Waterbury evening Democrat., 1908-09-16
LILLEY's VOICE COMES BACK.
Attacks Boat Co at Celebration of the
 Young Mems Republican Club.

New Haven, Sept 16.-The Young Mems Republican club of this place celebrated the twenty-fourth anni- versary of it's organization by rati- fication meeting and shore dinner at Momaguin yesterday which was at tended by many of the men promi- nent in the republican party of the state. At the dinner Seymour Judd, president of the club, acted as toast master MT Judd introduced George L.. Lilley, republican nominee for governor who, after paying a few words of tribute to Connecticut and to the Young Mems Republican club, spoke is fellows in reference to the submarine boat company.
 Tl.ere is one point 1 want to im- press upon you In reference to the Electric Boat Co. This corporation is capitalized at S10.000.000; $5,000,- 900 preferred and $5,000.000 con- mon. l am told that it's actual assets are about s10,000. The Electric Boat Co does not build these Holland sub- marines but obtains government con- tracts and sublets them to shipyards. Now with $i00,000 of visible capital in plant and equipment, when this company pays a dividend of one per cent on it's ten millions capital, it really pays a dividend of 100 per cent on its visible assets of S100,000 which is out one one-hundredth of its ten millions of stock.
 Think of this and take 1t home with you. This corporation on it's preferred stock pays eight per cent or $400.00O annually on visible in- vestment of $100,000 and this has been taken out of the people of the country because of monopolistic leg .slatlon.
 Battleships with ten or twelve inch es of steel armor plates and all their intricate mechanism the twelve inch guns alone costing $1,000,000 cost ready for action but $35 per ton, for while for these wooden boats which have gasoline engine and torpedo tube, our people are paying $1,159 per ton, and had this investigation not knocked out the monopolistic clause we might be compelled to pay s1,28S per ton for the next eight of these wooden craft. stand ready to-day to take contract to build these boats for one-half that sum or $644 per ton, the department to fur nish me with plans and specifications as called for in the naval bill as 1t passed the committee.
 When I went into this investiga- tion I had practically no opposition politically. and therefore personally had nothing to gain and everything to lose. The killing of the monopoly provision will undoubtedly save the country $1,750,000, and I believe with open competition a like sum will be saved every year, and it is un- likely that any company will again attempt to create a monopoly for submarines in congress in this gen. eration, therefore if for no other req son the investigation was justified.
 ''I stood ready to spend my last dollar in hiring the best attorneys in this state and expert accountants to go over the books. and as 1t was 1 did spend considerable sum.
 T do not believe and I do not think that you believe that any con- cern can make 400 per cent with open competition, and there are but few that can make per cent"
 Among the other speakers of the afternoon were United States Sena- tor Frank B. Brandegee. Michael J. Kenealy. chairman of the republi- | can state central committee; Frank l B. Weeks of Middletown, republican l nominee for lieutenant-governor | John Q. Tilson, candidate for l at large: Freeman s. 1 Patten, candidate for state treasurer; 1 Colonel Ike ullman. Congressman N. 1 D. Sperry and Frank Bushnell.