The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-21

"a public utilities bill should be
enacted that will meet all the de-
mands of the most advanced thought
upon governmental regulation of pub
lie utility corporations.
"Such a bill cannot harm such cor
porations. but will, in my view,
strengthen them and their securities in
public confidence.
Just and fair regulation can only be
objected to by those misconceiving the
rights of the State. The State grants
all corporate powers to its railways
and other public utility corporations,
and may not only modify, but repeal
all charters and charter privileges it
c%onfers. 1t may, therefore, impose con-
ditions upon their operation at its pleas
ure.
"Of course in the doing of these
things, it should act wisely and with
conservatism, protecting all vested
rights of property and the interests of
the innocent holders of the securities
of existing quasi-public corporations.
Regulation, therefore, upon a wise
basis. Of the operation of these public
utilities companies, including the Ak
ing of rates and public charges, upon
complaint, and subject to court review,
should be entrusted to a proper. board, as
well as the right to regulate the output
of stock and the bonded issues of such
corporations.
"If this were done ii would inure 10 the
benefit of the people and the companies,
for 1t would fix the value of such securt-
ties, and act as n guarantee against their
depreciation. Under such a law, the hold.
ers of existing securities would find them
protected, and new securities offered would
have the confidence of the people, be.
cause of the guarantee of the State that
they were only issued for extensions OF
betterments and upon some basis of the
cost of such extensions or betternients.
ut is difficult to suggest any Legislation
that would give greater confidence to the
public and investors, than a wise public
utilities bill; and, the mere suggestion
of its enactment should cause this class
of security holders to feel that thell
holdings were strengthened, and that
the State was about to aid the managers
of its public utility corporations to con.
serve their corporate property for the
public benefit and for the protection Of
invested capital.
ssThere should be but one commits.
sion In h state for the regulation OF
railroads and all public utility conn
pnnies, and. IN case a new act is passed
on this subject, it should embrace al
the powers conferred upon the Board o.
Railroad Commissioners under the act ap.
proved May 10, 1907. The act of 1907 II
good, as far as it goes, but it's powers
are not sufficiently broad or , drastic Il
compel a compliance with it's orders or t.
reach many matters over which 1t should
nave plenary control. The present methot
of enforcing orders, provided by the &C
of 1907, which requires proceedings in {
Court of Equity, by "a bill for specific
performance is so absurd as to be al
most ledicous. Any order of the commits
sion should become operative unless cour
review be commenced by the company af
fected within a definite number of days
and, in default of proceedings for re
view, or compliance with the order,
penalty should be imposed by the commits
sion; the mere fling OF the order TO
which I'm the Supreme Court should caus1
1t to operate as a judgment against tn
property of the defaulting company, with
the enforcement Of this judgment by al
execution out of the Supreme Court, al
in the case of any other Judgment.
with this sort of a public utilities bill
with a board OF four commissioners. at
reasonable compensation. who should b.
required to devote all their time TO tn
Duties Of the Office, and three Of whom
should always b necessary 70 make n;