The Washington herald., 1914-03-22

shall sell the Bosten and Maine stock
prior to January l, 1917.
'2. The stocks of the companies which
control the Connecticut and Rhode Island
trolleys will be placed in the hands OF
trustees-fve for each State-and shall be
sold within five years from July !, 1914
-. The majority stock of the Merchants
and Miners Transportation Company, now
held by the New Haven Railroad, will be
placed in the hands of three trustees and
shall be sold within three years from
July l. 1914.
-. The minority stock in the Eastern
Steamship Corporation held by the New
Haven Railroad shall be sold within three
years from July l. 1914 and in the mean
time shall be deprived of voting power.
-. Whether the New Haven Railroad
shall be permitted to retain the Sound
Lines will be submitted to the Interstate
Commerce Commission for determination
uEder the provisions of the Panama Canal
act.
IS. The Berkshire trolleys shall be sold
within five years from July l. 1914.
90 A decree embodyinC the foregoing
shall be entered in the United States Dis
trict Court for the Southern District of
New York. The decree shall further pro-
vide that upon application of the New
Haven Railroad. or the trustees, and for
good cause shown, the time within which
any of the aforementioned stocks shall
be sold may be extended by the court.
Names of Trustees.
Trustees satisfactory to all parties
have been suggested. Those proposed in
connection with the Boston and Maine
stock have siEnified their willingness TO
serve, and their names are: Marcus p.
Knowlton and James L. Doherty, of
Springfield. Mass: James l.. Richards
and Charles p. Hall, of Boston. and
Frank F. Carpenter. of Manchester. n.
II. Names of the others will not be made
public until acceptance by them is fully
assured.
THE essential reason for placing the
properties in the hands OF trustees is
to secure their immediate independent
arrangements.
The outlines of the proposed decree
and trust agreements have been dis
cussed and are understood. Their YER
biage remains to be worked out, but no
difficulty is anticipated in that respect.
This statement has the approval of
both the Attorney General and the rep
resentatives of the railroad"
Chairman Elliott gave out this state
ment:
Mr.. Elliott said in regard to the ar
rangement with the Department Of
Justice that in the judgment of the
directors, the general business ana
financial conditions in New England.
and particularly those affecting the
transportation lines, were such that 1t
seemed wiser to make a settlement IL
possible, rather than face a general
dissolution suit with all of its ramifica-
tions and uncertainties.
New England needs peace and a
chance for constructive work. II that
null ha oh ofrA
amicable adjustment, under which
ample time was allowed for the pro-
lection of the company's property, the
directors felt that such adjustment
would be helpful to New England and
to the stockholders of the company.
The directors feel that the time al
lowed, with the right in the court to
extend it upon application Of the COM
pany, or Of the liquidators. gives an op-
portunity for disposing of the various
properties to the best advantage possi-
BILE and with the least disturbance to
general business conditions.
'Mr Elliott said further that he and
the lawyers had urged upon the depart
ment the great Importance of ample time
and OF good trustees, and that the de-
partment had met their views as to these
two important points.
Financial Conditions Difficult.
The financial conditions confronting
the company are most difficult, but IT is
hoped that this adju-tment with the gov
ernment increases the eJprobability of ham
ding the matter successfully. and this
very vital question will be taken in hand
by the directors at once.
The directors have felt that the dis
position Of these properties was a trans
acion of such importance that the stock
holders must pass upon it, to which the
department has assented.
"A meeting will be called in the very
near future for that purpose. Prior to
that meeting q statement will be SUBJ