Norwich bulletin., 1914-03-23
Directors Will
 Act this Week
NEXT STEP IN NEW RAVENS DIs-
 SOLUTION.
TO MEET ON THURSDAY
Matter Will Then Go to Stockholders -Governcr Walsh to Send Special Message to Mass. Legislature.

l Washington, March 22.-With the danger of the anti trust suit out of the way, the next steps in the untangling i of the New Haven railroad system must be taken by the New Haven di- rectors. its thousands of stockholders 1 throughout New England and the l Massachusetts legislature.
 1 Department of justice officials have agreed to a peaceful dissolution of the 1 New Haven, the bill prepared to effect | that dissolution in the courts has been 1 laid aside, and the feeling here is that l the salvation of the road is now in the | hands of its directors and Stockhold- l CTS.
 Directors to Meet Thursday. ] Chairman Elliott and counsel for the road, who have spent much of the last | three months in Washington, left to- l day for New York and Boston, and are
 not expected to appear at the depart, ment of justice again for several 1 weeks. The New Haven board is ex- 1 pected to meet in New York Thursday i when the agreement between the ad- 1 v1sors of the road and the department l announced last night will be consid- 1 cred. Chairman Elliott has been con- | f1dent that his directors will approve i the action taken here by himself and | counsel and with their approval he 1 believed the agreement could be sub I | within 8 month.
 Action by Massachusetts Necessary In the meantime IT, W. Gregory, l Jesse c. Adkins and F. N. Swacker, 1 the representatives of the department | of justice, who conducted the negotia- 1 tionS for the government, will work on some minor details of the dissolution | plan. It was said tonight that there 1 is TO point now regarded as sufficiently 1 important to necessitate further con- l ferences here with New Haven ofi- ! cials.
 | Action by Massachusetts will be 1 necessary before the trustees named i in the agreement to take over the Bos- 1 ton and Maine stock of the New Haven 1 can begin the most serious work of i their trusteeship, the disposition for 1 the New Haven of this Boston and 1 Maine stock. Legislation removing the i lien which that commonwealth has l over this stock will be absolutely nec- 1 essary before the plan is worked out. Just what steps will be taken in Mas, sachusetts were not known here to- night. Governor Walsh, however, was a party to several conferences here and is believed to know the needs Of the situation.
 The final step in the disso1ution viii be taken in New York after the New
 Ravens stockholders and the state of Massachusetts have acted. when law l yers for the government and the rail- road will appear before the United | States district court and ask for a
 good decree eInbodying the terms of | the agreement announced here Pend i ing submission of the plan to the 1 stockholders and action in Massachu- sefts, the attorneys for the department | the preparation of this decree It probably will not he completed for sev- | eral weeks and will not be finally ap- l proved by both sides until the neces- ] sary legislation has been signed by i Governor Walsh.
 The Terms of Agreement. The indicated arrangements, stated
 in general terms. follow:
 CD The Boston railroad holding company is a Massachusetts corpora | ton holding a majority of the stock l of the Boston and Maine railroad. and l 90 per cent of the formers stock, in l turn is owned by the New Haven rail- | pany prohibits it from disposing of the l Boston and Maine stock. The legisla- ] ture of Massachusetts will be asked to | remove this prohibition and if this is | done the stock of the holding com pany will be transferred at once to five l trustees and, after arrangements have l been made to protect the minority stock of the holding company, they shall sell the Boston and Maine stock, prior to Jan. 1, 1917.
 TroIIeys to Be Sold Within Five Years. CD The stocks of the companies
 which control the Connecticut and Rhode Island trolleys will be placed in i the hands of trustees-hve for each 1 state-and shall be sold within five years from July l, 1914.
 (s) The majority stock of the Mer- chants and Miners Transportation company, now held by the New Haven
 railroad. will be placed in the hands of ! trustees and shall be sold within three years from July l, 1914.
 (4) The minority stock in the East 1 ern Steamship corporation, held by the ] New Haven railroad, shall be sold within three years from July 1, 1914,
 and in the meantime shall be deprived of voting power.
 (5) Whether the New Haven rail- road shall be permitted to retain the | sound lines will be submitted to the in- | terstate commerce commission for de- l termination under the provisions of the ! Panama canal act.
 To Sell Berkshire Lines. (s) The Berkshire trolieys shall be
 sold within five years from July l, 1914.
 i (0 A decree ernbodyiTrg the forego~
 ing shall be entered in the United ! States district court for the southern 1 district of New York. The decree shall l further provide that upon application 1 of the New Haven railroad or the trus- | tees and for good cause shown the time within which any of the above men l toned stocks shaH be sold may be ex- ! tended by the court,
 l Trustees satisfactory to all parties | have been suggested. Those proposed ! in connection with the Boston and 1 Maine stock have signitied their will i inEness to serve and their names are 1 MaTcI1s P Knowltol and James L. Do herty Of Springfield. Mass; James L. 1 Richards and Charles p Hall of Eos
 ton, and Frank P Carpenter of Man 1 chester. V. T. Names of the others 1 will not be made public until accePt- l ance by them Is fully assured. 1 oon &uA.ou r0 AFT