The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-15


inside the state and those outside.
1t would require an expert force to
keep the state in touch with that sit
uation and therefore / made the
recommendations that | did; and
therefore, because of the difficulty of
getting at the earning capacity of
these roads, | suggest to you now
fundamental, cardinal underlying
proposition of state policy for your
adoption, and one that will be fair
to these corporations Who really
knows today who owns some of
them? You don't. Only as the pub
lie service commission reports may
disclose the nominal ownership of
some of them.
Nov it is matter of evil
dence that the policy of some of
roads did not tend to increase the
net earnings of the property. Those
records are something you can get at
if you so desire.
so gentlemen, ] am constrained
to think that in the main you will be
led, perforce, to getting all the facts
and all the data you can about the
value both of the stock and the in
debtedness, because they both to-
gether comprise the real value of the
property of the various roads of this
state, and with that before you, with
your best judgment, you can definite
ly lay down question of state policy
which will be fair to the state, which
will give it in proportion to the other
New England states it's proper
revenue from these corporations.
And submit to you, and say to you,
that before | made the recommends
lions to the Legislature that did
last fall, ! became convinced in my
mind absolutely that no injustice
was being done because Vermont
was not receiving her proportion as
compared with those other states.
taking her mileage into consideration
and other conditions that she should
and you will find, if you see fit to
examine the authorities, that is to
say at least the law of one other
state, that of Connecticut that the
proposition as ! present it to you of
getting at the valuation is the one
adopted there.
You must take into consideration
also-it may be, perchance, true that
the law or principle that | present to
you in some of these minor parts
may not be fair and equitable. and
as to those | suggest you treat in
Whatever way may seem best to YOU
to get at fair result, but there is no
question in my mind, and | don't be-
leVe there will be in yours when you
go into this matter thoroughly and
fully, that in treating such properties
as these two interests which practi.
cally control ii. IL is a fair way of
getting at the Delaware and Hudson:
1t is fair way of getting at the
Fltchburg road; it is a fair way of
getting at the Canadian Pacific.-and
am eliminating from my general
discussion here the little roads
which | don't consider a factor
here at all, such as the Bristol road
and possibly the Woodstock road.
but | want to say here that so far as
the major portion of the electric
roads are concerned think their ap-
praisal is not very far out of line
now. think there are perhaps two
or three exceptions.
SNu SOiiit uOW0 10 lne mar
ket value and carry out the principle
mat ! have outlined here you will
nave to be governed by the very
best information that you can get.
1t may be true that lot of these
roads are not good property, but per.
init me to ask you this, either one of
these two large interests have. for in
terests OF their own and reasons OF
their own, gotten hold of everything
they could in the state of Vermont in
me last two years and you know il,
Why have they done IL? They have
done II for the feeding value to them:
they have done il for the business II
would give them. ] respectfully sub
NIT to you that If they did not think
them OF value they would not have
bought them. The individual and
the corporation will be on the same
OASIS II you adopt this theory of
treating the case. The question is
what is the value of this propertv7
What is its market valuee There is
a spirit of fairness in the breast of
the average self-respecting man and
10 that in you | appeal when say to
you as the executive of the state of
Vermont that you should thoroughly
and seriously consider what I have
said and ask you to adopt the princi.
pie that have laid down here.