New Britain herald., 1921-04-20
NEW HAVEN ROAD HAS
 ITS ANNUAL MEETING
Vote to Be Taken On Pro- posed Merger - to
 Name Directors.

New Haven. April 20.-Stockholders of the New Haven Railroad Go. met today to consider the business in it's annual meeting call which included election of a board of directors. Pro- vision also is to be made for refund- ing the loan placed in Europe in 1907 and which becomes due a year hence, and a vote will be taken on the proposition to merge into the com pany a. number of subsidiary proper ties, and of ratifying an agreement made with the director general of railroads in relation to equipment.
 The statement of the years business and the financial condition of the com pany had previously been mailed to stockholders and the question of ap- proval of this was on the ballot.
 In advance of the meeting there was anticipation of statement from of ficers as to wage and labor conditions on the lines of the company. The sub- sidiary properties to be marked are the Central New England railroad, Harlem and Portchester railroad com pary, New England Steamship com pany, Hartford and New York Trans portation company and New Bedford Martha's Vineyard and Nantucket steamboat company.
 President Pearson opened the meet ing by giving an outline of the situa- . tion on the road in the past year. He said operation was abnormal in many ways and referred to bad wealth CT and outlaw strikes Traffic was heavy in the summer but fell off de- cidedly in the fall and corresponding reduction in expense for labor and equipment was made. Reductions in the cost of maintenance cannot be continued indefinietly, he said, and the wage question is before the railroad labor board.
 The problem of the New Haven road he continued, hinges on the handling of 80 per cent of its freight below cost and this has been put up to the in terstate commerce commission for ad- justment. 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 a resumption of dividends.
 Hagop Bogigian of Boston opened the discussion by asking if the public had been informed. about the loss of dividends. He said the public thinks stockholders are still getting eight per cent.
 Mr. Bogigian attacked the director ate of the road, declaring they had mismanaged the system. He said it was high time for them to resign MT. Pearson continued to defend the directors and MT. Bogigian launched more attacks at the directors, officers and bankers connected with the road.
 A Heaten Robertson of New Haven, moved that the annual report be accepted and also made a motion for the election of the board of directors. Mir Bogoigian continued to outline his attitude on the directors and said men with railroad experience should be named. MT. Pearson said the pres ent directors had a proper interest in the road, but MT. Bogigian retorted:
 We must get away from the bank CTS, they're thieves MT. Pearson in- timated that Bogigian was an enemy of the company and the Boston man replied that he paid $190 a share for his stock and had more right than the presidcne to inquire what had been done with it. MT. Bogigian then went through the list of directors and expressed opinions on each one of them. -.t t.
 He said that of the 15 directors knew what they we're doing. "The others represent interests that are trying to put the road into receiver ship" he said.