The Bridgeport evening farmer., 1911-03-01

suspect him and give him a bad name? There is no so sure way of demoral- iZing and ruining him. F5
 Massachusetts has been one of the foremost of the States to bring her self to believe she was conferring a favor upon people by permitting them to invest in the securities of her cor porations at a lower rate of return | than could be obtained most every where else. AS result her railroads have passed to the control of corpora tions of other States. whose laws have been more liberal. Do you see enough of advantage in the results she has achieved to warrant your doing like wise? trust not I think you will make serious mistake if you should.
 New York has tried an amateur s experiment in handling her corpora tions by a Public Service Commission and has taken from them almost every power except that of paying their bills. It has cost her millions and 1t is common report the results are not entirely satisfactory. and one con- mission is to be investigated. with it's probable abolition as the result, and he other is so alarmed it is saying little and saving wood hard, in the hope the storm will pass it by un- noticed.
 Why not wait and gather the result of your neighbors' mistakes and ex- periments? It is much less trouble and expense to adopt something that has been proven a success than to
 nv V'-h"t is as yet only of doubtful advantage.
 9! The ol.lcuIty of controlling. by the public, the issue of securities by a railroad corporation. is the necessity which frequently arises. for acting with the utmost expedition. This may be we'll illustrated by the nego- tiations we had in connection with t,a1, xxl,{o 1907, just before the panic.
 If we had not been so situated we could have acted. ands promptly. at the time we did. it would have been impossible for us to have raised that amount of money.-some' twenty-nine interest. to the company. would have been tremendously increased
 The importance of that loan in fur nlshlng means at a crucial time to the New Haven road. and the uses the company put the proceeds of the same to- is little understood by the general public.
 During the panic of 1907 and 1908, with the large amount of money the proceeds of that loan gave us. we were standing by to protect savings banks by cashing securities they held. an7 fortifying them with money with which to meet expected runs
 A delay of a week.-even forty eight hours. at one time would have rendered impossible the perfection of the arrangements under which this loan was secured.
 The importance of leaving the com pany free to deal with such a situa- ton as occurred. for instance, in our recent acquisition of an interest in the Rutland Railroad is a case in mind.
 An opnortuni y offered and was inn mediately availed of. and by the con- a hJ1C i'm will be controlled by the interest of the Boston and Maine than ever be- fore. and a short haul on much of the Boston 6 Maine's business transferred to long haul. with the additional profit that accrues thereby
 It further enables us to control a larger amount of business for export by way of Boston, than ever before, and help to do that we have so earn estly in mind.-the restoration of the business by way of the port of Boston to that prominence it used to have in the earlier days when it was the great est port in this country
 The prosperity of New England has made us peculiarly subject to an at tack by other corporations less pros porous. and which seek to enjoy a portion of that which now comes to us.
 It enables the company to protect itself. and promote the efficiency of it's service in the territory it serves.
 We find many times when it is inn portant that we move quickly and it is necessary we have large means al- ways at our command. and it is es- pecially important that the movements we are required to make should not be prenaturely divuleed that those with whom we contend may thereby be forewarned and thus our plans be rendered impossible of accomplish ment.
 have several times alluded to the emergency which resulted in our com pany'S acquiring a control of the New York. Ontario & Western Railway
 Nothing has transrired since that event to make us other than thank full we were without those res trictions so many seek 10 hedge us about with. and which. had we been subject to. would have prevented the accomplish ment of that reuuisition and the corre-~ sponding benefits which have accrued to our coropanv and the public of New Eneland derending upon a supply of anthracite coal
 One case which I have not referre1 to puhlic'v before is one wherein a little publicity prevented an acuuisi- ton which would have been of great to the company and I think saved it the investment of p,anv millions of dollars which it will have to provide to accomplish in another way.-a less efficient and satisfactory result.
 Shortly after ' came to the presi-