The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-01-21
BIG TRUST YIELDS
NEW ENGLAND RAILROAD PROF.
FERS OLIVE BRANCH.

Department Of Justice Scores Second
Sweeping Antitrust Victory for
the Present Administration.
The New York, New Haven & Hart
ford railroad and the department OF
Justice at Washington Saturday night
announced a preliminary agreement
designed to effect a reorganization OF
the New Haven and to prevent suit
for its dissolution under the Sher-
man law.
In compliance with department de-
mands, the New Haven will dispose
of it's holdings in the Boston &, Maine,
cancel it's joint agreement controlling
the Boston & Albany; give up its
trolley lines and several Of its steam
ship lines. The question Of its re-
tention of the so-called Sound lines
of steamships will be left to the in
terstate commerce commission.
Under the Panama canal act the
road is required to give up all steam
ship holdings by July 1 unless the
commission finds their continued op-
Grafton by the railroad IS to the COM
mercial advantage Of the public and
not in restraint Of competition.
It was conceded that the depart
nent of justice gained virtually every
point demanded. Announcement OF
the agreement was made in the fol-
lowing statement issued by Chairman
Elliott:
"An agreement has been reached
between the department Of Justice
and the New Haven road. The New
Haven in addition to the cancellation
of the Boston & Albany agreement,
which becomes effective February 1,
will dispose Of it's holdings in the
Boston & Maine railroad, their troll
ley systems, their Merchants and
Miners Transportation company, the
Eastern Steamship corporation and
the Maine Steamship company under
a plan the details Of which will be
worked out as promptly as possible
with representatives Of the depart
ment Of justice.
Concerning other steamer lines,
application has been made under the
Panama canal act to the interstate
commerce commission, and their dis
position will be determined by that
body. Until plans are put into ef-
feet the management and operation
of the properties will be continued as
at present"
The conference was between the
attorney general and Special Assist
ant Gregory, Assistant Attorney
General ]. E. Adkins, Assistant
Frank NJ. Swacker, representing the
department Of justice, and Howard
Elliott, Arthur T. Hadley and l.. S.
Storrs, representing the New Haven
company.
Department of justice officials were
of the opinion that the New Haven
was as big a victory for the princi-
pie of peaceful settlement Of anti
trust cases as that registered in the
case OF the American Telephone and
Telegraph company. They pointed
out that the complexities Of the New
Haven were greater than in the tele-
phone case and that a suit to separate
the New Haven from it's greater hold
ings might have resulted in disaster
on the road itself, and in reflex action
upon business that would have been
widely felt.
They recognized that the New
Haven could not be expected to dis
pose OF it's holdings in a few months
and recognized that to force the road
to get rid of its interests within a
specified time would permit prospec-
tive buyers to wait until that time
limit expired and then pay their own
price.
AS long as Chairman Elliott and
his associates show their intention to
carry out the terms of the agreeme lent
assurances are given that the depart
ment of justice will not press them
for haste. Although no one in author
ity would predict how long a time
such a reorganization will require, it
generally was believed that final re-
adjustment can not be reached for
many months and on some points
probably not for years.
Negotiations with the New Haven
began more than two months ago.
shortly after Mr.. Elliott came East
to take active charge Of the opera
ton of the road. There have been
several conferences between the rail-
road men, the attorney general and
his two associates in this case.
This IS not the first time the New
Haven has escaped the hand Of the
Sherman act. Sveral years ago the
road was investigated by the depart
ment Of justice and was sued by the
then Attorney General Bonaparte.
Former Attorney General Wicker
sham did not press proceedings and
the suit was abandoned Several
months after Mr.. McReynolds assum-
ed Office he determined the govern
ment would sue or the New Haven
would reorganiZe.
DEATH IS EXPLAINED.