The daily morning journal and courier., 1895-05-02
BOTH PASSED AS AMENDED.
LAW IND ORDER LEAGUE WTEL RE-
 CEIYE NO APPROPRIATION,

Vital Points Taken Out of This and the
 Resolution in Reference to Woodmont
 AssociatiOn-The School Fund-Doings ol
 the Day in the Senate and House.
 Hartford, May 1.-The railroad com
 mittee this afternoon called up the bill amending the charter of the New Ha-
 ven and North Haven Street Railway 79mpany. Attorney Goodhart asked
 ror~es continuance to allow the friends of the bill to amend. It was stated that the Fair Haven and Westville company
 would build to Montowese. The New Haven and North Haven line wishes to extend from Montowese to North Ha- ven village, distance of about two
 miles. They will put in an amendment soon.
 The petition of the Milford Street Railway company for a charter was
 next heard. The line is to run from Naugatuck Junction thence to Mead ow's End on the sound, distance of
 one and one-half miles, and the line will then run along the shore to Burns Point.
 The petition was explained by ex- Judge w. B. Stoddard. He said most of the people on that shore were Nauga- tuck Valley people, and this proposed railroad to the Naugatuck Junction on the New York and the Naugatuck division, would prove a great conven- fence in summer At Burns Point is a settlement of Middletown and New York people, and the petition asks to extend the line to the Milford depot, which would greatly accommodate these persons. Another extension was to build from Milford depot through Milford village, across the gulf and to the. shore at Welch'sl bay, thence to the proposed extension of the West Shore road to Merwin's Point Another draft proposed an extension to the Woodmont station. The incorporators are Sheriff Tomlinson and others of Milford. The selectmen of Milford shall say just where the tracks are to be built. The capital Is $100000, and the right to increase to $200, 900.
 Sheriff Tomlinson said there was an urgent demand that the committee is- sue the charter, The people of Milford were unanimous for the road,which had been talked of or a long time. There were half a dozen shore resorts at pres ent, and Walnut grove had increased to 100 cottages. The company would
 not build in front of the cottages.
 THE SCHOOL FUND.
 Representative George M Clark of Haddam this afternoon appeared before
 the committee on the school fund to
 advocate his bill providing that the state should take the school fund and reinvest it under it's immediate juris- diction- The bill also does away with the office of school fund commissioner, and the comptroller and treasurer shall become a board of investment; the state to issue it's debentures for the fund and pay per cent. annually for the aid of common schools.
 Mr. Clark said the bill had been drawn by Attorney c. J. Cole of this city. He had consulted ex-Governor Bulkeley and the late Judge Griswold of Windsor in relation to the bill and they were strongly in favor of it. He continued:
 'The constitution says the credit of the state shall be defended, and in this view of the case it is better to reinvest this fund and have it backed up by the state than to pay $10,000 year as at present in maintaining the school fund department. The fund is invested in speculative securities. In my own town the school fund became deterio- rated and it was at last found neces- sary to invest it in a note of the town to properly secure 1t. It would be best | to convert these school securities as fast as possible into the state deben- ! tures according to the best advant- ] age. The school fund has no doubt | been as we'll invested as could be possi- | ble under the circumstances, but the in- 1 vestments are on a speculative basis. | can recall many losses which have | come up from time to tlnle The invest | ments were considered good at the time l they were made, but there came a 1 shrinkage in value all around, and the | school fund investments suffered with | the rest of values. Now, if these monies are invested in state securities they will be backed by every dollar of property in the state, and will thus not be sub ject to loss.