The Bridgeport evening farmer., 1909-03-17
Continued From First Pagea

MT. Donnelly said: Poll taxes can- | not be collected in Bridgeport without | warrant authorizing the collection No warrant has ever been issued" In this statement MT. Atwater con- | cured. The poll taxes are collected | upon an instrument which must be signed by the Mayor. Such an instru- ment has not been issued in this city | in many years.
 Mir Atwater's thrilling story of his | long waeed fight to compel his friends ana neighbors to obey dead and de- caying law, was followed by the. story of another battle; the story of a bat tie with law defying corporations some Of which dodge more taxes in one year
 than all the people of all the cities ot Connecticut dodge in polls in two years.
 This was another and more thrill ing story of a contest, waged with
 courage equal to MT. Atwater's, against larger foe.
 One phase of the fight was told by MT. Wells. He is secretary of the
 commission that drafted the proposed
 public utilities law. He collected, as
 Governor Woodruf said. most of the
 sion based its suggestions.
 What MT. Wells said is not new to
 the people of Bridgeport. The facts related to the business men by him are the facts that have been spread upon the record in this newspaper dur ing several years past.
 MT. Wells remarks were received with attentive interest. He knew his subject. What he had to say was plainly and convincingly said.
 'The bill prepared by the commits sion," he said, lis a conservative bill Only in few matters does 1t go be-
 ''It is proposed that the commission shall grant franchise to public ser vice corporations.
 "Shalr supervise the right of eminent domain exercised by these corpora tions.
 Shall supervise their capitalization and prevent stock watering.
 Shall ascertain their physical condi- ton and supervise their operation to protect the lives and bodies of the pub- lie and of the employees.
 Shall fix the rates when existing rates arc unreasonable"
 MT. Wells then gave facts showing that the evils existing at present in the Generay Assembly grow out of the struggle to obtain special privileges. and of the presence of a lobby whio h could not exist if the granting of spe- cial privileges was reposed in com mission.
 He regarded one of the most impor- tant duties of the commission to be that of stopping over capitalization.
 At this point he said: ''Mr. Mellen that the days of tinn are past. This is not the fact. One electric company recently capitalized has issued stock and bonds to the am-. ount of S3,O00, 900. This same cOn- many has made a report to the state declaring its physical value to be S26O,- 900 and asking to be taxed on $15000o. People are credulous about invest ments. Any clever man can take those stocks and bonds and sell them to con- fding people. but there is no proper ty behind them"
 In referring to classic instances of over-cs pitalization MT. Wells said: "The Connecticut Railway & Lighting Company was formed by the consoli- dation of a number of smaller com panies Before the consolidation took place the capitalization of all Of the s.raller companies was about $s00o. GOO. When the consolidation was effected the promoters issued ss 00n.000 in bonds alone. Then they issred $15000 oe0 worth of stock. They did very little new work so that most of these mill lions represented the reward of the promoter for his enterprise"
 MT. Wells then showed that all Of this water has been taken over by the New Haven road. so that substantially four rer cent. is guaranteed upon 1t the same as If real money had been in- vested in real tracks, cars and ser vices for the' people.
 And" continued the sneaker" this ia not the only case of over-capitaliza- lion. The Consolidated street rail- way corrpany now owned by the New Haven road, is almost as badly over | ,apita'ized es the Connecticut Railway & Lighting Co.,
 Tn ibe matter of rate regulation. MT. | Wells said tkat there now exists in | he state no means of supervising char | yes of public service corpora tions ex- ,ep+ in the legislature, which IS a ,ody not in it's nature constituted to | 10 tho work effectively. From lack i # time, and opportunity to make ex- l pert examination it will either be un- | lust to the ruh:ic. or to the company.
 The work could be done and effec- | lively done by a small commission | with plenty of time and full auditing | powers.
 AS to whether or not the rates of public service corporations in Connec- | icut are reasonable. MT. Wells de- l ,lared that he would not attempt to | say.
 But he would say that by compar- | son of notes in Ss cities from which | rates hal been secured by the com- | mission 1t would appear as if there | night be overcharging.
 In the case of water. many cities re- ,eivei water at cheaper rates. In the | ,ase of gas and electric light the same | vas true. In the case of telephones, | he comparison was more difficult, | owing to variation in the kind of ser rice given, but there were indications ] hat the charges are hieher than in | many cities outside of Connecticut.
 With two minor exceptions there l Ire no cities in Connecticut where troll ey fares are chea per than five cents. buys 9 tickets for dol ar. One other community gets con- :ession. In many cities outside of | trolley car fares are ,heaper than five cents.
 As to the charges of the ConSolidat- d railroad, Mir. Wells said that their ,a ssenger rates were a s cheap as any : where Then he smiled started to say and refrained. By this it I o4 1<fa t advisable to ac into the question of he density of the population served ,y the railroad.
 As for its freight rates. they were. according to the figures of the inter- tate commerce commission, 90 per ent higher than the average for the ountry and 20 per cent. higher than he average for New England.
 Thus" said MT. Wells, without e says that the rates of the Public ervice corporations of Connecticut