Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-07-10


analysed
In It's acquisition OF the Rhode Is-
land trolley lines, the methods pursued,
Commissioners prouty sugscats, afford
an Instructive object lesson IN tho realm
OF what is come times termed high
finance, After passing through the
hands Of two or three corporations, tho
trolley lines were acquired by the Now
Haven at inflated" prices
Representatives Of the New Haven
Co." the report says, insisted that this
company had not watered the stock OF
the Rhode Island company. and this,
strictly speaking, Is true. The Improve
mcnt company turned in the water and
the New Haven company converted that
water into wine In whatever aspect the
transaction is viewed, the New Haven
gave sl35oo.oC0 for nothing" 1t was
shown that tho troleys cost the New
Haven to date about $24 100000 and have
been valued at something more than one
quarter Of that amount.
I'VE are not concerned" says the re-
port with tho amount lost, but rather
with the character OF the transaction
The inevitable query Is: what was the
motive behind the transaction and VINO
made the proht2 That question, in the
very nature of such transactions, never
can he satisfactorily answered
BOOKKEEPGNG DEFTES ANALYsrs.
The marine equipment Of tho Now
Haven was manipulated, according to the
report in way to defy analysis
'"The New Haven earnestly insists
says Commissioner Prouty that all these
involutions and evolutions. all these kali
cidoscopic transformations, iuiure no.
body This may bc true, but the purpose
Of bookkeeping Is to exhibit a plain his
tory of the financial operations covered.
The purpose, or at least the effect, Of this
New Haven bookkeeping is to utterly he
cloud those operations SO as to render
any intelligent understanding of them
Impossible If tho thing done is leEiti-
mate, why not do It in a direct way? II
the purpose be honest, why clothe II lr
the habiliments of the mountcbanll& The
use of such methods in the management
Of public utilities should not be toer-
ated
"Our general conclusion is that the out.
side financial operations of the New
Haven company for the last nine year!
have been wastofu In the extreme ani
that the methods by which those opera
tions have been conducted are uuneces
sarilv involved and complex. The rcasor
for this is as apparent as the fact itself
The present management of that com
pany started ont with the purpose Of con
trolling the transportation facilities o.
,-,,,, T,,,,a5 =, ~ a,,,,,,,.,,,it-t,,uo,,. -
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and ,,o,d ,,.t,,, r,,,st ho noid ,ro tb, r,,,
,oso and i,s etto,,,,tod o,,oc,,.io, n.,
traced ovor,.. ono or tboso aoo,cio, ,,7isfor
.unes ard doroIictiorsr
! eor ,-r,>-,,,, &c >-D., ,,,,,rr,-
II Se''hs proper 7" au' Inat WIN" u
! ''''.''a' op'I 'I"'""S oI '"'s COMPANY ''
| I'S"i''" III "'"l loSsoS' ''leIe IS ho'"
ing 10 'i'd''at' u'o' us 7o'N'"'F mas peer
iI"pal''," ne company mas oNpeno''
III '"' IaS' nine years upon us ROAD ah'
equipment over S|'o' mlIe' sum al
mos cq"hi /" 'h' average 'ol'ta''@'''"'
"l 'n' ra4roa'8 oi the rnl'e" states
inc beginning oi tnat peiloh W h'l'
t"'7 expenditure mas peeh maHe with
rec ""''' ,i'''' j. "o'''HE L" S""" Una
II mas ioI "''H "lScS "'a"' an" ln"'I
ead ~, a,,,'.'. ,rt a,...,I. ',..,,'
Of the New Haven have been acquire
at extravaEaut prices They are for tn
most part of substantial value. and i
many Instances are a kind Of nropertv tn
value Of which should inlprove The fl
rancial condition of tho cor1Do,v call
for cnreful consideration and nr,dent ac
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occidental - rho eco,ist,io,, n, tho co,-