Daily Kennebec journal., 1913-10-23

assistance, tastes nice, causes no in
| convenience. Be sire you get the
eenune.-AdV.
W. Taft. Providence. r. l.. Thomas
Dewitt cuyler Philadelphia, and w.
Murray Crane, Dalton. Mass.
Several new names We're added 10
the board of directors. which has a
residents of Connecticut. Those re-
elected from the existing board were:
William Rockefeller, c. +. Brook
er. Edwin Milner William skinner, d.
Newton Barney. r. w. Task, j. S.
Elton, j. $. Hemingway, a. IL. Ro-
bertson. T. +. Brewster, Fl. X. Nc
Harg. j. L. Billiard. C. F. Baker, T. u.
Guyler. Edward Millgan. F. I. Max
well, Samuel Rea, Laurence Minot, NJ.
+. Plant. J. 2. Morgan, Howard Elliott,
Arthur T. Hadley and Murray w.
Crane. while the new men are j. II.
Hustins. John T. Pratt of New York;
James l.. Richards of Newtonvflle. and
Galen l.. Stone of Brookline Mass.
The two latter take the places of
Messrs. Vail and Coehrane, who re-
Gently resigned to avoid an interlock-
ing dictatorship with the Boston &
Maine
Before the meeting closed. President
Elliott thanked the stockholders for
their interest in attending the meet
ing and made a plea for sympathetic
cooperation to the end that the COM
pany may speedily tie restored to its
former prosperity.
You have a magnificent property
said Mr.. Elliott. but there is no dis
guisng the fact tha. the directors face
"A difficult problem. The gross earn
ings are falling off and the expenses
are going up. We hope it will be pos,
sible to devise means by which the
two ends may be met. | ii should be
necessary to go 20 a 4 per cent.
dividend, as many fear, | trust that
we can maintain at least that per
cent. and hope to do better than that
within few years. | want to urge
upon you all that all differences and
animosities should be sunk and all
work for the best interests of the
company. This is a government of
the majority. and the directors have
and | believe all will accept that de-
cision.
AT this time the meeting had re-
assembled after a tpo-hours recess to
permit a count of the vote which was
delayed because of the scratching of
directors names. 1t was then, after
5 o'clock and President Elliott said
there was no more business. c. Ii.
Nanner of New York. who had op-
ened the discussion. at noon, in op-
position a. approving the directors
acts, rose with a resolution which in
structed the directors to take no
steps toward issuing and delivery of
SCI, 100000 in deberture bonds until
the supreme Judicial court of Massa
chusetts had passed upon the legality
of the issue on the appeal on the or
der of the Public Service Commission
of that state He said he expected
his resolution to oe voted down be-
cause THE directors controlled the
proxies.
Mr.. Venner said he was friend of the
New Haven Road, had faith in its fu-
ture, believed in its possibilities, knew
it's credit had not been affected by the
series of unfortunate wrecks. but he did
not want anything done which might be
brought into question or which mig,
affect the legality of the proposed bond
issue.
Let not the company put out any
tainted securities he said. (which
would be the result of the court should
over-rule the order of the commission
No u
of one commissioner without desiring
that the court should pass upon the is
sue. There can be no appeal from that
court decision. +"
Director Cuyler replied to Mr.. Vennef
saying that neither Mr. Venner nor Mr..
Morgan c. Bulkeley could realize the
situation the road was in There are
$40. 900 debentures due in December
and no money to meet them. 1T is a
monstrous proposition Mr.. Nenner puts
upon us. He has only been stockholder
since September Sth." said the director.
Mr.. Venner said that Mr.. Cuyler made
no argument. The fact remained that
these bonds would be distributed and II
the issue should be declared Illegal hun
dreds of innocent investors would suffer.
Former Governor NJ. C. Bukeley of
Connecticut, who had taken part earlier
in the lively discussion said that tabling
Mr. Nenner's resolution and spreading
its contents on the records would serve
every purpose. He said that he stated
at the August meeting that he objected
to contract by which nearly S2.000O 900
was going to member of the board lie
believed such a contract of the directors
with one of their number was against
public policy and thought the commits
sions ruling bore that out in spite of
authorization of the issue. The commits
sion, he thought courted judicial opin-
ion. Mr. Bulkeley assured President Ell
lott that he would not delay in getting