The Bridgeport evening farmer., 1911-08-17
TINGIER
| DENOUNCES
BOND ISSUE
Tells House Members that
It Has Ear Marks Of
Promoters Scheme
House Preparing Way for
Adjournment August 25
Kills Initiative and Ref
erendum and State Pur-
chasing Agent Bills.
Especial from United Press

Especial from United Press.)
Hartford, Aug IA heated debate
occurred in the House today over the
favorable report amending the char
ter of the Connecticut River Company
providing for the 100000 bond issue.
Representative Evarts, of Milford,
House chairman of the Interpretations
committee, explained that the COM
pany originally incorporated for s20S,-
500, and that it's reason for asking for
a big bond issue was that the minority
stockholders had prevented such ac-
ton being taken by the companys
officials. The minority stockholders
had taken out an injunction at one
time to prevent such a bond issue
and the courts had sustained the mi
nority. Mr. EvartS favored the pass
age of the report.
Representative Tingier, of Vernon.
opposed the bond issue, stating that
the capital stock of the company was
too small to allow it to issue such a
large amount of bonds to the public.
He further said that it had recently
become the policy of Connecticut cor
porations to make bond issues only up
to the amount of stock. The bond
issue was intended to develop water
power, he explained, and four or five
years must elapse before results would
show. In the meantime the interest
of the bonds probably could not be
paid if dividends were to be paid.
Also he stated that there was danger
of a receiver being appointed if the
interest on the bonds was not paid
regularly
cit looks to me like promoters
scheme stated Representative Tin
gier
Representative Candee,- of Easton.
raised a laugh by saying:
1--WE have heard the lawyers on both
sides of this case. Now how are we
laymen going to vote? Are we going
to stand by the committee? I do not
think we ought to. I am suspicious
of these committeeman and I believe
that $500 will get them to do most
anything
st might mention the case of Rep
resentative Chandler. He was a
member of a committee to investigate
the high cost of living. He has an
automobile himself
Representative Belden said: 81 do
not believe this corporation should be
allowed to issue bonds Is times the
amount of it's capital stock There
has not been such a privilege granted
in Connecticut in Is years.
The bill was passed by a close vote.
A resolution passed the House today
that all committees report on all mat
tiers on or before next Tuesday. The
passage of the resolution is taken to
mean that the House has att last
agreed to try to adjourn August 25,
as the Senate has already declared for
adjournment on that date.
However, the resolution to adjourn
on August % was tabled in the House
today
A motion that the House meet to-
morrow, was defeated.
The House received a favorable re-
port providing for the appointment by
the commissioner of domestic animals
of a deputy at a salary of $4,000 a
year. The appointee must be vet
Urinary practitioner for five years,
according to the bill.
The House adhered to it's former
action rejecting the bill passed by the
Senate providing support for indfgents
and paupers. The bill providing for
a State purchasing agent was killed
in the House, today, by the members
adhering to their action in rejecting
it. The Senate favored this meas
ure.
The House voted to adhere in re-
jecting the initiative and referendum
bill passed by the Senate. The re-
form is dead for this session of the
Legislature.