The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-11


New Haven road. The New Haven, In ad-
dition TO the cancellation of the Boston
aud Albany agreement, which becomes
effective on February ], will dispose of lts
holdings in the Boston and Maine ROAD
the various trolley systems, the Merchants
and Miners Transportation Company the
Eastern steamship Corporation ana the
Maine Steamship Company under II pan
Che details of which will be- worked out
as promptly as possible with representa-
tives of the Department of Justice by
Chairman Elliott and Mcssrs. storey ana
Hines of special counsel OF the board
of directors
Concerning other steamship lines appli-
cation has been made under the Panama
Canal act to the Interstate commerce"
Commission. and their disposition Will De
determined by that body. Until the plans
ere worked out and put into erect inc
management and operation Of the prop
critics will be continued as at present
Mr.. Elliott said In addition to the state
nent already given out AT o'clock from
the Attorncy-Gcnerals office that the re-
suit of the negotiations for the last SIX
weeks with the Department or Justice
meant numerous changes IN the general
structure of the New England transporta-
ton system. lie believed, however, That
these could he brought about without
serious dslocation II all Interested would
work together and have patience.
The Attorucy-Gencral while insistent
upon an arrangement which contoimed
to the law rs Interpreted by nm, was
broadmiuded In considering the business
and commercial welfar, of New England
and of the railroads In Sew England. Mr..
Elliott said He stated frankly That ne
recognizes the obligations INCUMBENT on
directors to conserve Just as i1r ls CIR
cumstances will permit IN" tull value OF
all of the properties and so lar rs inc
department properly may WIN hclp inc
directors to discharge their Obligations IN
protecting the stockholders IN working
out the details of the plans for the rart-
Gus properties. .
The New Haven management. while II
could not agree fully with all of the
views of the Department of Justice. never
theIess felt that In the interest OF a
peaceful solution of the New England
railroad situation il was wise to yield
and to work IN full harmony with the
Department In bringing about an adj
justment.
While that is going ON, thu Ncw Haven
management hopes that All interested.
whether owners, employees or patrons OF
the road. will cooperate In every reason
able manner to maintain the integrity and
welfare of all of the properties
situation Inherently sound.
The general business and transportation
system I'm New England IS difficult, but
the properties are Inherently sound, and
with courage and patience VIII without
doubt be made not only good properties to
serve the public but Ia due time better
properties for returning an income To the
owners Of the securities.
Mr.. Elliott said there Is of course very
large amount of detail To b. considered
in reaching final conclusions as To the
methods Of scgregatins the properties
This work will be undertaken In fair
spirit 10y the Department of Justice and
the New Haven company.
Mr.. Elliott pointed out that as the In
terstate Commerce Commission well said
in their opinion about the New England
situation:
what is needed first OF all to improve
the railroad situation in New England
is rest and an opportunity for construc-
tive work"
He expressed the opinion that now the
railroad and Federal Government have
come to a conclusion about the general
principles IL is to be hoped that the pub
lie and all Interested will adopt the sug-
gestions msds by the commerce commits
zion and that another state hent made IN
the commissions report as follows will
prove true:
mo railroad management can sue
coed without the support of tn,
public which IL serves. II must never
be forgotten that the railroad is a publ,
servant in fact well as in name AN,
that the service II renders depends largel!
upon the treatment which it receives from
its master
"Some help is needed now from thai
master" said Mr., Elliott. because OF
the complications surrounding the prop
erty. While these complications are
great the statement made by the commits
sion in this same report il true. namely
The financial condition OF this company
calls for careful consideration and prudent
action, but gives no occasion for hysteria.
pending the adjustment OF the details
with the Government and while new imam
cial plans are being completed, improve
rnent of all kinds VIII be necessarily
postponed and no money spent, except suct
as is absolutely necessary for safety
The negotiations that came TO a hea,
to-day We're Instituted last october. The,
were begun following the publication o
reports that the Attorney General had col
lected evidence that the New Haven hat
a monopoly of transport facilities in New
England and that ii suit To dissolve woui'
he the result The negotiations were con
Quoted In good spirit by both Sides. NJ
serious objection was made by Mr.. Elliot
10 relinquishing control of the Boston an,
Maine road or to the cancellation of th
agreement with the Boston and Albany.
Held Out for Trolley Lines.
The last principal point at issue b.
tween the Spokesman for the New HaVei
and the representatives of the Govern
ment was involved in Mr.. Ellotts insist
ence that the road should retain certaii
trolley lines in New England. Chairman
Elliott held out until the end for author
ity TO retain these properties which h
regarded as AMONG the most prottabl
of the old New Haven system. He he'll
that considerable doubt existed as to tn
power OF the Fedora! Government unde
the Sherman law to require the road 4
rellnqush these lines, especially those en-
gagged IN the intrastate traffic.
The Attorney General insisted that tn
road should give up these lines, The In
vestigation which was made by his spe
cial assistants last summer convinced hlf
that the enforcement of the New Have
road from both the interstate and n,ra
state trolIeys should be an essential fea