The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-03-17
Wilson Urged to Take
Hand in New Haven
Affairs.
RECEIVERSHIP
is THREATENED
Senator Weeks Visits President
and Points Out Dire Conse-
qucnces if Railroad Tangle Is
Not Unrav.led Soon-Mis-
sion Not Likely to Be
Successful.
Especial to Tho Timcs-Dispatchl

Especial to Tho Times Dispatchl
Washington. March Discouraged
Mt the failure of tho Department or
Justice and tho New Haven officials TO
get together on It's dissolution plan. and
fearing that prolonged delay will throw
the New Haven into the hands OF a
receiver. senator Weeks. OF Massa-
chusetts. to-day visited tho President
ana urged MIN to take a hand in the
matter. He predicted that unles. tho
problem is handled expedi,iously and
carefully, the resulting tani-lc will
cause paralysis OF financial and indus
! trial operations In the United States
Senator Weeks contends that minor
Questions only are Keeping the con-
iercca apart. He urged the President
10 summon the Attorney -G General, Gov
crnor Walsh, OF Massachusctts: Chair
man Elliott, OF the New Haven sys-
TEN. and Special Counsel T. w Gregory
to the White House and effect a prompt
agreement.
During the late afternoon Attorney
General McRcynolds had a conference
with the President. and afterwards
strongly intimatcd that the President
would not Interfere in the pending
negotiations.
opposes Time Limit.
Senator Weeks strongly opposes the
proposed time limit within which the
securities shall be sold. as coniended
for By the Acknowledgement He urges
that the limit he left discretionary with
the courts. and asserts that tho policy
OF the Department OF Justice will
| have tho effect of preventing the sale
and Inducing possible investors to
wait until better bargain counter
situation is created for them. In a
statement, Senator Weeks said:
Il havo seen the President and told
him that in my Judgment unless es-
| sentiais were kcpt In view and de-
! tails subordinated feared the New
/ England railroads would go into the
hands of n receivership, an extreme
| ~ undesirable result from every view
| point
AS I understand It, the New Haven
Railroad has agreed to dispose of its
Boston and Maine stock, scvering its
connection with that road and has
accepted as trustees for it's holdings
the men nominated by tho Governor of
Massachusetts and New HAMPSHIRE.
without an exception. 1t has agreed
to dispose OF all OF its trolley lines It
has already withdrawn from the Bos-
ton and Albany agreement which .t had
with the New York Central Railroad
! II agrees to sell its stock in all of its
steamship lines, except the Southern
lines. and that question, under the
Panama act, is TO he referred to tho
Interstate Commerce Commission for
settlement.
One NitnI Question.
Therefore. the only vital question
In dispute Is the time within which
the securities shall be sold and this is
or great Importance to the railroad
stockholders as we'll as the New Eng
land public. In my judgment no short
time limit should be fixed, and Tho
! limit. when tlScd, should be extended
IT the railroad conVlnccS the courts
that further time is necessary or de-
sirabie. TO put Il final limit on the
time, as the Department of Justice.
wishes TO do, is going to prevent a
sale or these properties until they are
even on moro extreme bargain coun-
ter than the one which now exists.
Investors will not buy Boston and
Maino and New Haven stocks to-day,
and those roads should bc rehabilitat-
ed. making the stocks an attractive In
vcStment for the New England public.
"nere they should be held. instead of
| selling them TO be used as pawns on
the speculative checkerboard of out
side interests: incidentally, 1T is worth
while rcmarkinS that tho only rail
roads which could buy this Boston and
| Maine block OF stock would he the
Grand Trunk or the Canadian Pacific
roads, and doubt ii any New Eng
Einder. directly or indirectly Interested.
wishes ono Of its main corporations
| controlled by foreign capital.
Important to WhOi, Country
This question is not alone OF vital
Importance to New Eng land, but to the
| whole country, ard Indirectly TO our
! international affairs. If these two
old roads 20 into the hands OF receivers.
! mat course will probably he followed
bN others, the foreign investing pub
lie VIII become frightened, and we will
ce likely TO get back Il dclugc OF our
securities, which would paralyzc iinan-
clal and industrial operations in this
country. The parties at interest in
this matter should act. and act at
once"
An INVESTIGATION into the working Of
trolicy line systems In New England.
owned by the New Haven, has been
started by the department of Justice.
Jesse c. Adkins. assistant to Attor-
ney-Gencral McReynolds. ana succial
Assistant Attorney William s. Gregg
left secretly for Providence early this
| morning. They will be gone several
days. and will keep in close touch with
tho Public utilitieS Commissions OF
lthode Island, New Hampshire and
massachusetts,. These commissions
nave collected valuable data, which tho
Department OF Justice is seeking.