New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-26
NH. DECLARES WAR
ON WALSH'S BILL
Directors Refuse to Give
massachusetts, Option on
RS M. Railroad Stock.
DECIDE TO TAKE
FIGHT INTO COURTS
Saw Agreement with U. 5. VIII
BE Nullifed-May Shows In
crease of S161,124.

t,,1s.s Governor Walsh reeedes frem
he determination 70 force through tn ~
Wsssachusetts Legislature a OH Wh n!n
,riU Give the commonwealth an 1PV;On
- taxing over the Boston g n t,i.'
p..ilroad. there is q strong proosp'iiSy
tSot the New Haven dissoiutlIh
GOD 70 By Attorney Genera ~ w
p.vrolds and Chairman EihoJI VIII ge
.eLsn into the courts and tne WHY
'rhiect thrown Unto the air LOT gu
Indefinite period. - -, VS.
the New Haven directors me- PC.
.erdav and decided that they S0ulo NJ ~
star6 for the Walsh Dill lhey
Sisred ;ts privisions contrSr! W c.e
ogreement made between tne D H,
lent Of Justice and the Ne" h hS
LAD and they intimated IN Dl0S g.
Ems that II the measure IS passeu ~
;ts present form they VIII at On'e "P
neal 70 the courts. 80. soe,-
The directors, IN stA'sIhe. ~ =. ~.
inc their position, also declare me
walsh bill places them IN T wrs P0 Ssil
t;on than II they were eompeheu " 49,
sbe B. & N. stock by decree III
federal court after the decision u
questions against the company
Say L. s. Plan Is Nullihed'
They also declare that the bill pre-.
,.,,ts the sale OF the stock at IslI
,ricc and defeats the purpose OF 'ne
Gyoyernment except at serious losS "
'n f,D Hess Bin is passed by the Massa-
,b1sstts Legislature allowing the pos
con Railroad Holding Company 70 uis
nose Of its B. & VI. stock the 9'Ssg ~
ION proceedings viii be halteu, tne
Nov, Haven owns the holding company
which is now prohibited Dy ID" iiO'''
disposing Of the B. & NJ. -.
A bill providing Tor TINS mas t Gevm
Introduced. with q suggesVloh IN az.
Covernor Walsh that the eomm9n"e s.i,
have an option TO purchase tne I'ovn a
until the citizens OF the s'a'e ""''
voted on the question, ,n,
Comics of the statement lssueo Dy 'ue
Nv Haven directors VIII De sem "
Coyernor Walsh. the President o. Ine
senate and the Speaker OF ths MaSSS-
chusetts House.
II is as follows:
Statement Of Directors.
osbortIv after the change in the
.-..,a,ger,er. of the New York, New
iIs~cS & Hartford Railroad Company
--S;nb was Effected on September o.
100 Mr. Elliott learned that the Az
tS+Tey General Of the United states
fsit 4 his duty TO bring suit against
a. companv under the Sherman la"
Tor the purpose Of ending the comolna,,
lion of railroads, steamship lines ana
trolIev lines. which, in his judgment
s-o.,cd a. restraint Of trade IN New
"FTSe management Of the New Haven
,or,napv. while not agreeing with the
Attornev General in his constructor
~ tho law. was anxious not 70 engage
:, cor1ict with the United states
a,5 therefore, sought to reach an
syresmert with the Attorney Genera,
,Tbirb would avoid il. After protracted
reoctiation. in which the Governor OF
Vsssacbusetts and Mr.. Anderson, a
,,,ernber Of the Massachusetts PUBIC
Service Commission, participated Freely
md we're consulted al every stage III
Telation 10 Boston & Maine matters an
agreement was reached IN March'
which was approved by the representa-
tiyes Of Massachusetts, just named
"This agreement was submitted 10
the stockholders Of the New maven
company and by them approved at
special meeting called to CONSIDER the
subject. The various steps IN the pro-
..ress of the negotiations were maue
public from time to time, so that ever!
one concerned might have ample op,
rortunity to consider the proDlem 81"
all its aspects. ....s "a.
,,,ired tho appointment Of liquidators
charged with the duty OF selling the
BOSTON & Maine stock held Tor Jne
Lene6t Of the New Haven company ny
the Roston Railroad Holding Com,
many. and. shortly after the approyal
Of the stockholders had been given, MI
Tllott addressed a letter to the Gov
erpor Of Massachusetts, asking him 70
request of the Legislature the passage
o. a law giving the consent OF the COM
conuealtb TO the sale OF the Boston q
Nsipe stock, such legislation being
necessary. as the existing law forbids
: ale Of the Boston & Maine stock
held by the Boston Railroad Holding
Company without such consent.
Threaten Recourse to Courts,
During the negotiations everything
suggested as necessary 70 proteci the
public interest was accepted by the
rcnreseptatives Of the New Haven com
many. II is now proposed that Massa-
rhuSetts attach TO its consent the con-
dition. never before suggested, that
there be stamped on each certificate a
provision that the shares represented
nv II shall always remain subject 70 De
taken by the commonwealth at price
10 be fixed by agreement or by court
"Tbis provision makes the shares I'M
ssleable. in the opinion Of the COM
panv's directors and Of every eompe-
tent authority on suSh questions whom
the management has been able TO con-
suit. and. so far as these shares are
concerned places the company IN a
worse position than, II 1t were com
PEELED to sell them by decree OF the
federal court after the decision OF al
questions against the company Tor the
shares would be sold free from any
such condition.
Unless the stock can be sold at a
fair price within the limited time al
lowed By the agreement with the
United States. the shareholders OF the
New Haven will sustain a great loss,
and this provision prevents such q sale
and defeats the purpose OF the united
States. unless IL is accomplished 81
serious loss 10 the company.
LAS trustees for the company, Tor us
owners and its creditors, the directors
cannot accept the proposed conditions
While the bill appears 70 authorize
them 70 sell the Boston & Maine stock
IL does not do so in fact. Much as
they may regret the necessity OF re-
course to the courts. they are left no
option in this matter IL the bill passes
IN It's present form"
May Shows Net Increase.
The financial report for May. as COM
pared with the same month last year