New-York tribune., 1907-06-30
NEW DIRECTORS OUT.
Messrs. Pratt, Ledyard and Olney
Resign from Ne1U HaUen Road.

Charles n Pratt, Lewis Cass Ledyard and Rich
ard Olney. who were recently elected directors of
the New York, New Haven & Hartford Railroad
Company. resigned yesterday. Mr Olney had not
yet qualified so he Gid not technically resign, but
declined to serve. The cause of their withdrawal
from the New Haven directorate was said 10 be
the passage Of the merger law by the Massa-
chusetts Legislature. Messrs. Pratt, Ledyafd
elected 10 the New Haven directorate When
interests identified with the New Haven company
acquired control of large block of Boston u
Maine stock and the merger Of the two companies
appeared to be a certainty.
The railroad authorities believe 1t IS SAID, lhat
with the meeting of the next Massachusetts Legis-
ature. with state political and party influences
quiescent the Legislature and corporations VIII
he able 10 reach an amicable agreement as 10
the merger It is authoritatively stated that within
the last week there have been additional aCqulsl-
tions OF Boston & Maine stock by the New HaVen
company until the total amount held is now nearly
one-half of the entire outstanding Boston X Maine
capital stock This in itself assures practically the
New Haven control Of the Boston d Maine COM
pany. IN,
The New York. Ontario & Western Railroad will
remain IN the control of the New York, New fiaVeh
q Hartford until at least the first OF the year ac-
cording the statement made yesterday by d
representative Of the New York Central The latter
company has option on all the New ! ork'
Ontario & Western stock acquired by the New
Haven three years ago. which runs until August l.
By the terms OF this option the New 4oIK Cenli"i
was get its stock at Si5 a share.
The REPRESENTATIVE OF the Central said further
that at a meeting Of the executive committee hed
TO buy the stock present. owing to the condlllch
OF the money market, which made II inadVlsapIe 10
attempt TO raise funds for that purpose. De SAID
however that the option had been extended for six
months. but that whether or not the New AoIk
Central would buy a controlling interest IN the
Ontario & Western would depend entirely upon
financial conditions. At present, he said the road
was using all its available money for improve
ments.
A well informed interest said yesterday that the
principal reason why the Central was not GONG
to exercise its present option the stock or the
New York. Ontario & Western. now owned by the
New Haven was because the Massachusetts Legis-
lature had passed the merger bill which made II
uncertain whether the consolidation OF the Boston
& Maine and the New Haven roads could be ef-
fected and while this uncertainty lasted the
New Haven would not let go of the controlling in
terest IN the New York. Ontario q Western, option
or option.
The net earnings OF the New York, Ontario &
Western for the fiscal year It was said yesterday.
would probably show an increase Of from $4,000
TO $4,000 II this correct the road will earn IN
the neighborhood OF S13 per cent on its common
stock the current year, as compared with niue
more than 2 per cent earned last year, The divi-
dend II was said. would remain at per cent a
year. This would leave balance Of about 100000
for the year which could be used for improve
neDts.