The Birmingham age-herald., 1915-04-22

Thomas. Notwithstanding all that the
 New Haven railroad system has suffered,
 it's peril by land and by sea-for it's navi- gation service has been attacked-never-
 theless President Elliott feels justified in
 saying that the corporation is solvent, and | that he can look into the future with re- vived hope and that gradually but surely | the corporation will reflect the general l improvement of business conditions | through the United States. That Is spoken | of here a a most encouraging statement. | The New England industrial and com mercial situation differs from that char acteristic of any other part of the coun- | try. It is peculiar, almost sui gSaeris. It l is the most compact and concentrated in 1 dustrial section of the United States espe- 1 cially the lower three states of New Eng 1 land. The relation of the New Haven sys- l tenn to it's industrial life is quite as inti-
 mate as was the relation of the Northern | Pacific when Howard Elliott was president 1 to agricultural life of the northwest. New l England logically should be about the last l section of the country to respond to busi- | ness Improvement That it is to respond | is President Eliotts opinion, and those who have watched closely his manner of
 meeting extraordinary difficulties and of ! overcoming them and who have had
 knowledge of the good faith with which he
 cordially accepted the recommendations
 of the department of justice so that the
 statutory evils which the department found in the New Haven system could be
 eradicated are of the opinion that to MT. | Elliott himself is due in no small meas
 ude the beginning of the change in the I New England business situation.
 One Great Test
 | A few days ago MT. Elliott approached
 men of finance with intent to discover whether he would be able to market some 1 $24 000,0 900 of one-year New Haven notes.
 His statement that the road was solvent and the figures which he gave to prove | that improvement has begun, as well as 1 confidence in him. made it possible for | him to market the notes. Undoubtedly the | issue was underwritten, but the report in | financial circles is that this entire issue was within few hours absorbed by in vestors.
 to have escaped notice. Included in the securities pledged by the New Haven com pany to secure these notes were stocks or three railroad companis. One is the Nor wich and Worcester, one the Boston and Providence, one the Old Colony Railroad company. In this way there was revived a recollection of three railroads, of late years forgotten, which were among the
 first to be built in the United States The Norwich and Worcester was constructed to supplement steamboat travel between New York and the point on the Thames river exactly opposite the boundary line selected for the Harvard and Yale boat races. This corporation was organized only four or five years after George Stephenson demonstrated the commercial practcability of the locomotive engine. The Boston and Providence was one of the first railroads to be constructed, and tho civil engineers of that time so built 1t that a tangent upon 1t some 12 miles long was selected as the base line for the United States coast surveyors triangula- ton. The Old Colony railroad was con- structed in the thrties of the past cen
 tury for the purpose of giving Boston com
 munication with southeastern Massachu-
 setts. All of these roads were always
 prosperous and the Boston and Providence
 gained national reputation as the first tc
 pay regular and large dividends. With
 the expansion of the New Haven railroad
 system, these corporations were absorbed
 but they retained their legal identity So
 that the stocks today are available for
 security. Yet but for his transaction the
 silence which has been maintained regard
 ing them since they went into the New
 Haven railroad treasury would be con- tinued.