New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1917-10-24
GODS ASSISTANCE NEEDED
BY NEW HAVEN ROAD
Some Directors Wanted d
Pray at Annual Sessio]
Today, But PresidinI
Officer Said No.
USUAL FLARE-UPS
AND BACK-FIRE!

AMI DAON-T ylAL !
Roads Directors Wranglc Oyer l'oir
of Order and Interstate CoInmcrt
Commission is Called .'Dcstructi,
Commerce"-Bogigi Says He III
ieves in the Truth and Truthf
Statements.
New Haven, Oct. 4-Stockholdct
meeting today, reelected the preset
directorate and adopted seycr}
amendments to the bylaws Of whid'
notice had been given in the ca
The meeting was one of steady debn
on various matters interspersed wiz
motions and resolutions offered
stockholders who had eXpress<
themselves as being out of sympatl|
with the present management.
resolution was adopted when so q
fered as several times they were d I
posed of through points of ord{
raised by Clarence H. Venner Of Nd
York that they were irrelevant to Il
call. .
Several stockholders stated thI
they. intended to discuss the coy|
pany's affairs at the special meetiI|
which follows the regular one and
which the question of preferred
sue of stock was to be disposed Of.
The meeting was called
noon today by President e.
Pearson and had about 100 perso1
in attendance. The rain probah
kept away many local stockholdod
/ The printed ballot showed no chan}
in names from the present dircctol
. ate. Its acceptance was expected
the number of proxies in the bands
/ the secretary was understood to
! above the necessary majority. n
/ order of procedure had been typewrl
! ten on a yellow sheet inserted in copI1
! OF the annual report which. had bed
distributed.
j Secretary Arthur E. Clark read Il
call for the meeting. Harry Lei
of New Haven made the point Of ord
that all large bodies holding rneetiA|
customarily open with prayer. addiia
II believe that the New Haven rod
meetings need to be opened wil
prayer"
| President Pearson replied:
1--WE will follow the order of bud
! ness"
! DO you refuse to entertain II
point of order?" asked Mr.. Leigil.l
! "It has not been customary to
as requested and we will proceed WI
business said the president.
! Mr.. Leigh replied: II am u Christl1
.~s1
! believe that this is time when Il
| company needs His assistance. P11o
dent Hadley has just come in and
think he can offer prayer"
| President Pearson again said tn
| the request was not on the order 4
| business and it was customary to fc
! low that order.
Maxey Hitler of this city offered
motion to accept the report Of Il
year. ii
! President Pearson then read a stat
ment as to financial and physical co
| dit!ons on the road He said tn
1922 employees Of the road had be'
called or had gone into military Sc
vice. He said that efforts were b
ing made to get increased freig]
rates.
The company's affairs, he said, hi
| been conducted on cash basis, Dl
! being paid as soon as they were az
, Mr.. Nixon, representing S. 8. Mey
! of New York, said that the annu
| report did not accurately present
| detail the affairs and conditions
| the company. He did not think
| present administration Is to blan,
as thew simply followed previous n
ports. A salient point, he said, W
that the securities listed as assets al
not entered at their real value, o
group of securities being listed
$4,000, 900 when from his examinS
ton he reached the conclusion thu
they were not worth such total. M
Nixon enumerated Connected
company, New England Nav|
CATION company and Ontario ad Wesl
ern stocks which, he said, are nj
worth as much as entered. When oI
fered as collateral these securities a1
offered to bankers at certain hgur
which do not agree with the quot4
tons as assets. Mr.. Nixon then o.
alyzed the income returns from thc1
securities, pointing out that in 10
and 1913 the return was about third
per cent. while in 1917 the retui|
dropped to two per cent. He though
the directors had too optimistic
view of the future prospects OF thc4
properties.
Facing present conditions, u
thought the securities should oithd
be marked down as assets or dispose
of. He thought that the report ouglj
to show what the directors are doir(
to adjust these conditions, or
change the book values.
Mr.. Nixon was interrupted by "
F. Fitzgerald of Boston and aske|
what effect marking down book value
would have, and Mr.. Nixon replic|
that he would determine the actu1
market values.
Clarence H. Venner of New YorI
thought Mr.. Nixon's criticism wd
CONTINUED on Eleventh Page)