New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-28
Disposition of Properties
Considered at Special
Board Meeting.
PROGRESS MADE,
BUT NO PLAN YET
No Agreement with Government,
Elliott Says, but Stock
Strength Increases.

., The directors Of the company held in
-. Grand Central Terminal yesterday.
,ftsr the meeting, nominally called TO
consider minor matters, Howard Elliott,
chairman Of the company, said some prog
-oss had been made, but that no plan had
90 vet been agreed upon. That any
.r-ae,nent had been reached with the De-
,ortr,ent Of Justice. as intimated in dis
ra,cbes from Washington, he specifically
denied.
ON the Stock Exchange New Haven
WAS conspicuous for its strength In a mar
ket not conspicuously strong, the stock
advancing at times by one-half points to
-Si.. nearly IS points above the recent
lov rrice made after the dividend was
nassed. The closing was . points higher
than on Friday In all 10000 shares were
dealt in. The buying, according 10 Wall
street report, was for the account OF In
torests closely allied TO the Morgan-Rocke-
teller group.
I-noAicially it was stated after the meet
inc nv a member Of the executive commit
,ss that the affairs Of the company were
oils nor would Arthur Twinlng Hadley,
nrssident Of Yale and a member OF the
sxecutive committee. who, however, made
No effort TO conceal his pleasure as he left
the meeting.
The chief obstacle. it is understood. TO
The working out Of a plan that Will meet
the approval of the Department OF jus
ice is in finding purchasers for some or
the nropertv that will have TO be disposed
NJ and in arranging with the holders OF
securities Of some of the subsidiaries
whose stock and bonds have been guaran-
iced by the parent company.
The rest Of the plan, it is stated 10
simplicity itself. 1t contemplates, SUBJECT
10 the approval of Attorney General Nc
REYNOLDS. the selling of the Sound steam
ship lines to persons or interests not now
connected with the company, the selling
NJ the Connecticut, Rhode Island and
Massachusetts, trolley lines as group prop
erties-that is TO say, the Rhode Island
,rolleys going in one lot, the Connecticut
lines i'm another and the Massachusetts troll
!eys in a third and the dissolution OF the
agreement by which the New Haven uses
the tracks Of the Boston & Albany and 10
which the Interstate Commerce Commits
sion and the Department Of Justice have
objected.
The Boston & Maine and its subsidiary
lines the New Haven directors hope 10
keep. The argument has been presented
to the Attorney General that the New
Haven system proper and the Boston q
nj rs "a =
not competitive and form one natural
system, Just as the Union Pacific does as
y is now constituted. and that no good
can come Of breaking the links lhSl
bind the two, while, on the contrary Nll'
mense loss will result 10 the New Haven
and i'm the end the territory served by
the two companies will suffer from
poorer service than II now enjoys ana
much poorer than may be looked for once
the financial problems that the system Is
struggling with now are worked out
Mr.. McReynolds, it is stated, has NOT
absolutely refused to consider this propo-
sition but is rather inclined TO meet the
New Haven at least half way If 1t DIS
poses Of properties 20 the holding OF
which objection has been made.
Yesterdays meeting was called Tor II
o'clock. William Rockefeller, looking maze
and hearty and heavier than he has In d
long tjne. was one OF the first 20 arrive
and ] Piorpont Morgan soon after. Other
directors who gave uP their "eeh-eho
holiday 10 attend were ". Murray Grant
Charles T. BROKER, Arthur Twlning hsd-
lev. William Skinner, y. Newton Barney
Robert ". Taft, James ), Elton, james
s Hemingway, A. HeatOn Robertson
Frederick r Brewster, John l.. Biilard'
who figured prominently In the hnahcilis
of steamship lines and the Boston
Maine deal. but who has not been CON
spicuous for his attendance at directors
MEETINGS of late: George Il. BAKER, l.
DeWitt Cuyler. Edward Milligan. Frances
T. Maxwell, J. II. Husns' presidehl =, -
the company; Lawrence Minot' MOI ~"
Plant John 7. Pratt, James l.. iachd'u'
and Galen H. Stone.
After being in session for more than al
hour the board adjourned Tor IuhciI'o,'
where IL was Joined by Lewis LASS LEU
ward. a former director or the coli'po"',
who attended, according 10 an onicial VI
the company, as a lawyer. over tne
luncheon the discussion continued anu
,bere vas = stream Of stenographers anu
minor officials in and out OF the room a.
: O'clock the meeting began 10 ple"N
and IL was then announced that tne W"
tract relative TO the terminal propeiS
had been amended and d new poSi,'''',
o.. - ,,onoral counsel to the board Vi
5lroctors had been created for ~ -,
Rohb,ns for many years general couiiso'
of the company, Il. q. Buckland' VIZ
nrssident of the company, releVihe ~
-, .,,,r,er,,ision Of the ordinary lesai a'ia"'
Of the company. A. pobbins
Under this arrangement MI i'o 1000
will be called upon TO ADVISE inc oi'ee'o
Oh tho corporate, intercorpor@'o 49,
financial relations of the company anu '''
,egsI tights and duties of the seVer@'
mis- NJ the system toward one aho'hei
aud otbor important matters that may 10
assigned him" Mr.. Bucklsnd VIII nave
,l,arge NJ ordinary litigation and senerai
legal business and represent wv 80,
panv ir, it's relations with congress iee'
lators and governmental authorizes
Negotiations with the Department OIL
Justice however. will continue TO DC coH'
Quoted by Mr.. Elliott. -
Also n was announced that Dir. bIhot'
had been elected chairman OF the hnoo'
Island Company. the holding company TOT
tbs trolley lines in that state, that l.. D.
storrs. A. r. Potter and a. u. Potter hau
been elected directors In place OF I. r.
Brooker, James Hemingway and Wiiham