The Bridgeport evening farmer., 1909-06-02
WELLS OFFERS OPERATIONS OF BRIDGEPORT GAS&TROLLEY cos.
 ASSHOWINGNEED OFREGULA ALTON
Bridgeport Gas Company He Says Has Stock and Bonds Amounting to $z,3OO0oO and Pays Taxes on
 Only $7OO,00O.

| Unly D | Hartford, June 2-The special com
 mfttee in charge of the public utfli-
 ties bill began it's hearings in the hall
 of the House yesterday afternoon the
 hall being about half filed. P. H.
 Woodward and Ralph O. Wells of the
 special committee which drafted the | bill spoke for it and E D. Robbins for the New York, New Haven &
 Hartford Railroad Company was heard in opposition. MT. Robbins read a communication from President Mel | len in opposition to the measure and | then spoke later for himself. The
 hearing yesterday was as to the con- | trol of finances of public service corpo- | rations and this afternoon will be on
 the matter of the control of rates. l chairman, announced that the com
 mittee was ready to hear any one on 1 the affirmative side, the House was | tors and others interested. He an | nounced that this hearing would be ] on the control of finances of public | service corporations.
 MT. Woodward said he had been asked to speak as a member of the commission appointed by act of the | last Legislature to draft a public utili- | ties bill, and to speak particularly on l the 10aLuT6 or the Dlll up TOT COnSld- | eration at this hearing. Mr. Wood | ward said there is no proposal to i'm terfere with anyone's private business. | If you have farm, a railroad may
 run through it. There are other pub l lie utilities that are practically mo- nopolies. We can't have streets con- | stantly torn up. It was the aim of the commission to protect the consun-
 CT on one side and the investor on the | other.
 1 MT. Woodward cited as an instance | the operations of a southern railroad
 under the Gould regime, saying that
 it would have been impossible under | the proposed bill. The same men connected with the southern line then footed the Toledo & Ohio Central road. | He then told eff the operations con-
 nected with the Rock island line by | which manipulators issued S27O worth | of new stock for each $1O0 of the old
 stock, the result being that the road came near being forced into bank
 ruptcy.
 All well managed corporations are helped by publicity and supervision.
 All of us need to be kept from tempta-
 tion. He said the aim of the com
 mission was to treat the corporations fairly. He felt that the time would come when the corporations would be
 more harshly dealt with if this meas
 ure is rejected.
 Woodward said that while it needed
 much technical knowledge to manage
 a railroad it only needs common sense to decide the problems arising be- tween the corporations and the public. I He said, however, that there is more | justice in the criticism that members
 of the commission should not be shareholders in public service cor | poration. Ralph o. Wells then spoke on MT.
 Robbins query as to whether or not excessive capitalization affected rates,
 saying that what constitutes fair
 rate depends upon the class of service II rendered. If dividends are larger than | they ought to be because of fictitious capitalization a cut is made in the operating expenses to the detrlment of the public Here in Hartford it would | not be possible for a company to ac- quire another at an excessive, cost. Citing the purchase of the Hartford Street Railway Company, through
 dends against $6O,O0O under the old system. The rate of fare is the same, but the service is poorer. He cited infrequent service, until this week, on 1 historic open cars on the Lafayette | street line, as well as the poor service
 in Meriden and Bridgeport. MT. | Wells alluded to the watering of the
 Connecticut Railway and Lighting Company, saying $600.00 a year is paid
 in dividends upon stock which repre- sents nothing. The people of the
 state are vitally interested.
 | Iurn1ng LO the uSQC1nS cOmpanleS
 MT. Wells said two or three of them | refused to give any information to the commission. The Bridgeport Gas Company has stock and bonds am-
 bunting to g. 900 and pays on s7o0,-
 900 yet it has asked the present Leg islature to increase it's power to issue securities.
 Mayor Hooker of this city spoke for
 a commission, touching upon various | objections to the bill beginning with l the one that it is a novelty, saying | that is simply an attempt to return to
 the wisdom of the fathers in regulat-
 ing corporations The states have failed to give adequate security to the
 public and the shareholders. Mayor 1 Hooker alluded to the lack of control of the lighting companies and also
 took occasion to note the report of the railroad commissioners regarding
 the Providence & Danielson Street Railway Company. How would you state it?'' demanded MT. Robbins. "I
 Hooker, ''as it stands it is false and
 mislead ding"
 Tt is misleading only to the ignor-
 ant.'' said MT. Robbins.
 side the New York, New Haven & Hart ford Railroad Company are probably
 ignorant" said Mayor Hooker.
 Edward D. Robbins then opened for | from President Mellen of the New York, New Haven & Hartford Rail
 road Company, which will be found in | another column.
 1 MT. Robbins then commented on | PresiIeflt Mellen's letter, saying that l it would be highly injurious to re- quire that securities cannot be issXed
 without a public hearing. He said | River :ine by the New York, New Ha- | ven & Hartford Railroad Company | was frustrated because the news of the | proposed purchase leaked out at a | cyotr fI,o | suit that the state company lost it's | chance the next Monday morning. | MT. Robbins pointed out the fact | that the railroad company is vitally | interested in the welfare of the com munities through which it passes. The | railroad company has to fight to keep