents of the State. The books 

 must be kept on hand for the inspection ot 

 stockholders. The capital may be increased or 

 reduced by the vote of the owners of two 

 thirds of the stock. A report of the financial 

 condition of each company, and a list of the 

 shareholders, must be lodged with the town 

 clerk of the place where the business is located, 

 and a financial statement be filed in the office 

 of the Secretary of the State every year. The 

 directors render themselves jointly and several- 

 ly liable for the debts of the corporation by 

 paying dividends when it is insolvent, or which 

 cause it to become so, and all officers become 

 liable for the company debts who fail to per- 



form the duties required of them by law. De- 

 linquent subscribers may be sold out; or the 

 equity of redemption of their stock may be sold, 

 if they have pledged it to third parties. On the 

 petition of stockholders owning one third of 

 the stock, the company may be dissolved and 

 its affairs placed in liquidation by the courts ; 

 and any stockholder or creditor, or the district 

 attorney, may have the business wound up, 

 unless proof is brought of solvency, if the an- 

 nual statements have been twice omitted ; if 

 shown to be solvent, the court may fix a limit 

 within which the statement must be filed. 

 The charters of 1,298 joint-stock companies 

 incorporated under the laws of Connecticut, 

 which had ceased to exist or had failed to 

 make reports to the State Secretary, were re- 

 pealed. 



The fees of receivers of banks, savings-banks, 

 and trust companies were fixed by an act 

 passed by the Legislature this year at one per 

 cent, of the dividends paid to depositors and 

 creditors, which shall be in full for all personal 

 and clerical services, all other expenses to be 

 taxed by the court, which may also allow ad- 

 ditional fees when the dividends fall short of 

 a total sum of $250,000. The law which pre- 

 scribes the character of the investments and 

 securities which may be purchased by savings- 

 banks was amended so as to allow investment 

 in Indiana, Missouri, Kansas, and Nebraska 

 State bonds, in the bonds of Philadelphia, 

 Chicago, and certain other cities, in guaranteed 

 bonds of the District of Columbia, and in the 

 bonds of railroads which have paid dividends 

 on their stock of five per cent, or more for at 

 least five years. The restriction which debars 

 savings-banks from investing more than half of 

 their deposits in bonds and personal securities 

 is relaxed, United States and Connecticut State 

 and municipal bonds being taken out of this 

 class and counted with real-estate securities. 

 Another act requires savings-banks to carry 

 one eighth of one per cent, of deposits to sur- 

 plus semi-annually, instead of the reserve of 

 a quarter of one per cent, required by the 

 former law, which was suspended two years 

 before. 



An amendment was made to the insolvency 

 law. A bill was passed requiring bank cashiers 

 and treasurers of trust companies to give bonds 

 of at least $10,000. A bill to reduce the taxa- 

 tion of life-insurance companies from one half 

 to three eighths of one per cent., on the ground 

 that eleven millions out of their eighty million 

 dollars capital consists of property outside of 

 the State, which is already taxed twenty-seven 

 mills on the dollar, passed both Houses, but 

 was reconsidered afterward and revoked. A 

 freight bill forbidding railroad companies to 

 charge more for transportation for shorter 

 distances than their through-line freight rates, 

 passed the House, but the Senate refused to 

 concur. A law was made prohibiting the adul- 

 teration of sugar with glucose, terra alba, or 

 other substances. Among a number of liquor 



