The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-23
NEW HAVEN DIRECTORS
WILL FIGHT TO FINISH
Statement Defending Action in Bos.
ton and Maine Stock Control
Issued by EuStis.
NOT TO RESIST DISSOLUTION
Practically All Preparations Com
plctcd by Department Of Justice to
File suit In Equity in Federal
Court i'm New York.
Especial to The Times Dispatch !

( New York. July 22--Ncw Haven Rail-
road directors will hgh, to finish
the effort Of tho United States govern
'hcnt TO force them to part with the
control OF the boston and Maine stock
! on the basis demanded by the Mas
sachusctts Legislature. namely, that
chch certificate shall bear sta,np
stating that the state has the right at
! any time 10 buy the stock at the fair
value thereof. in accordance with law"
Ihere VIII be no effort ON the part
/ OF the New Haven directors, it was said
'"-hlSht, TO prevent the government
gong ahead with the dissolution suit
ordered by President Wilson. and there
consent decree" which would prevent
| long litigation.
President James II. iius,is. after an
All day conference with ATTORNEYS OF
NE road late tonight issued a state
ment defending tho action OF the iii
rcrtors IN refusing 10 consent TO the
demand OF the Massa ssac husctts l.cgis-
LAturc, ana denying that they had re-
fused TO carry out their agreement
with the government
The directors OF the New York New
i'avcn and Hartford railroad Company
desire TO make their position entirely
clear They have never refused. I'm
on the contrary, have always been viii,
me and anxious To carry out the
agreement with the Attorney General
! ii'tut Vil .hhItU -, iGI !, approved hN
! The STOCKHOLDERS on April y, ana sane
toned by the Governor OF Massa-
| ChuSctts.
That agreement was framed to oc
complish two objects, hrst. the sale Of
certain properties owned 10y the COM
pany: Which the Attorncy-Gencral de
! iuandcd, and. second, the sale To take
place at such times and on such terms
as would insure a return at a fair price.
rms last object. in the Judgment OF
! the directors, Will bc defeated il the
sale of the BOSTON and Maine stock il
| made subject TO the condition imposcd
by the legislature of Massachusetts.
Accept IL, and have stated fully tho
reasons for that decision.
They have not refused to carry out
any agreement which they have made.
but they have refused to change tina I
asreement. as the change would entail
on the company IA very large rccuniary
loss, aud at tho same time iucrca Sc
enormously the difficulty OF rcorgauiz-
Ing tho BOSTON aud Maine Railroad.
AS evidence Of the good faith of
the directors. representative co.'s
mittoe. consisting OF President Hustis.
panied 10y Moorencld storey, counsel
IN these proceedings. waited on the
Aitorney-General on July 20. and Of
fered TO carry through the settlement
IN all aspects according to the agree
ment, and further: in order TO meet
10y the Massachusetts Legislature, the
committee offered to place the control
% the Roston holding company in the
H'''"S ~ we trustees VINO hau pecil
selected by the Attorney-Gcneral and
the Governor of Massachusetts, with
fun power 10 control absolutely the
Boston aud Maine Railroad until either
the Massachusetts Legislature passed
the necessary legislation or the rights
OF the parties interested were decided!
by the Federal court in proce edingS, in
which the company offered to expedite
in every way possible.
In making this OFFER the committee
did everything possible to avoid hostile
proceedings, without at the same time
sacrificing the interests of their share
holders. and the directors only regret
that an offer which seems 10 them
eminently fair should not have been
accepted Vet they cannot hut feel
strong hope that way may be found
TO accomplish the dissolution which
the Attorney-Gencral desires. and
which the company is willing to accept.
on terms which do not infict on the
Sil4 =. liz ll.r re Iuus lnsA .,