The Washington times., 1913-08-30

England Navigation Company. hold
ing company subsidiary to the New
Haevn; the Merchants and Miners
| Transportation Company, engaged in
the coastwise trade, a majority OF
whose stock is also held by the New
] England Navigation Company; the
! feet of the Maine Central Railroad
Company, the latter controlled by the
Boston and Maine railroad, which in
! turn Is controlled by the New Haven;
the coal feet of the New York. On
tario and Western Railway, which
road is controlled by the New Haven
through stock ownership.
The New Haven railroad, through
these subsidiaries, controls eighty-two
steam vessels, with total OF il56.5D
and sailing vessels, with a gross ton
mage of 1857. or total of l57 vessels,
with an aggregate of e0d1S7 gross tons.
Besides its controlling Interest in the
companies shown, the New Haven
owns s2,500.000 stock and s., ,500, 900 of 5
per cent frst-mcEtgage bonds of the
Eastern Steamship Corporation.
Marine Companies Controlled.
The marine companies of the New
Haven are controlled through the New
England Navigation Company. This
company was first incorporated under
the name of the Colonial Commercial
Company In 1904 the name was changed
to the New England Navigation Com
pany. In the latter year II took over
the marine companies controlled by the
4 New Haven Company, except the Old
Colony Steamboat Company. The. cap
ital stock of the-New England Nayiga-
ton Company has been Increased from
time to time until the amount now out
standing Is s5S,000,000 all of which Is
, owned by the New Haven Company.
The entire amount of stock outstanding
since the formation OF the Navigation
company has at all times been held by
the New Haven road. The bonds of the
New England Navigation Company
amount to s24.2S4,0oo.
Prior to July /, 1872 the New Eng
land Navigation Company was prac-
Haven system. and performed the func-
tions both of holding and operating
company. About June 30 1912, 1t trans
ferred all the vessels which IL operated
to- the New England steamship Com
paHy, and became strictly a holding
company.
Absorption of NJ. & M. T. Co.
One of the most interesting and sig
nificant stories in this tale of steamboat
absorption by the railroads has to do
with the great Merchants and Miners
Transportation Company, by far the
most important line in the New Eng
company was Incorporated In Maryland
In 1857, and was for a long time inde-
Pendent OF railroads. In 1907, however,
one-half of. its stock was acquired by
the New Haven system. At that time
the capital stock of the Merchants and
Miners was increased from s2.0O0,000 to
IS, 100000. and S2.500.0o0 of the new stock
was acquired by the New England Navi-
gation Company. In exchange for $2,0O0,-
0O0 of New Haven railroad stock. The
- he rbo, to nd M auy
stock remaining after this exchange
was issued to the old stockholders of
that company as a dividend. Including
sel0, 900 of mortgage notes, the Merchants
a bonded Indebtedness of s4,560,000. On
June 90, 1872, the New Haven system
owned S2.53fTO0 of the capital stock and
IS, 250, 600 of the bonds.
In 1907 shortly before its acquisition
of the Merchants and Miners line, the
New England Navigation Company pur-
chased the stock Of the Boston and
Philadelphia Steamship Company, which
operated services between Boston, Provi-
dence. and Philadelphia. The Boston and
Philadelphia Steamship Company was
consolidated with the Merchants and
Miners Transportation Company. and its
vessels are now operated by that CONF
psny. Close traffic arrangements have
been entered into between the latter and
the New Haven system.
voting POWER Quahneo.
While the New England Navigation
Company owns more than half of the
capital stock of the Merchants and Mi
ners'. its voting power is qualified by
an agreement whereby II has the right
tc nominate only four directors; the re-
naming stockhlders of the Merchants
and Miners Transportation Company
likewise have the right to name four.
and the eight directors thus selected
are empowered to select the ninth. No
tification of the selection Of directors Is
sent to the Safe Deposit and Trust
Company, of Baltimore, which acts as
trustee In case the ninth director is
not nominated by the other eight. the
trustee Is empowered to select the ad-.
6itional director. Although the voting
trust agreement thus maintains the
nominal independence of the company,
II is not likely that any policy objec-
tionable to the majority stockholder
Cthe New York, New Haven and Hart
ford railroad interests) will be adopted.
The company operates twenty-five steam
ers, with a total of 65,s7S gross tons.
The several lines of the Merchants
and Miners Transportation Company
are as follows: (a) Boston, Norfolk,
Newrort News and Baltimore Line; Cb)
Boston and Norfolk Line; (c) Provi-