The Barre daily times. (Barre, Vt.) 1897-1959, 1914-03-23
NEW HAVEN
.PLANAGREEDON
Railroad Willing to Accept
the Requirements
Stipulated
BOSTON & MAINE
is TO BE SOLD
Trustees Are to Be Appoint
ed for the Trolley Lines
of the New Haven

Washington, ID. c., March 23.-Aftel
several weeks of negotiations, the United
States department of justice and thu
New York, New Haven q Hartford rail
road Saturday night announced thai
they had reached complete agreement
for a dissolution of the New Haven
The announcement was made in the fol
lowing terms:-
''The attorney general has indicated
to the representatives of the New York
New Haven & Hartford railroad the ar
rangements which he thinks would re-
suit in bringing the affairs of that com.
pany into harmony with the law. The
representatives of the railroad are will
ing to accept the requirements indicat-
ed and to endeavor to put them into eff
feet without delay if approved by the
stockholders in meeting to be called
at once. The indicated arrangements,
stated in general terms, follow
Il. The Boston Railroad Holding com
pany is Massachusetts corporation,
holding majority of the stock of the
Boston & Maine railroad, and 80 per
cent of the formers stock, in turn, is
owned by the New Haven railroad. The
charter of the holding company prohibits
it from disposing of the Boston & Maine
stock. The legislature of Massachusetts
| will be asked to remove this prohibit
| ton and, if this is done, the stock Of
the holding company will be transferred
at once to five trustees and, after ar
rangements have been made to protect
the minority stock of the holding com
pany, they shall sell the Boston & Maine
stock, prior to January |, 1917.
20. The stock of the companies which
control the Connecticut and Rhode Is
land trollies will be placed in the hands
of trustees--fve for each state-and
shall be sold within five years from
July l, 1914.
"3. The majority stock of the Mer-
chants & Miners Transportation COM
pany, now held by the New Haven rail-
road, will be placed in the hands of three
trustees and shall be sold within three
years from July l, 1914.
"a. The minority stock in the East
ern Steamship corporation held by the
New Haven railroad shall be sold within
three years from July |, 1914, and in
the meantime shall be deprived of vot-
ing power.
"5. Whether the New Haven railroad
shall be permitted to retain the sound
lines will be submitted to the interstate
commerce commission for determination
under the provisions of the Panama ca
nal act.
IS. The Berkshire trollies shall be sold
within five years from July L, 1914.
81. A decree embodying the foregoing
shall be entered in the United States
district court for the southern district
of New York. The decree shall further
provide that upon application of the
New Haven railroad for the trustees and
for good cause shown, the time within
which any of the aforementioned stock
shall be sold may be extended by the
court.
Trustees satisfactory to all parties
have been suggested. Those proposed in
connection with the Boston & Maine
stock have signifed their willingness to
serve and their names are: Marcus P.
Knowlton and James L. Doherty of
Springfield, James L. Richards and
Charles p. Hall of Boston. and Frank
P. 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
property in the hands of trustees is to
secure their immediate independent man
agements. The outlines of the proposed |
decree and trust agreements have been |
discussed and are understood. Their |
verbiage remains to be worked out. but |
no difficulty is anticipated in that re-
spect. This statement has the approval |
of both the attorney general and the |
of the railroad"
McReynolds' Second Big Victory.
Saturday nights agreement marks the
second victory which Attorney General |
has won in his effort to
have "big business" adjust itself to the |
antitrust law without litiga-
ton. The complexities in untangling
the New Haven were said to be vastly
greater than in any previous negotia-
tions of the kind, and the process has
taken months of careful work by the
lawyers representing both sides.
The announcement was made that
within the last few hours the New Ha-
ven was granted certain concessions for
which it made a strenuous fight. The
length of the trusteeship for the Boston
& Maine stock owned by the New Ha-
ven was held to be one such concession;
the decision to leave the disposition of
the so-called sound lines of the New Ha-
ven to the interstate commerce commits
sion another.
The department, however, it was point
ed out, has arrived at definite under
standing for the dissolution Of an al
legged monopoly, which has been under
fire and under investigation for years,
and which was once in the courts as a
violator of the Sherman act, but which
never before has been brought to the
point where such demands were made
upon it and accepted.
The negotiations here were conducted
BY r. w. Gregory, special assistant to
,he attorney general; Jesse c. Adkins.
attorney general; z. NJ. Swacl-
IT. expert of the interstate commerce
representing the govern
nent; Moorfeld Storey. Walker Hines
md John w. H. Grim, representing the
New Haven. Both Mr. McReynolds and
Chairman Elliott participated from time
% time in the conferences. Before the
was made public Satur-
lay night the attorney general had a
ak with President Wilson. and it was
understood outlined to him the plan,
which later was ratified.
Elliott's Statement.
Chairman Elliott said: I'm the judg- {
nent of the directors the general bus '
ness and financial conditions in New I