The Bridgeport evening farmer., 1915-02-19

 UNDER CLOUD
 FOR RAILROAD. Republican Chairman of Committee Would Avoid
 Further Scandal ELLIOTT AGREES ON NEW DRAFT OF BILL Present Form of Measure to Sell Securities is Too
 General in Scope
(special to the Farmer.l

cut General Assembly has been under a serious cloud for some of it's char ter grants to the N. York, New Ha- ven & Hartford Railroad," Senator Lucius B. Whiton. chairman told President Howard Elliott and other railroad officials at a hearing before the Committee on Railroads yester- day. There was under consid iteration at the time the railroads petition for authority tosselI stocks it holds in cer- tain leased lines.
 k Because of Senator Whiton's re- marks in criticism of the broad, gen eral scope of the terms of the bill. President Elliott. Vice President Buckland and Attorneys Lucius F. Robinson and B. l. Suock, following a whispered conference, agreed to re- draft the measure, making 1t specific in its terms. The substitute measure will be brought before the commit tee Tuesday.
 As told in the Farmer, Thursday, President Elliott and Attorney Rob inson explained to the committee that the road wanted to sell stock it holds in the Boston & Providence and Old Colony railroads. These are min ority holdings. worth about six and one-half millions which the road de- sires to convert into a free asset. Certain charter amendments caused the road officials to have some doubts as to the legality of such transac- ton and the necessary legislative sanction was sought in the petition which was introduced early in the session by Senator IsbeI1.
 We have. think, a moral right to dispose Of this stock" President Elliott told the committee, land we are here to seek speaific legal right '' He said the sale would aid in work ing out a new financial policy for the road which is now in rather sore straights financially President Elliott said it was desired only to sell the Old Colony and Boston & Providence stocks mentioned.
 Senator Whiton then had read the text of the petition. which follows:
 The New York, New Haven & Hartford Railway company petitions for the power and authority to sel1 pledge or otherwise dispose of the whole or any part of the shares of capital stock now or hereafter owned by 1t in any other steam railroad or street railway company, wherever organized.''
 Senator whiton told the railroad men that. to him, the bill appeared too broad in scope, in view of the explanations of what the road wanted. The measure would give the road power, he said, to dispose of holdings that might be acquired in the fu- ture, whereas the company's officials SeAAO I1Ao1C dAAA C1ASy SShSo WS10 IO 'O5 allowed to sell stocks now owned in two specific companies.
 Don't you think,'' asked Senator Whiton, that it would be better to have the terms of this measure more specific? Why not mention in the bill just what you want to do-just as you have explained 1t here?''
 Vice President Buckland said he thought Senator Whiton's suggestion ga good one.'' He was willing that the bill be redrafted.
 'fThe state of Connecticut and it's legislatures have been under a cloud for some of its charter grants to the New Haven railroad" Senator Whiton continued Massachusetts accuses us Of being lax in granting too broad charter powers to the corpora ton.
 '.This bill, to my mind, is much broader than necessary. A compar- ison of the testimony here today with the text of the measure as it stands shows this. Tn order that there be no grounds for suspicious in this matter I think you should be specific in your requests. do not believe this committee would incline favor ably to a bill couched in such broad terms
 There was conference among the railroad officials, and then Attorney Robinson announced that the bill would be redrafted to meet Senator Whiton's suggestions and would be presented i1 a new form this week.