The Bridgeport evening farmer., 1911-12-12
ALTER POLICY
 IN BIG CASE
New Haven Road Dropping ln- stead of Absorbing Outside
 Interests
LIGHTING COMPANIES NOW
Many Held by New Haven Sub-Leased to the United Electric Light and
 Water Company.

The New York, New Haven and Hartford railroads announcement that many of the electric light and gas companies which it took over some years ago from the Connecticut Rail- way and Lighting company, had been sub-leased to the United Electric, Light and Water Co.," indicates a complete severance of the policy which has marked the roads man. agement since President Mellen came into office. That policy has been to take over under control or by lease everything that competed in any way either directly or indirectly with the present competition considered in this policy but future competition was also considered.
 As examples of this policy, the Bos- ton & Maine purchase, the trolley road purchases throughout New Eng land, the purchase of steamboat @ mes 1,es and last, but by no means least the purchase of gas and electric light plants throuhgout New England may be cited.
 Now comes, first the sale of the On- tario and Western road to the New York Central road yesterday, the sub- lease of the gas and electric lighting plants taken over from the Connec- ticut Railway and Lighting Co.
 Financial men figure that wit5 the practical settlement of the railroad problem in New England to the sat- isfaction of the New Haven road, President Mellen now plans to make sure of the earnings of some of the roads subsidiary properties by leas- ing the same to companies which are sure of paying.
 The new United Electric, Light and Water company is an off-shoot of the United Gas Improvement company, as was the Connecticut Railway and Lighting Company and thus the Phil adelphia Electrical syndicate gets back, under a lease, the gas and cleo tric light companies which were talk en over from them by the New Ha- ven road
 The properties sub-leased include all properties. except those used for railway purposes in the towns of Waterbury, Naugatuck, Watertown and Cheshire-"not including power stations or sub-stations used wholly or in part for railway purposes'-also the same class of properties in Nor- walk, Wilton, New Canaan and Greenwich The sub-lease also covers the gas system in Norwalk and Naug- atuck and an uncompleted gas plant in Greenwich.
 The lease made to the United Elec-
 
 for 9e4 years and calls for the pay ment by the lessee of sS65,0Oo a year in monthly pro rata amounts. The lessee gives a bond of $500.000 fo1 fulfillment of the lease obligations Default of payment for 30 days can cels the lease. The lessee pays taxes and other charges leaving the $365, ,00( annually net to the lessor. The new sub-leases it is ascertaineo is retroactive in character and wen 1 into effect upon the first of October l last. One important property.s tha' of the Waterbury Gas company, is not at present involved in the deal. Ina property is under lease to the United | Gas Improvement company of Phila- l delphia, the lease running until Apri 1914. Recently, however. control oi I the company was bought by the Hou satonic Power company and paid fol l by an issue of notes of that corpora l ton amounting to somewhat more l than a million dollars.
 A. M. Young, who recently died l was the president of the corporation which now sub-leases the propert1e | n rood