Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-03-23
Agreement Published
Late Saturday Night

washington, March 22-The terms
of the agreement between the depart
ment of justice and Chairman Howard
Elliott for the ACKNOWLEDGMENT of the
New York, New Haven & Hartford
Railroad of its outside properties.
mado public Saturday night. provide
for this disposition of the respective
interests:
The stock of the Boston Railroad
Holding Co, which owns a majority
OF the shares of the Boston * Maine
Railroad. IS to be transferred to a
board of trustees.
After arrangements have been made
to protect the minority stock the
trustees shall sell the Boston x Maine
stock prior to Jan. l, 1917.
But the New Haven Railroad or the
trustees may apply to the United
States court at any time for an ex-
tension of the date named for the
disposition of the Boston & Maine
stock.
The Connecticut and Rhode Island
trolley companies shall be transferred
to boards of trustees, five for each
state who shall sell the stock within
five years from July 1, 1914. The Berk-
shire trolleys in Western Massachu-
setts shall be sold within five years
from July /, 1914.
The majority stock in the Mer-
chants e Miners Transportation Co.
owned by the New Haven, is to be
sold before July 1, 1917. and in the
meantime it is TO be deprived of vot-
ingti power.
The New Hayen's right TO retain
H.. 90 No. io to ha of In
ed by the Interstate Commerce Com
Panama canal act.
1t is proposed to give this agree
ment the force of law by procuring a
decree from the United States Dis
trict court for the Southern District
of New York, Including all these
terms In this decree will be set forth
the right of any of the boards of
trustees or the New Haven to appeal
to the court for modification of the
terms regulating the time when the
sale of the respective properties is to
be made.
One Concession Made
This right of appeal to the United
States court is the only concession the
New York, New Haven e. Hartford
Railroad has secured. for in every 9TH
er essential detail the company has
submitted to the demands of the de-
partment of justice.
1t is of great value to the New Ha-
ven, however, as the authority of the
court may be invoked to prevent sale
of the Boston & Maine Railroad stock
or the stock of any of the trolley com
panies or the outside steamship COM
panies at bankrupt prices.
Terms of the Agreement
The joint announcement of the de-
partment of justice and the New York,
New Haven & Hartford Railroad Civ
en- out tonight, was as follows:
1.-THE attorney general has indicated
to the representatives of the New York,
New Haven & Hartford Railroad the
arrangements which he thinks would
result in bringing the affairs of that
company into harmony with law. The
representatives of the railroad are
willing to accept the requirements in
dicated and to endeavor to put them
into effect without delay if approved
by the stockholders in meeting to be
called at once.
THE indicated arrangements, stated
in general terms. follows:
"Q) The Boston Railroad Holding
Co. is a Massachusetts corporation
holding a majority of the stock Of the
Boston e. Maine Railroad and so 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 Bos-
ton & Maine stock. The Legislature
of Massachusetts will be asked to re-
move this prohibition and, if this is
done, the stock Of the holding company
will be transferred at once to five trus-
tees and, after arrangements have been
made to protect the minority stock OF
the holding company, they shall sell
the Boston & Maine stock, prior to
Jan. /. 1917.
"G) 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 l. 1914.
"(3) The majority stock of the Mer-
chants & Miners Transportation Co.
now held by the New Haven Rail
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