The New York herald., 1921-04-21
NEW HAVEN VOTES
FOR A Big MERGER
Subsidiaries to Be Taken In
Directors at Meeting
Directors Reelected.

New HAVEN, Conn, April 2o.-F1ve
questions before the stockholders of the
New York. New Haven and Hartford
Railroad, in session here to-day, were
carried BY overwhelming votes. On the
proposal TO merge into the company
five subsidiaries. the Central New Eng
land Railroad. Harlem and Port Chester
Railroad. New England Steamship Com
pany. Hartford and New York Trans
portation Company, and New Bedford,
Martha's Vineyard and Nantucket
Steamboat Company. the vote was 9l3.S7l
shares In favor. none against. The vote
was the same on acceptance OF the
annual statement of the road Tor tne
year ended December 81, 1920: on ratl-
fcation of an agreement with the di-
rector-general OF railroads In regard to
equipment and on refunding a loan
placed in Europe in 1907.
The board of directors was reelected,
the vote varying between s13.999 and
91S.s49. The directors are: I. De Witt
Cuyler. Philadelphia Edward Milligan,
Hartford; Francis 7. Maxwell, Rock
Vile Conn. John T. Pratt, Howard
Elliott j. Horace Harding, New York
James L. Richards. Joseph b. Russell,
Boston Frank w Matteson, Providence
Harris Whittemore. Naugatuck Conn. |;
Walter b. I4asher Bridgeport Edward
G. Buckland. Arthur 7. Hadley, Ben
jamin Campbell. and Edward J. Pearson,
New Haven.
President Pearson said the roads OPP
Grafton was abnormal in many ways.
and referred to bad weather and out
law" strikes Traffic was heavy in the
summer, but fell Off decidedly In tue
fall and a corresponding reduction IN
expense for labor and equipment was
made Reductions in the cost of main
tenance cannot be continued incefi-
nitely. he said. and the wage question is
before the railroad labor board.
The problem Of the New Haven roeo.
ne continued, hinges on the handling OF
so per cent. of it's freight below cost
and this has been put up to the Inter
state Commerce Commission for ad-
ustment. He said the first endeavor
OF the officers must be TO retain the
solvency of the road and retain the
hope that there will be q resumption OF
dividends.
Hagop Bogigian of Boston asked il
the public had been informed about the
loss Of dividends. He said the public
links stockholders are still getting
per cent. Mr.. Bogigian attacked the
Of the road. declaring they
had mismanaged the system. He said
It was high time for them TO resign"
Mr.. Pearson continued 10 defend the
directors and Mr.. Bogigan launched
more attacks at the directors officers
and bankers connected with the road
A. Maxcy Miller Of New Haven backed
Mr.. Bogigian. He said the pension fund
Of the road should be cut in half.
Morris Spier Of New Haven Joined in
an argument with Mr.. Bogigian. Mr..
Pearson intimated that Mr.. Bogigian
was an enemy of the company and the
Boston man replied that he paid $3.50
share for his stock and had more right
than the president TO inquire what had
been done with it. Mr.. Bogigan went
through the list OF directors and ey-
pressed opinions on each of them.
He said that five or the fifteen drec-
tors knew what they We're doing. THE
others represent interests that arc try
ing to put the road into receivership,"
he Sa id