Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-11


or express matter, excessively, there is
no place to which appeal for relief may
be made.
There is a statute which prevents the
sale of bonds at, a less price than 80
per centum of their par; but 1t in no
way prevents the capitalization Of fu-
lures or Of combinations in the same
line OF business. The law should be
clear and stringent against any at
tempt at the merger of public utility
companies, or the issuance Of bonds or
stock by sue Companies except upon
the approval Of some State board.
The burdens which the people of the
State. now bear are the outcome of
consultations and3mergers which have
frightfully over-capitalized these pub
lie utility enterprises, and which make
it essential, in order to meet their fixed
charges and pay even small dividends
on their stock, that much higher prices
be charged for gas and electric light
than affair, OF even liberal, capitaliza-
ton would have required. The people
should not be compelled to suffer for
this. EY
IL ~ PQDtC-oCINlilS COiuOIdllOliS VI
the counties of Essex, Hudson and Pas
sale, and other parts of the State, had
MOI been over-capitalized, in excess of
any reasonable theory of the outlay
necessary to construct them. II would
have been possible, even allowing for a
large profit. TO the stockholders, to have
long ago had ~eighty-cent gas and a
great reduction in the cost of cleo
/ 4rf.,ffxr Irxta.xr -11fIar 80 Capitalization IL
the way Of excessive bond or stock is
sues, Is simply adding to the burden of
the people who use the street cars, the
electric light and the gas. The same
thing Is equally true OF the telephone
service and the charges for express
matter. Each of these public-serving
companies now conducts these public
matters in Its. own way, and In its own
time and under any rate 1t chooses; and
the people are helpless. The consumer
has no place to go for relief against any
exactions. inequalities or neglect, and a
long suffering public must submit and
allow all this to continue. unless a COM
mission, with ample power to protect
and relieve the people, Is created.
1t would seem that n law 80 adj
vantaReous to the people would he
easy of enactment, yet 1t II dis
courasing to undertake to accom-
plish anything in this direction.
The whole power of these corpora
lions, their ~offclals and lobbyists
are arrayed against the proposed
Liquidation, and the use of their
money, gotten from the people, Is
felt in the elections, II not In other
directions, and, up TO this time, IT
would seem to have been poten-
tial.
This question touches every
householder and tenant In the
State. 1t affects every home. II is
. vital issue and will mot down.
The failure to enact this iegisla-
tion during the past two years
Inns been a hagrant violation of n
most honorable and SPECIFIC poiiti-
cal pledge.
The Republican party in the Stat
platform on which the present Gov
erner was elected declares I'VE pledg
ourselves to enact a law providing 70
a commission with ample jurisdiction
n powers to enable 1T to regulat
, public utility corporations effectivel,
and authorftatively."' There is. no am
, biguity in this. language.
The platform of the Democratic part,
, was equally clear.
8 There Is absolutely nc excuse for no
q keeping this pledge, except that tn
corporations to be regulated oppose II
At the last session Of the Legislator
their lobbyists were about the Stat
. House. In a most notorious and auda
cious manner they entered the AS
sembiy chamber and tried to defea
any public utilities bill. They. oppose
: even the reasonable and fair act know
? as the Pierce bill" then pending !
: the House Of Assembly.
1t is often stated hat no n Is CON
= ing to the Legislature demanding til
!, passage of a public utilities bill. VIII
i should they come? Did not the part
= which now has a working majorit
in the Legislature promise the Poop
: to enact such a law? When a platfori
= promise is made, do we expect TT
y people, after they have elected US upo
; 1t, to keep coming to. the executiS
and the Legislature and demanding thu
We keep It? Such q suggestion is%
reflection upon Our honesty. not on
c as representatives, but as men. \
pretext can disguise II; no subterfut
i evade it. There have been two yea
l. WitLlln WHICH 10 luinAi thtS PotLiAo
Is We shall stand self-convicted Of
breach Of faith with the people IL '
fall to keep It in this the third year.
Whatever bill is enacted should pr,
vide for the consolidation of the pre-
ent Railroad Commission with the ne
commission created BY It, and thus q
). question OF expense which has bee
raised mot by the people. but by Il
Interested ones) would not ayail as q
= objection. The present Railroad Con
J. mission was opposed when created. !
"a one would now abolish 1t. 1t has don
1t and is Going, splendid work The cor
mission now in office. can be ~continu'
for their .uhexpired terms as the ~ COR
e missioners under the new bill Pra
tically no additional expense would
ID Involved. Forty thousand dollars wou
e cover the. cost of this com Fnisslof. az
,r justice between the people and tho pu
le iic-serving corporations would be q