The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1910-12-21
May SURPASS
ROADS FIGURES
Massachusetts Commission Re-
port on Valuation Said to
Exceed Stevens
MADE FOR LEGISLATURE
Interesting Talk Regarding Inquiry to
Determine Valuation of New
Haven Securities.

| There is a report current in hnan.
| cial circles to the effect that the re-
port of the special commission, APP
| pointed at the last session Of the Mas
| sachusetts General Assembly, to ap-
| praise the value of the physical prop
erty of the New Haven railroad would
be returned to the Bay State Assem-
bly,, few days after the Legislature
convenes next month. This report
will give. according to financial Cos
sip, greater valuation than that fig
ured by former Vice-Pres dent John
F. Stevens Of the New Haven, who
was enga ged principally to determine
Just about what the property of the
New Haven road was worth at that
time In dollars and cents.
The purpose of the Bay State Leg
islators in learning. from competent
authority, that is an authority not in
the pay Of the railroad, Is to deter
mine whether the securities of the
New Haven company shall be vail
dated by that State and made legal
investments for the banks in Massa-
chusetts. There are certain restric
tions on Massachusetts Savings bank
investments in New Haven securities.
Only a certain percentage of the
roads outstanding securities are le-
galized for purchase by the banks.
Naturally the road wants this limi-
tation removed. When this matter
first came up some four years ago,
the road, also desiring to know the
value of it's physical property, hired
John F. Stevens. formerly in charge
of the Panama canal work, and an
engineer Of International standing,
to do this work. Mr.. Stevens was
made vice president Of the road on
this work. He completed the job in
about Is months. and for the rest of
his brief stay with the New Haven
was in charge Of transportation prob
yN,|,r ~ y@fl I, -,
go west and is now work ng for James
]. Hill on other great railroad engi-
neering problems in the far north
west.
Mr.. Stevens trailed over the road
in special train so much that he knew
the value of each stretch of rail on
the New. Haven system and it's al
lied lines of trolleys and in his inves-
tigation acquired full information as
to the value of the New Ravens
steamboat properties. His finding
showed according to a reliable au-
thority that the company was in pos
session of property of all kinds which
0n0 600 which is about double the
amount represented by the outstand-
ing stock and other securities of the
New Haven company.
But this valuation did not go with
the lawmakers Of Massachusetts,,
validating it's securities In Massachu-
sets. The act failed of passage. but
as q compromise a special commission
was appointed by the Legislature to
appraise the roads property. This
commission included Prof George F.
Swain Of Harvard. who also is con-
nected with the Boston Transit COM
mission. Prof. Swain acted as chair
man of the commission. The other
members were Railroad Commissioners
Walter Perley Hall. Clinton White
and George r. Bishop and Bank
Commits soner Arthur D. Chaplin.
This commission started out on
their tour OF the property owned by
the New Haven railroad on October
a. The first trip of the party was
over the New York district and Yves
tern controlled bv the New Haven
company. They spent some days on
this line going thoroughly over the
system, spending some time at the
roads chief centers such as Scran-
ton Oswego and Poughkeepsie. They
covered next some Of the lines in the
northern section of this State. The
commission came to New Haven
about the middle of November and
worked from that city leaving there
for trips over the main lines such as
the New York and the Shore Line d.
vision They took in everything in
this State in the way of rail line i
and then moved into Massachusetts.
That the special commission should
place a greater value on the ra lroad's
property than did Mr.. Stevens is not
surprising. The former viee-presi-
dents work was finished more than
two years ago and since that time
the company has acquired much ad- |
d tional land and has worked out
many costly improvements.
Professor Swain of Harvard. who is
member of the commission express
ed his surprise at the extent and re-
sources of the system. The report
must be filed by December 81, so the
work is almost completed. The book
value of the road as made by the
con,pany'S Officers is something like
sA25 O00 600 and the expectation is that
the re-valuation will place the figures
close to 5000. 900.
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