File:The New England magazine (1907) (14589871830) (3x4a).jpg

Identifier: newenglandmagaziv37bost (find matches)
Title: The New England magazine
Year: 1887 (1880s)
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Publisher: Boston : (New England Magazine Co.)
Contributing Library: Allen County Public Library Genealogy Center
Digitizing Sponsor: Internet Archive

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e and other like groups of the controllersof large amounts of capital have long sincebeen organized in associations. They havemet and discussed their common interests.They have agreed upon concerted actionalong general lines and have acquired thehabit of pulling together for what will bene-fit their group. Thus we had the spectacleof the bankers, or a very considerable major-ity of them, moving in phalanx, at the 1907session of the Connecticut Legislature, todefeat a bill that was drawn to provide forgenuine instead of merely formal examina-tions of Connecticut banks by agents of theState. Thus we saw the manufacturersplumping their influence against a proposedeight-hour law for laborers in the Statesemploy, or who may be employed by con-tractors on State works. The manufac-turers rightly deemed it dangerous, fromtheir point of view, to permit the State tocreate any such precedent. We saw the railroads, now nearly allmerged under one ownership and control, 267 268 NEW ENGLAND MAGAZINE
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United States Senator Morgan G. Bulkeley, of Hartford casting their dominant influence. againstGovernor Woodruffs honest and reasonableeffort to insure honesty in the financing ofnew trolley-lines. The Legislature, underthe pressure of this domination, repeatedlychartered new trolley companies, over theGovernors veto, without closing the doorsagainst over-capitalization, as he advised.The philosophy of the railroad is that atrolley-line is a traffic-feeder; that, once built, it will carry passengers; that if inrfcent investors in its watered stock lose th<fsavings — as they very often do — thfalone are to blame. The new ideal conce(,tion of the government as the inevitatregulator of rates, prices, and capitalizatigains ground slowly in Connecticut. \saw all these groups, and their most pow<uful public journals, like the Hartford Ccrant for example, moved to angry alarm whl WHATS THE MATTER WITH CONNECTICUT? 269

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