Norwich bulletin., 1914-07-23
STATEMENT BY PRESIDENT
 husTls OF N. H. ROAD. Directors Still Hopeful of Reaching Agreement With Government.

New York. July 22-Despite the de- cis.on of the federal government to proceed with suits against the New York, New Haven and Hartford Rail. road company, the directors yet hope that way will be found to accomplish agreement with the government, Prest- dent James H. Hustis declared in 8 statement tonight Mr. Hustis asserted that the New Haven had not refused to carry out the agreement reached with the fed eral authorities some time ago and pointed to a compromise offer made by the committee of the systems di- rectors in Washington on Monday, un- der which trustees appointed by the attorney general power to absolutely control" the Boston and Maine wcile the rights of the interested parties were being decided by the action of the courts or by the Massachusetts legislature The demand of the g1:- ernment in connection with the Bos- ton and Maine stock, he declares, was | a change in the original agreement, which would have entailed on the company "a very large pecuniary loss and at the same time increased enor- mously the difficulty of reorganizing the Boston and Aaine railroad.'' lssued After Conference. The statement of Mir Hustis was is- sued after a series of conferences among the directors today, at which it also was decided to issue state ment to the stockholders of the New Haven. This latter statement .es over the same ground as that cover ed by MT. Hustis, rehearsing the con- | troversy with the government leading up to the presidents order to file suit against the company and also express ing the hope that way will be found after the suit. is brought through ue- gotiation ands action of the court, to carry out the compromise agreement and thus achieve result which all l parties earnestly desire"
 The Statement.
 President Hustis, in his statement, i said:
 | The directors of the New York, | New Haven and Hartford Railroad company desire to make their position entirely clear They have never re- fused, but on the contrary have al- ways been willing and anxious to car ry out the agreement with the attor ney general made on March 21, 1914 approved by the stockholders on April Fl, and sanctioned by the governor of Massachusetts That agreement was framed to accomplish two objects: First, the sale of certain properties owned by the company which the at- torney general demanded; and second the sale to take place at such times and on such terms as would insure a return at a fair price. This last ob- jeet, in the judgment of the directors will be defeated if the sale of the Boston and Maine stock Is made sub- 5ect to the condition imposed by the legislature of Massachusetts and there 1 fore they have declined to accept il and have stated fully the reasons fol their decision
 They have not refused to carry ou, any agreement which they have made bur they have refused to change thIt agreement, as the change would en- tail on the company a very large pecu- niary loss and at the same time in crease enormously the difficulty of re. organizing the Boston and Maine rail. road.
 Evidence of Good Faith.
 "As evidence of the good faith oi the directors a representative commit. tee consisting of President Hustis, Mir Cuyler and MT Haadley/ accompanied by Mir. Moorf1eid Storey, counsel ir these proceedings, waited on the at torney general on July goth and of. fered to carry through the settlemen, in all respects according to the agree nient, and, further, in order to meet the difficulty which had been created by the Massachusetts legislature, tht committee offered to place the contro of the Boston Holding company in tht nandS or the trustees which had beer selected by the attorney general and governor of Massachusetts, with ful power to absolutely control the Bes- ton and Maine railroad until eithel the Massachusetts legislature passe
 the necessary legislation or the rights of the parties interested were decided by the federal court in proceeding. which the company offered to expedit, in every way possible
 Tn making this offer the committee did everything possible to avoid hostile proceedings without at the same tim. sacrificing the interests of their share holders. and the directors only regre that an offer which seems to then enfnently fair should not have beer strong hope that a way may be found to accomplish the dissolution which the attorney general desires and whict the company is willing to accept, or terms which do not infiict on the | Qfl a ahal dxz-z a