The Birmingham age-herald., 1914-08-26
Too Good Results From
 the European Conflict
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stretching from a point where the Un- tario and Western systems also have a line directly across Connecticut and south- east to Massachusetts and Boston. The Ontario and Western, which is controlled by the New Haven, penetrates the coal regions of eastern Pennsylvania. It is also trunk line operating directly to Niagara Falls by way of oswego, con- meeting at Niagara Falls with one of the through lines to Chicago.
 This is the line which is used by the New Haven for the transfer of passen- gers between Boston and Washington without change of cars.
 A Satisfactory Result
 In the old days the competition between the New England and the New Haven created constant friction and instead of being of benefit to manufacturers led to frequent irritation. As soon as the New
 Haven company secured control the New
 England business community had one of the best object lessons serving to show
 that combination and unification are
 sometimes of far greater benefit to com- munity than railroad competition.
 The compromise now arranged with the departemnt of justice leaves the New
 Haven free to handle business sos far as the old New England Railroad company is concerned. That is of immense advan- tage to the New Haven company and fully
 justifies the yielding on its side of a part
 of the position 1t has taken in reference to the enforced sale of the Boston and Maine railroad That sale will now be made, but will be fairly made and under the protection of the courts In this city, no doubt is entertained that the view was taken in Washington and also by the New Haven management: that in
 the present critical condition oceasioned by the European war it is far the better
 part to avoid controversies and to seek by amicable compromise a satisfactory adjustment of differences
 The Claflin Case
 The banks of the United States st many of which held the Clafiin paper al the time of the failure of that house. have unquestionably felt that prevailing conditions justified such arrangements as would make it possible for the company
 to be put on its feet At one time il
 seemed likely that unless an amioable spirit prevailed among all it's creditors many of the banks would be compelled sooner or later to charge off a consider able percentage of the Claflin paper Emergency action of that wind would moi notably disturb the great banks of the country especially those of New York Almost all of these banks could charg,
 off the entire Clafin loan for notes with.
 out appreciably affecting their condition l But there were hundreds Of small banks throughout the United States that might l find it somewhat embarrassing if they l were compelled to charge off any consid erable portion of the amount of the C1af lin notes which they held.
 l On the other hand, if some arrange
 ments could be made by which the ne cessity of charging off could be avoided 1 as, for instance, the acceptance of bond or stocks representing the reorganizet l Claflin company. securities of that kin, | would be carried and marketed whenever favorable opportunity occurred. Ther,
 would be some ground for hope that i there were patience these securities som, day could be marketed at par.
 I A sentiment of that kind characterize. almost all of the banks of the United l States. so far as is known, which hay, bought Claflin paper. but the sentiment
 was not made manifest until immediatel,
 after the war in Europe created the grea difficulties which our own money mar 1 ket and our banks were compelled to face It may be, therefore, that as an indirect consequence of this war the Claflin fail
 ure-which is sure to become tradtiona
 as one of the largest of a mercantil, house that has ever occurred in tn, 1 United States-may be satisfactorily ant at an early day adjusted.