Omaha daily bee., 1914-03-23
ROAD GRAM ~ E.,CEssIoNs
Make Ger Fighting Long
sHslnst Yielding.
BOSTON & MAINE STUMBLING
Length of Trusteeship One of the
Fighting Points.
DISPOSAL OF THE SOUND LINES
This Matter VIII he Left to Inter-
state Commerce Commission for
Its Decision Under Panama
Canal Act.

WASHINGTON, March 22-After sew
eral weeks of negotiations the Depart
ment of Justice and the New York, New
Haven 4 Hartford railroad announced
last night that they had reached an agree
ment for a dissolution or 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 law. The repre-
sentatives OF the railroad are willing to
accept the requirements indicated and to
endeavor TO put them into effect without
delay IL approved by the stockholders in
meeting to be called at once"
Terms of Arrangement.
The indicated arrangement stated in
general terms follows:
81. The Boston Railroad Holding COM
pany is a Massachusetts corporation,
holding a majority of the stock of the
Boston & Maine railroad and 30 per cent
OF the former stock, in turn, is owned
by the New Haven railroad. The charter
disposing of the Boston & Maine stock.
The legislature of Massachusetts, will be
asked to remove this prohibition and, IL
this is done, the stock of the holding COM
pany will be transferred at once to five
trustees and after arrangements have
been made to protect the minority stock
of the holding company. they shall sell
the Boston and Maine stock, prior to
January l, 1917.
80 The stocks of the companies which
control the Connecticut and Rhode Island
! trolleys will be placed in the hands of
trustees-five for each state-and shall be
sold within five years from July 1, 1914
In Hands of Three Trustees.
49, The majority stocks OF the Mer-
chants and Minors Transportation COM
pany now held by tho New Haysp rail
road will be placed in the hands OF three
| trustees and shall be sold within three
years from July /, 1914
-. The minority stock in the eastern
steamship corporation held by the New
Haven railroad shall be sold within three
years from July 1. 1914. and In the mean
| time shall be deprived of voting power.
20. Whether the New Haven railroad
shall be permitted to retain the sound
Hines will be submitted to the Interstate
Commerce commission for determination
under the provisions of the Panama canal
act
IS, The Berkshire trolleys shall be sold
within five years from July l, 1914
-. A decree embodying the foregoing
shall be entered in the United States dis
trct court for the southern district OF
New York. The DEGREES shall further pro-
vide that on application OF the New
Haven railroad for the trustees and for
good cause shown, the time within which
any of the above mentioned stock shall
be sold may be extended by the court
Trustees Suggested.
| Trustees satisfactory to all parties
have been suggested. Those proposed in
connection with the Boston & Maine
stock have signified their willingness tC
serve and their names are: Marcus +
Knowlton and james L. Doherty OF
| Springfield, Mass. James l.. Richards anC
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 as,
sured
The essential reason for placing the
property in the hands OF trustees is Il
secure their immediate independent man
Rgements.
The outlines of the proposed decree
and trust agreements have been discussed
|