The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-19
NY, CENTRAL MERGER
HEARINGS CONCLUDED
Interstate Commerce Commits
sion Must Now Report to
Senate on Project.
VENEER AND HODGE OPPOSE
Cite sherman Law; Roads COun.
sci Explains Reasons for Con-
solidatiOn and Benefits.

al L. A..
~, % Nv" up W
the ih'e' s'a'e No"''',eree commission 10
inform the senate whether In Its opinion
the proposed merger Of the New York
Central Railroad and the Lake shor.
,.,.,,, ia u,ithi, tho ,.u IT.. -.,-
-, .o''''''s
SION "-""' "e"'u "'"' testimony ana
"a ,ssu,nce Of sts7 100 10o 4, 4 c.r ,.,,,
bonds to take the place Of 81, per cent.
su,,ds outstanding
49,. ,,,.os,,..,,o,, t,,. ,,.
NV Wv
directed u! resoiut'on OF the united
States Senate and considerable testimony
has been taken. Among the witnesses
.,s. hay. annearea nj a nrevious bs.yi,v
p,.,.,o,, v.ru.. -, $50,
was - '''e"
ihdi the cohsoiiua'ion was essential 10 the
Welfare OF the railroads involved and In
ord.r that they might finance themselves
49,. 80, =, s,n,x,, s,.,,..,,
!" '"'
~ 'o-uas nearing anu ARGUMENT Al
bert II. Harris, v!ce-pres'dent and general
'ounsel OF the New York Central said
tast every one Interested, stockholders.
I'm. consolidation. and there appeared TO
oe only Two "oJeetors. T. IL. Nenner OF
the continental. securities Company ana
MS attorney D. .Nsp'nwai! HodEe' Inc
latter was present To-Day ana MADE the
closing argument against the merger. corr
t"rdine that IL was IN Vlo'a'ioh OF the
Sherman ANTITRUST act Nenner is Wen
Nno"h 10 railroau men having inquired III
other minority stocknoidins proceedings
NJ a similar character.
.
"s'ss" e~"" N"' '"c'oe"'
...l.
81 the stockholders of the two companies.
when Ia. required authorization by public
4t,hur!t!es snail have been given II Is
proposed to consolidate the New York
Genital and Hudson River Railroad COM
ysrles. the Lake Shore and Michigan
southern Railway compa MES and certain
of tl!. New York Central lines west Of
Buffalo. but that there was no present
mention OF including the Michigan Gen.
,r..l Railroad In the consolidation.
Mr. Harris. replying To the charge that
the consolidation was In violation Of the
sherman antitrust act suid II was no
part of tile commissions duties to decide
,ms and that the New York Central was
.,r.pared TO meet this charge when made
IN the proper place.
Cites Benefits Of Merger.
..,,.. r,, yorL c.,,ra, md tho Lake
CO. -, ,S,,r,. i,na 49,, 1,h,ca On 10
~. vi, :, ia A. U.-r,. ..c.oyrsnhi.
III. "a ,,,,r,Iv ,hasa two cI,i.s are
,.",,,G,is ~, hreai, ~, pufy,io 10
s.,tet'I 80 to ,nc,aor, ori, ,n tho FAC
''''.,a '.. az n,~',nra,. onn.rshin A.
=. 80, ~ ,h., s,.cx q, ,ha Ike
sho'e Is now owned by the New fotk
lss ceased to be of any substantial
Ven, N or Importance, except OF course
N IN. owners OF the minority stock. whose
i'm. must be fully respected and pro-
,.ct-d
Combining. Mr.. Harris said that the
New York Central was bearing large
criminal expenses on business coming
ram the Lake shore railroad and that
. the artificial separat.on OF the lines
A, Bufialo u. ended and the New York
Central and the Lake shore become one
..Ilruad 10 the seatuard the earnings will
reach one treasury and the expenses he
Maid ,herefrom. and the credit of the
Consolidated company will he such a. the
onnershlp OF the through lines and the
revenue. therefrom entitle IL to.
Mr.. Harris said, that the consolidation
morteag. bonds will not exceed slS7,.
lo2. 400 these TO secure the New York
Central a., Der cent. gold bonds, Lake
Shor, collateral ssO57s 400. New York
CENTRAL and Hudson River Railroad Com
pany's AZ, Der cent. gold bonds, Michigan
Central collateral. sI9.336O0C, and New
YORK Central and Hudson River Railroad
Companv's per cent. debentures Of 1904
amounting TO s4s. 600. 900. and its 4 Der
zen, d.bentures of 1919. amounting "a