New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-12
Massachusetts Will Be
Asked to Repeal Law
Giving 1t Option.
SUIT TO BE DROPPED
Agreement on TrolleyS and
Boats StandS-No Understand
ing on Criminal Charges.

road passes its title 20 the Boston q
Maine 10 trustees, who viii endeavor
20 sell the same within one year, and
the department agrees 70 drop It's SUIT
for the dissolution Of the company
At the same time Howard Elliott,
chairman Of the board, was elected
president, succeeding J. H. Hustls, and
the resignation Of John l.. Billiard as
q director accepted.
The agreement does not affect the
threatened criminal prosecution OF d.
rectors, past and present, OF the com
many. Attorney General McReyonlds is
free 70 ego as far as he likes" in that
respect. 40.
Bv the terms Of Lne agreement a stlp-
Ulstion will be FLED in the United states
court in this city, in which the New
Haven will agree 70:
Transfer its title to its Boston &
Maine stock TO a board OF trustees,
headed by former Chief Justice Marcus
NJ. Knowlton of the Supreme judicial
Court Of Massachusetts, these trustees
70 have all the power Of owners OF the
stock in disposing OF the same WITHIN
one year, it being understood that on
the presentation Of reasonable ground
for delay in selling further time may
be granted by the court.
Courts TO Interpret Law.
In this connection it is agreed that
any questions Of law involved IN the
sale Of the Boston q Maine stock shall
he submitted 10 the courts. This leaves
tbe way open for the New Haven to
attack the constitutionslity of the
Fischer-Ames law, by which the state
Of Massachusetts retains a perpetual
ontion on the Boston & Maine In the
event that the General Court OF Mas
sachusetts at its next session IN Janu-
arv does not satisfactorily amend the
law.
Transfer the stocks Of the Connect
cut trolley companies TO board OF
trustees. headed by Judge Walter Z.
Moves. of New London, which is 70 dis
pose Of the roads before July l, 1919
Transfer Of the Rhode Island troll
leys TO a board headed by Rathbon
Gardner, of Providence, with instruc-
tions to sell the same by July l, 1919
Sell the minority, stock OF the East
ern Steamship Company held by 1t be-
fore July 1, 1917
Sell the Berkshire trolleys in Massa-
chusetts within five years from July
/, 1914.
Leave the question o. retaining the
Sound steamship lines TO the Inter
state Commerce Commission, IN accord
ance with the provisions Of the Panama
Canal act.
Road to Shoulder Losses.
Pending the sale or other disposition
Of the properties the New Haven is
10 refrain from exercising any of the
usual functions of ownership save as
to making good any deficits that may
arise. l..
made a part Of the stipulation, that
the Department Of Justice Will view
with approval any act of the Leglsla-
ture Of Massachusetts that will tend
"a make easier the sale of the Boston
& Maine. which, by the terms Of the
law enacted at the last session Of that
Legislature. is made the object Of a
perpetual option 70 the state OF Mas
sachusetts.
Incidental 20 the transfer Of the Bos-
ton & Maine stock TO trustees and the
establishment of an independent man
agement, James H. Hustis, who has
been president Of the New Haven d
Hartford, relinquishes that ONCE on
SATURDAY. next TO become president OF
the Boston e. Maine.
Howard Elliott, who then becomes
president. as well as chairman, OF the
board, will return from his leave OF aD-
sence this week. and is expected 10 be
AT the New York Offices of the company
on Monday. In this connection IL is
said that Mr.. Elliott has greatly profit
cd by his rest in the woods. Mr..
Elliott was at no time sick man, but
he was q very tired one, having worked
ten months without as much as sun
day of.
Officers Are Satisfied.
Yesterdays meeting was called on
Monday, when IL became certain that
the Department OF justice hau 's ~,
advantage Of the offer Of the New
Haven TO reopen negotiations, and
u,bile none Of the officers OF the com
many would express any opinion Tor
nubiication Yesterday all were satisfied
With the outcome and content 10 per-
nil Mr.. McReynolds TO claim any hon
ors that he might assert are ms. In
fact the directors in an official state
ment thanked the Attorney General for
privately the credit for reaching an
amicable settlement was given TO Presl-
dent Wilson, who, though ne authoI-
ized the filing OF the dissolution suit
was at all times anxious 70 AVOID iiti-
cation. III ltdl Ndb P!ooALAN.
The official statement OF the meeting
reads:
A meeting Of the board Of d.
yectors of the New York, New
Haven & Hartford Railroad Com
Many was held this afternoon az
he Grand Central Terminal. After
the meeting President Husts said
that in pursuance OF the hope ex-
pressed in his statement OF July ~
that a way might still be found 70
accomplish the peaceful dissolu-
ton OF the properties an agree
mont had been reached, which is
substsntially renewal Of the
original agreement between the
Attorney General and the company
i'm all respects except as TO the
Boston e. Maine stock, and rs IN
accordance with the vote OF the
stoekholders at New Haven April
q, 1914, authorizing settlement
with the government.
President Hustis said In conclu-
sion that this arrangement, having
been accepted by the Attorney
General had been ratified by the
board OF directors st the meeting
to-day, and that the members OF
the board highly appreciated the
courtesy of the Attorney General
and his cooperation in their ep-
deavor 20 solve the problem with
out inhicting unnecessary loss