The Bridgeport evening farmer., 1909-06-24

What is the Public Utilities Bill Rec commended by the Temporary Commis- sion?
 Ql It is a bill providing for a small state commission to supervise. in the interest of the people, public service corporations, viz: railroads, street railways. telephone companies, gas Companies, electric light and power companies, water companies, telegraph companies, and express companies.
 (2)dt is bill providing a method by which charter rights may sbe granted to persons who will use them to sup ply the public with needed service.
 (3) 1t is bill recodifying the exist ing laws relating to public service cor porations.
 (4) It is the most important bill which -has been presented to the Connecticut legislature in more than a hundred years.
 Who Prepared the Public Utilities Bill?
 by the General Assembly of 1907. The members Of this temporary commission were: ~
 tD Marcus H. Holcomb;s Attorney General; recently appointed Judge of the Superior Court; President, South ington Savings Bank; Director, South ineton National Bank; Peck, Stowe & Wilcox Co.,; Southington Cutlery Co.,; Aetna Nut Co; Speaker of the House
 CD Thomas D. Bradstreet; State Comptroller; Vice President, Director and Manager of Seth Thomas Clock Co; President Thomaston Water Co.,, Director, Thomaston National Bank. ; (a) Charles Phelps; Member of House of Representatives. 1885; Member of Senate, 1898; Secretary of State, 1S97- 1899; Attorney General. 1S99-1902; Dele- gate to State Constitutional Conven- ton: Director, Rockville National Bank.
 6D P H Woodward; President, Dime Savings Bank, of Hartford; Vice Pres ident, Connecticut General Life In- ciaf Agent of Post Office Department; First Secretary, Hartford Board of Trade.
 (6 Washington F. 'Willcox, deceased; ; former Railroad Comn1issioner; lead ing Attorney in Middlesex County. Who Favors the Public Utilities Bill?
 Q) The State Business Mems Asso- citation, representing 36 locai organiza- tfons, over 4,000 firms. and over 15.000 business men.
 .(3y All the labor organizations which have carefully considered 1t.
 tD Practically the entire press of the state.
 .5l Ex-Gov. woodrur, and the late
 ts) Some of the Public Service Cor porations.
 2 Who opposes the Public Utilities Bin7
 The New York, New Haven & Hart ford Railroad Company. Some of the other corporations affected. The pro- moters- The paid lobby at the legis- Does the Public Utilities Bin mean one more Commission?
 No. 1t substitutes one efficient com mission for ten more or less inefficient commissions.
 Is the Public Utdlitfes Bill an Ex- anrfr,-
 No. Commissions similar to that pro- posed have been in successful existence in Massachusetts for more than a quarter of a century. Neither the peo- pie nor the legislature of Massachu- settsr ever thinks of abolishing them.
 Does the Public Utilities Bill give any Powers to the Proposed Cornmis- sion not now held by Existing Com missiousf
 Yes The new powers proposed are:
 Q) Power to supervise the issue of securities by public service corpora tions.
 @ Power to audit books of. public service corporations
 (3) Power to inspect electric light me- ters as well as gas meters, on re- quest
 @ Power to require repairs neces- sary for public safety or safety of em-
 (5) Power to fix, Cor recommend rates by public service corpora tions lwhen existing rates are unrea- sonab1e.
 Cs) Power to grant to corporations the rights necessary to enable them to supply the public with needed service.
 Does the Public Utilities Bill con tain anything else? -t
 Yes. It contains a recodifcation of all the existing Connecticut law relat- ing to public service corporations. This recodification comprises 80 per cent of the entire bill.
 Why should Power to Supervise the Issue of Securities by Public Service be given to a State Com 
 D Because many of these securities are legal investments. for savings banks, insurance companies, trustees, etc.
 @ Because many people invest their own small savings in these securities.
 (3) Because otherwise some of these will continue to issue se- curities which do not represent value received, and will unload these secur- ities on innocent investors. Connecticut does not wish an Interborough-Met- ropolitan scandal. ~
 (4) Because otherwise some of these will continue to be gross ly over-capitaMzed. to the detriment of the public.
 Are any of. these Corporations Now 
 Yes. The Connecticut Railway & Company was formed by nine plants. The total cap- ital stock, bonded and floating debt of these corporations, was less than ss.- 25o. 900. The Connecticut Railway & Company issued ss,s50, 900 of bonds and $15.O06, 900 of stock merely on the strength of this consolidation.
 The Consolidated Railway Company issued over $1z20OO of stock and bonds | per mile of trolley road owned, prior | to its merger with The New York, | New Haven & Hartford Railroad | Independent companies in | -his state (excluding. The Connecticut | Railway & Lighting Company and The | Consolidated Railway Company is- | sued less than $43, 900 per mile of troll | ey road owned. Massachusetts com- l panies issue an average of less than | s50 800 per mile of trolley road owned. |
 The Shore Line Electric Railway | Company has g, ,0O0.0 of stocks and | ponds; and it says its property is worth | ess than $250,000. H
 Some of our gas and electric light are equally overcapitalized, | put their figures are not published.
 Does this Over-capitalization Injure | the Public?