Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-16
Relief Directors of New
Haven Expressed in
Letter to StOckhOld-
ers-POints to Evil of
Suggested M erger
With Trunk Lines

Boston, Aug. 15.-The directors of
The New York, New Haven and
Hartford Railroad in a letter to
stockholders made public tonight
express their conviction that In due
time" a consolidation Of the rail
lines within New England should be
accomplished. They assert that a
Consolidation Of New England roads
with the trunk lines would be fn
the highest degree detrimental to
New England's future prosperity"
The letter is in the nature Of COM
nent on the recent report Of the
Joint New England Railroad Com
mittee.
1T is the firm conviction of your
directors" the letter says, that it
is vital TO the interests of New Eng
land industries as we'll as to New
England railroads that in due time
a consolidation of rail lines within
New England, including not only the
New Haven. Boston and Maine.
Maine Central. Rutland. and Bangor
and Aroostook. but also the Boston
and Albany and Albany and Central
Vermont, should be accomplished and
that consolidation of either the
northern or southern lines with the
trunk lines will be in the highest
degree detrimental to New England's
future prosperity"
There is a strong appeal in the
joint committees report to the pride
and enterprise of New England BUSH
ness men to retain the management
and ownership of the railroads which
have been built by New England
men and money. and there is a signi-
fcant warning to New England bust
ness men that if they allow those
more interested in other parts of the
country than in New England to
guide and direct the destiny of their
rail lines there may follow a decline
OF the position and importance of
New England and New England in
dustry."
Criticism in the joint committees
report OF inefficient freight traffic
handling on the New Haven road are
answered by the directors with fig
ures showing a steady increase in
average miles per freight car day
during June and July of this year.
As TO the finances of the New Hav-
en- road the letter says:
The principal financing which Is
facing the company Is undoubtedly
the renewal of the foreign loan. ten
per cent of which was paid and nine
ty per cent of which was renewed
and which is due in April. 1925. and
when the present financial condition
Of the New Haven road is compared
with that at the time the foreign
loan was renewed in April, 1922. one
would imagine that there would be
no serious difficulty in taking care of
the foreign loan at its maturity. We
have great hope that the joint COM
mttee's appeal for cooperation in
all quarters may lead to the develop
ment Of such wise financial plan as
will benefit the company. its security
holders and the public
The letter expresses the conviction
OF the directors that the plan out
lined by the joint committee for sur
render of the management of the
New Haven property to trustees ap-
pointed by the governors of the
states "offer nothing substantial by
way OF state quantities in return for
Inc suggest surrender of the con-
troll"
This railroad" the letter con-
Guides, has been under the harrow
lor long period of years. Any err
fors Of former administrations should
NOT be visited on the present one.
What the road needs is a respite
from Investigations. an opportunity
LOT its officers to devote all their time
70 the railroad business. the friend
y cooperation of the New England
BUSINESS men and with a pull all to-
se.her the New Haven road can be
pu, back where it used TO be. ca
paoie public servant and a sound
financial institution"