The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1909-04-06
D|vOR CT MENT OF
TROLLEY FROM
STEAM ROAD
Preliminary Steps We're Taken
at Boston Saturday
SToRRS HEADS ELEcTRICS
Sixteen Different Companies Go to
Make up the System Taken From
New Haven Road.

Preliminaries toward the absolute
legal separation of the New Haven
control of the Massachusetts trolley
properties held by the New England
investment and Securities company in
Guiding the Berkshire and the North
Adams and Bennington roads, were
taken Saturday at meeting of the
trustees of the New England invest
ment and Securities company held in
the Offices in the South station, Boston
Charles S. Mellen, president of the
New Haven road, retired as president
and trustee of the New England COM
pany,l and was succeeded in both po-
sitions by Lucius s. Storrs of Spring
field who Is president of each of the
separate trolley companies which are
controlled by the New England COM
pany, which Is holding trust. This
New England company has been under
legal control of the New Haven road
since the trolley companies were aiken
over. When this holding company
was started all its directors were dir
tors of the New Haven road and the
New Ravens president, Mr.. Mellen,
was president of the holding company.
By Mr.. Mellen's retirement as trustee
of the New England Investment and
Securities company the last director of
the New Haven road sewers his con-
nection with this trolley holding COM
pany
Absolute legal separation of the
New Haven road and the trolley prop
critics in Massachusetts will be com
pleted before May l. Notes or bonds
to an amount of somewhere in the vi
entity of $15,000000 in the treasures
of subsidiary companies to the New
Haven road itself will be made nego-
table and disposed of to persons or
companies not legally connected with
the New Haven road or its subsidiary
companies. Preliminary steps toward
the disposng of these notes and bonds
were taken at the meeting Saturday,
but the business could not be entirely
closed up at that time. The large
amount involved makes inevitable de-
lays incidental to finding suitable
markets for the notes which must first
be made negotiable. These notes
have been held by the New Haven
road and allied corporations as simple
promisory notes. At Saturdays meet
ing a settlement was effected of all
other matters of account between the
New Haven road and the New Eng
land company and mutual releases
were exchanged. AS far as the New
England company is concerned a com
plete severance of relationship has
been accomplished, but there remain
the notes and bonds to be disposed of,
and It is stated positively that these
Will be placed with persons or COM
panies not controlled by or legally
connected with the New Haven rail
road.
Lucius Storrs, who succeeds Mr..
Mellen as trustee of the New England
Investment and Securities company is
now in active control of all the So
called New Haven trolley companies.
He is president of the 16 trolley com
panies which go to make up the prop
critics held by the New England COM
pany. Mr. Storrs, who is well known
in Bennington where he has often
appeared in connection with the New
Haven railroad.
Lucius S Storrs who succeeds Mr..
Mellen as trustee of the New England
Investment and Securities company,
is now in active control of all the so
called New Haven trolley companies.
He is president of the 16 trolley COM
panies which go to make up the prop
e4,ies held by the New England COM
pany. Mr.. Storrs who is well known
in North Adams where he has often
appeared in connection with the rail
road properties, will now be respon-
sible to the trustees of the company,
none of whom is director of the New
Haven road or in any other way under
the necessity of being influenced by
Mr. Mellen.