The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-12
SCHEME To
AID MERCER
Continued from Page One }

| Directly or indirectly, the New Haven
road owns l09.94S shares of Boston ana
Maine stock. This is about 40 per cent OF
| the whole issue. Ordinarily this would
constitute majority OF the stock since
, there are thousands OF shares in the
hands OF individuals which are not voted
! in meetings OF the stockholders.
| Not word will any official of the New
Haven road say as 10 the Identity OF the
interests that are bidding for this enor-
nous block Of b. and NJ. stock. But on
State street yesterday there was a gem
cral belief that the offer had come from
across the Canadian border, from the
Canadian Pacific railroad.
III is known on very excellent author
ty that the directors of the New Haven
road are divided into two camps on the
question OF selling. The price offered Is
such that the road could get out of the
transaction with small proht. lnas-
much OF the stock was bought at prices
higher than the market prices OF today.
IL is obvious that the interests now seek
ing il must be willing TO pay good
bonus over ruling quotations for b.. anI
NJ stock.
one group of New Haven directors
want to see the stock turned into cash
and the whole transaction closed. espe-
cially since this can be done without dan
ger of monetary loss.
The other group, composed OF men VINO
shared President Mellen's enthusiasm IN
his project for making a greater COM
mercial Boston. favor holding the stock.
would wait until the next legislature had
been given time TO go over the subject
The decision TO sell. or not 10 sell, may
he made within a week or 10 days. Mr.
Mellens personal attitude is not known,
unless II be TO his directors. But his
closest friends are numbered with those
who hope TO see the offer refused
MELLEN is DISAPPOINTED.
Mr.. Mellen regarded the defeat of his
merger plan as perhaps the chief disap-
pointment of his professional life. his
friends say. He had spent months in de-
terminng how best to adjust the enor-
nous facilities OF the two roads to the
needs OF Boston. He employed engineers
10 ascertain the best routes for tunnels
TO connect the two railroad terminals in
this city. He looked into the question OF
freight tunnel under the harbor to les
sen the delays and expense now incident
TO trans-shipment. He had plans made
for newer and larger steamship terminals
TO handle the increased export business
which he felt certain would come TO Bos-
ton under the improved traffic conditions.
For many months he made the matter
his hobby He became more and more
convinced as he went into the subject that
the merger would accomplish greater
good for Boston than any other agency
He studied the economic conditions of tho
whole territory served by the Boston and
Maine. more especially the state of New
Hampshire. and came TO believe that the
merger would mean immensely increased
prosperity to this region With lower
rates and better service for all manufac-
turing towns and cities along the Il. and
NJ, he felt sure that the business OF the
road would grow as the business Of these
communities grew. and his view was that
the one stimulus the manufacturing cities
most needed was the stimulus of better
railroad service.
WOULD HAVE SPENT MILLIONS.
Mr. Mellen's plan called for the ex-
pendjture OF between $4,000 900 and
$50. 100000 on the Boston & Maine sys-
tenn. This money he planned to spend
in abolishng grade crossings, in new
locomotives and railroad stock, in
double tracking and improved road bed.
Then came the anti-merger agita-
ton, and finally the passage OF legis-
alton which forbade the New Haven
it's present holding OF b. & NJ. stock,
until "A year should have elapsed In
other words. the legislature tied MIR.
Mellen's hands pending such action as
the Legislature might take in nnal
disposition OF the question.
Said one of the directors OF the New
Haven road
Make no mistake about it, Mr.. Mel
len is surfeited with his experience at
the hands of politicians. l have told
him again and again that there is no
popular opposition TO the merger here.
For my part, | doubt IL per cent. of
the people OF Massachusetts really
opposed it.
But Mr. Mellen doesn't want any
more lawsuits with the state OF Massa-
chusetts. He has one now. his trolley
merger suit. | feel sure he would well
come the chance to get rid of these
trolley lines, to sell them TO anybody
who wanted them.
Mr.. Mellen has told me within a
week that he would ask no further
favors of the Massachusetts legislature
This question of selling the roads stock
i'm the r. 4 NJ had not come up then
but | know that he had made up his
mind TO let the legislature go ahead
without suggestion or appeal from him
Boston will gain nothing by the
sale, should IL be made. No other in
terest could have az great a stake in
this thing as the New Haven road No
other interest is in position TO work
out plan that would so sure make for
| the benefit OF the port of Boston. I am
one of those who are advising against
/ the sale. believing that sober second
thought in the community will see the
good that lies in the project"
SCENIC TEMPLE