The Barre daily times. (Barre, Vt.) 1897-1959, 1915-02-22
AVOIDING REcEIvERsHIP.
Efforts Of Boston q Maine Railroad Are
Outlined.


With the close OF the hearings az the
State House on the Boston & Maine rail
road organization bill. one period OF
public discussion has ended. Thus far
no better plan than that Of the trustees
has been proposed. Schemes which ayow-
edlv contemplate the disintegration Of
the system. and among them are nee
essarily all state ownership proposals,
will not command substantial public sup
port. IL il beyond argument that the
! larger interests Of New England would
be seriously injured by the restoration
of the old.time conditions unde- which
the numerous subsidiaries of the Boston
& Maine operated on an independent and
competitive basis. The preservation OF
tho integrity Of the system rs i exists
to-day IN northern New England should
be regarded a. fundamental to all re-
organization projects.
The irreconcilables whose attorney
candidly told the legislative committee
on the last day Of the hearings that his
4 clients preferred a receivership TO the
/ reorganization proposed by the trusters
have offered nothing 70 show that =
satisfactory reorganization conld b. ~.
I fected bv receivers. unless that part ~
the trustees bin providing for receiver
I shin conditions were enacted by the sew
[ eral legislatures. just what receiver %
I shin means under present circumstances
/ Is probably too little appreciated. Is y
generally understood that receivership
might render disinterration unavoidable
I ono Of the most important passages 81
/ the recent public statement by the true
I tees was THE
"If creditors procure the appointment
7 Of receivers there l. no way known 70
Z the trustees whereby q reorganization
/ can h. effected without Important les
Z islation in new hels. None 81 The
leased lines win b. before The court, "a
cept 20 far ~ they nav avail thcmsslFes
at their contractual relations % an e.
fort 20 protect their rights. WITH the
psston A Maine railroad powefiesa. theiH
viii b. 10 PARTY who VII have any au-
thority under the law 20 bring the Dis
interrated parts ~ che svstem tnRs tiaef.
The conditions that crist in the ease OF
+ orainarv reeeirrrships 81 railroads, where
she holders II defauhcd mortgage BINDS
procure q ssle ~ The property and fran
shisa under foreclosure ~ TIE more
gage. and then rcorgnnIEe the rahrnaa-
viii ~ entirely wanting. THERE arf 70
mortgage bnafhaiffrs Tire trustees
Z have discovered 20 way 10 rfesfrte the
I svstem and protect taF interests q the
I ruhlis and nramote the fe-uniafT in-
( ia-rsfs 81 the sfo.thoi'srs b. the eor-
. uo-ntsans cafcarned. rNofri throurh ieg
i.latian sinsisr "a that proposed.
4 n j. trle thaf fhgrr are ~ unrtgaEe
Z honds. sufns ~ ths Fuhsifinrtsa hfla "
f isarrs rarfr rlnrtaars honas. but thr
I Ho.atr 4 Maius urorrf rarries Hgua. ll
there ere ~ u1urtrsrf tpn1s- theTe ~.
10 crraitUrs - rrosure q ip-faiils1fe ana
sals ~ tie property. ss re neasssafl
7 rlrt irriusrT - fte orr riFatinH e ~
z rrHraratias eaa-t1s ~ issntHE nee -
. rrf-fies on ths "a rlhrt- lt wnnla aF-
rasr fhat fhe warrirG ~ So Trustee
u-as trmsiv. an8 t ahuuia nas IA Pr
f.Hasf Far. - raar ~ revfrst.iF
[ ufhanf rrararuturr iaFialstsue. ths paf
uaula a. nfar - So lrsssa iIfsss 81 -
arnra firsr faara-f indeT.snaEnze - 80
rHarf fhrir aarf~nrfs Wiff ttF t1fErf'if
4 nrrt1r Mafns weT Fiaietet ~ tnf
Har rsvrnert Ell rFrfnls
4 w-hs rs-s sswa whria havt We enftrna 81
ftrrr mrfaas 80 rtrr efa0ruF 8HNs~s wfrF
! rsaT reas - 80 vhesr taaeaH ErHa
-u7a - = aas.Trrr $40 rn1srf Hsarst
tttT 49, ~ 80 n-st1r 4 hasrs -
] sr-rr-rfs aa-rr rrf 30 israruftrF RI
f ffs Frssss q Wrtuf EarHee 80 W
~ triar theu 81 ~rrr-1tt-ft %
F. tarfrursrr s g. r -
~ snrt ena fmt tuFs g
fer So -na* smea rewu2rt e
ala. ErunnE4iaa 81 mnrs 49, 1919