New Britain Herald Newspaper, August 23, 1916, Page 10

10 | AND M. AT END OF ROPE; CREDITOR SEEKS RECEIVER Said Agreed to Friendly Suit in rectors to Have Order to Unravel Financial angle — Road Enjoying [Most Prosperous Period 23.—Receivership for Bostc ed for in a bill in equity filed in United States erda and Maine railroad was district court late his action, in which the Intercon- pntal rubber company of New Jer- which holds a note of the road $51,000, appears as the petitioner, p taken with the consent of all the pctors of the Boston and Maine, it nderstood. No official statement this phase of the matter could be ained, but one of the directors said Jras a friendly proceeding, intended Bimplify the task of straightening the road’'s financial tangle. he board of which for years has been effect eorganization of the system, was gession to consider its procedure in nectlon with $13,600,000 of in= edness ng due the 31st. Most ese obligations had been extended n time to time, while awaiting the plans for reorganization. eeting, the directors de- r had “reached the end of ir rope,” in the words of one of ir number, and issued the follow- statement, through President J. Hustis n the opinion of the directors of p Boston and Maine railroad, it is xpedient to attempt a further re- al of the notes falling due August A creditors’ petition for a receiver k been filed in the United States dis- t court and in due time the Boston Maine will file its answer there- Will Reply Soon. [Phis answer, it was intimated would made within the week. v incidental action would develop antime was uncertain, although in- tions were not lacking last night | t certain of the leased lines inter- s had virtually decided to contest proposal of receivership. e leascl lines, notably the Con- d and Montr and the Connecti- river railroads, have been strong- ppposed to a plan for reorganiza- n to which most of the other ele- Ents in the Boston and Maine sys- had assented. This plan would lve made the system = singl rate entity, wiping out € tal charges, some of which dmed to be excessive. Under eivership such leases may ken by order of the court { resident Hustis who left for Wash- bton immediately after the direc- &’ meeting, refused to amplify his et formal announcement. One of directors, however, said the de- jon not to ask for further exten- fn of the notes was reached “be- use the road’s condition is such at it cannot pay its indebtedness d because of the probability that would be covered with attachments fch would tie up its business to e detriment of all creditors.’ Netther this director nor Boyd H. bnes, the attorney who filed the bill, buld say why it was brought by a | editor whose note still has nine day\ mature. Nor would Jones sa hether the directors of the road had for knowledge of his action, al- fough he had visited the directors’ hom while: they were in session. [The text of the bill could not be arned last night, as the attorney rsonally impounded the papers im- cdlately after he had caused the 11 to be made a matter of record. Prosperous But Embarrased. The Boston and Maine’s financlal oubles have reached a climax at.a me when the road is enjoying the reatest prosperity in its history, arnings were never so great, yet the mpany, according to its officials, is ithout credit sufficient to discharge s floating indebtedness of $13,500,- 00. This amount has been accumu- Lting several years on account of the ability of the road to pay off its ort-term notes, which have been xtended as often as they became due. Payment on some of these notes has een deferred seven times. As there is approximately §8,000,- 00 cash in the road’s treasury, with urther large earnings immediately In prospect, the road might care for ¢« oblizgations under present condi- hons, in the opinion of some railroad WhethAr | _ experts. But President J. II. Hustis and the Boston and Maine directors, who assert that present profits are ab- normal and cannot be malntained, have decided that there is mo hope for permanent prosperity except by a readjustment of the system. They are supported in this view by the public service commission, which stated re- cently that *the present financial structure of the Boston and Maine railroad, with its leased lines and its disproportionate load of fixed charges, wealkness.” It was to obviate these fixed charges in the form of rentals of leased lines at 6, 8 and 10 per cent on their cap- ital stock that reorganization was de- cided upon some months ago. The plan of reorganization involved con- solidation with the Boston and aMine of its several leased roads, with con- version of the stock of the sidiaries into a contingent liability with pre- ferred rating, in leu of fixed rentals. The Boston and Lowell and the Fitch- burg railroads,- among the leased lines, entered actively into this plan, but the Concord and Montreal and Connecticut river roads refused to surrender their present status as Jessees although offering to accept a scaledown of rentals. President Hustis has stated 1t was this refusal which caused the Boston and Maine’s ex- treme plight. Fixed Charges Great Burden. The necessity of ridding the road of some of its fixed charges was assert- ed by Boston and Maine directors in nt statement, which said that ,000,000 of capital stock of the Boston and Maine was ocarrying obli- gations of $158,500,000 in various forms, one-third of the amount being capital stock of leased lines on which dividends are a fixed charge on the Boston and Maine. The dire.tors of the road have been unanimous in their plans for raor- ganizing except for the dissenting voice of Maccus P. Knowlton of Springfield, who is chairman of the federal board of trustees administer- ing the Boston and Maine stock owned by the New York, New Haven and Fartford railroad. The legislatures of Massachusetts and Maine have au- thorir~d reorganization, but that of New Hampshire, where the interasts of the Concord and Montreal and Con- necticut river roads are principally located, failed to pass enabling legis- lation. . The Boston and Maine railroad and its twenty-six leased or controlled sub- sidiaries operate 2,300 miies of road and 4,300 miles of track Maine, Massachusetts, New Hampthire, Ver- mont, New York and Canada. ENSIGN SAFR FRCM PERILS OF ARCTIC —_— sCrocker Land” Merely a Dream, Officials Conclude Washington, Aug. 23.—After having spent three perilous years in the Arc- tic, Ensign Fitzhugh Green, the young American naval officer who represent- ed this government on the “Crocker Land” Arctic expedition, has notified the ; department of his safe ar- rival at Copenhagen. How many members of the party have reached safety with h?n is not yet known. The American Légation at Copenhagen will take immediate steps to assist Green and provide such other means as practicable for others of the expedition. The so-called “Crocker Land” which Peary believed he had discovered is not referred to as existing in Ensign Green's report. As this officer went in the capacity of an official govern- ment representative to survey this Jand and report whether it actually could be found, his observations are taken as finally disposing of Peary’s supposition. Peary believed he saw the land from high altitudes in northeast Greenland, and it was on the strength of this belief that the Crocker ex- pedition was formed in June, 1913. The expedition was sent out under the joint auspices of the American Museum of Natural History, the ‘American Geographical Society and the University of Illinois. Before it BILL AND CHARGE . at one writing saves half the usual time to do the work and does it better, more accurate and legible. Can be done with pen or pencil or typewriter. WRITING ENTERING SAVES CHARGE ON JOURNAL LEDGER POSTING It's all done when writing the pill: —Ask us about it. Adkins Printing Co., 66 Church Street. left New York on the steamship Diana, fitted out for the purpose, En- sign Green, who is from Missouri and only 28 years old, was assigned to represent the government, together with Jerome Lee Allen, a young elec- triclan of the Navy department, 26 years old, from Atlanta, Ga. It developed that Green declined to gtve up the search for the elusive “Crocker Land” even when almost in- surmountable difficulties broke up the party and threatened starvation. He felt that he was under orders to find it if possible, and kept up the perilous sledge journeys even under most unfavorable conditions. Relief Party Sent Out. During 19183 and the following year no word whatever came from the party and there was growing con- cern here and a demand for a re- lief expedition. The well known ex- plorer Dr. Hovey was in charge of the first attempt to relieve the expe- dition, which was made in 1915, His relief ship, the George B. Cluett, got as far as North Star Bay in September, but encountered unusual- ly severe ice conditions and this, to- gether with a broken engine, necess tated his leaving the vessel and at- tempting to proceed further north on a motor launch pluced at his disposal by Knud Rasmussen, the Danish ex- plorer. He got as far as Etah, where he found the expediticn in dire want of food and suffering many hardships. Both Green and Allen got in touch with Dr. Hovey, and together they started back toward the vessel at North Bay. Ice had closed in on the ship at Parker Snow Bay and she was of no further use to the relief party. She was dbandoned when it was seen that the ice would crush her, and Dr. Hovey, with Green and Allen, faced starvation, as provisions by this time had run out. In the quest for food the party separated. Ensign Green and Allen next started a perilous sledge journey across Mel- ville Bay with the object of reaching gouthern Danish settlements. FPhysi- cal conditions caused Dr. Hovey to stop off at Cape York and the two voung American naval men set out in sledges for Egedesminde, ' in south- ern Greenland. By this time it was evident that only quick action could bring relief to the main pairt of the expedition or the first relief party which had gone to succor it. The ‘“Crocker Land” committeeyhad the steamer Denmark in southeri®Greénland to meet the ex- pected emergency. The plan earlier this vear was for this relief steamer t0 make for BEtah and other northern ports in the hope of picking up mem- bers of the expedition and landing them either at St. Johna Newfound- land, or Sydney, Cape Breton. When word reached the navy de- partment that Green had reported his safe arrival at Copenhagen the gen- eral belief was expressed that Donald B. MacMillan, Jbe explorer, and others will be founl with hum, or that he will be able to supply the necessary information for their -escue. Coincident with the indications that Ensign Green failed to find any trace of “Crocker Land” it was learned that this land will no longer figure on the charts of the Hydrographic office. In fact, recent charts have omitted it since Representatives Helgesen of North Dakota, who is greatly inter- ested in the expedition, insisted the government should wait until confir- mation came of Peary’'s discovery. “Crocker Land is a dream,” said Mr. Helgesen. There is every indication that En- slgn Green's report will stir up the old Peary-Cook controversy in Con- gress. NEGLIGENCE CAUSE OF BlG EXPLOSION Warehonse Company and Railroad Blaimed by Jersey Jury Jersey City, Aug. 23.—Both the Le- high Valley rallroad and National Storage Docks company were held responsible for the Black Tom explo- sion of Sunday morning, July 30, by & coroner’s jury yesterday. In its ver- dict handed to Coroner Charles Hoff- man the six jurors held the two cor- porations through ‘“grave lack of fire precaution” were responsible for the death of Patrolman James Doherty of the Jersey City Police Department. ard Second Assistant Prose- cutor James W. McCarthy said the next step will be to present the case to the September term grand jury im- mediately after it is sworn in on Sep- tember 19. ‘“We shall proceed against both the Lehigh Valley and the National Stor- age,” sald Mr. McCarthy. ‘“The state will seek Indictments against the of- ficlals of the corporations both col- lectively and individually.” The coroner’s jury reached its ver- dict after deliberating a little more than an hour. The verdict in part said: “The explosion was caused by a fire in a car or cars in the yards of the Lehigh Valley railroad at Black Tom. ‘We censure the Lehigh Valley rail- road company, the lessee, and the National Storage company, the lessor, for their grave lack of fire precautions when such dangerous commodities as dynamite, powder and loaded shells are held awaiting shipment in such proximity to the dwelling places of millions of human beings.” Edward Kane, a night roundsman in charge of the watchmen at the Le- high Valley yards, testified his force consisted of only three men. He said there were seven hosecarts in the yards, and when asked how they could be handled by himself and three oth- ers said they depended upon boatmen peing near by in case of fire Battalion Chief John Gately of the Jersey City Fire Department was the What Is a Home? Have you ever sat down and seriously reflected on the question—What are the factors which go to make a HOME? Not a mere dwelling place; but a pleasant, real, comfortable, “homey” home. To most of us, the Home is the Ideal, the center of happiness, the place where we rest in the intervals between working day and working day; and anything which will go to perfect this center must benefit all of us physically, mentally and spiritually. In order to realize this ideal, we must strive to surround ourselves with good and beautiful things; and in making a home of this kind, the buying of Good Furniture becomes “An Investment in Beauty.” What Kind of Furnishings Are You Living With? Do your boys only come home to “eat and sleep;” or do you find them contented to crawl into the big, easy chairs at the “Story Hour?” Parents, wake up. Look around the house. Set a high standard of living by giving the children the association of a well-furnished home. Good furniture inspires good thoughts—a love of the beautiful; and will instill in them permanently a a desire for the better things in life. Two Things Are Necessary In the Ideal Home Comfort and beauty are the two necessary fea- tures in the ideal home. And who does not want a home that is beautiful and comfortable—and who af- ter learning of our August Mark-Down Sale with the special selling of worthy and beautiful furniture and floor coverings would not want to take advantage of the nnusual savings? Now Is the Time to Spend Money On Your Home NOW during our August Mark-Down Sale is the time to spend money on your homes; the time when we are clearing our stocks for the coming Fall Season. Hundreds? Yes hundreds and hundreds of pieces of the finest made furniture in the beautiful designs placed on sale in preparation for the New Season. Complete suites—odd pieces—it makes no differ- ence what you want you'll be sure to find it at an at- tractivly low price. Every Rug in our immense stock at a reduced price. A Sale Which Merits Your Patronage Our sale merits the pat careful purchasers. good quality, ments offering a wide range make selections. We show large assortments reliable homefurnishings in all depart- of shrewd and ronage of of patterns from which to Our Regular Prices are low and the Sale Reduc- tions which we have made throughout our stock have made value which warrant the attention of any pros- pective purchaser of homefurnishings. Special Deferred Payment Our arrangement for Deferred Payment Ac- counts is being favorably received by many who ap- preciate the excellent values which we are offering during our sale yet find it inconvenient to pay cash in full just at this time. Inquire into this. It is an un- usual offer which we are making. Future Delivery If you are not quite ready for new furnishings but want to take advantage of the reduced Sale Prices, we will hold any goods you may select until you are ready for them. Seldom Are Such Artistic, Reliable Fu}vniture and Floor Coverings Offered At Such Phenomenally Low Prices As Now Prevail In This Store. COMPLETE HOME FURNISHERS #0-66 FORD BTREET HARTFORD G 7ol IS HIGHER THAN PRICE. AGENTS FOR GLENWOOD RANGES OVERLOOKING CAPITOL WHERE QUALITY GROUNDS Hartford. first witness to testify to the lack of water to fight a fire. “I arrived at Black Tom about five minutes to 1 on the morning of the explosion,” said Gatel “There were four or five hydrants in the vards, to each of which in turn we connected our lines of hose. But the pumps would not work. We could not get a drop of water from them. Near the grain elevator I came across Albert M. Dickman, Lehigh Valley agent, one of the four arrested for responsibility for the death of nelius Leyden, chief of the Lehigh Valley police, and asked him why we couldn’t get any water. “Dickman answered that he didn’t know why we couldn’t get any. He was freight | ! bustibles Cor- ' excited and walked away from me al- most immediatel Continuing Gately told that in addi- tion to the four or five privately owned hydrants in the yards there were two hydrants that were labelled, “Jersey City Water Department.” He added that the firemen managed to get water from these later, but that the pressure was not great enough to do much good. James Connelly, inspector of com- in the Jersey City Depart- ment of Public Safety, was called by the state. He sald he had an ar- rangement with the Lehigh Valley railroad whereby it made reports to him daily of explosives. Reports to him, showed that on Friday, July 28, two days before the explosion, fifty | cars had been sent to Black Tom, and | that on Saturday fifty more had been received. Fifty-two cars supposedly scheduled for there on Sunday were switched to the Claremont yards after the explosions. Inspector Philip Leonard of the ! Jersey City police corroborated Con- | nelly’s testimony in part. | There were only twenty-eight cars | loaded with explosives on Black Tom at the time of the first explosion, ac- cording to Fred Fox, a Lehigh Valley freight checker. He said he knew, be- cause he kept a record of it in a book, ‘which he did not produce. | Samuel Sloan, a watchman in the Lehigh Valley vards, said he saw the OUR ust Furniture Sale SEE OUR SINGER PHONOGRAPH first explosion. When asked where he was when the second explosion oc- curred, Sloan replied “I was walking on Ocean avenue.” There was a ripple of laughter in | the court room when he gave this answer. Er———————————— NOTICE The New Britain Wet Wash having moved into their newly equipped building are prepared to do first clads work. We solicit your patronage. Satisfaction guaranteed. 38 Union Street. Tel. 583 TEN CENTS puts it in your house. Will play any kind of records. Special Sale this week. We would like to demonstrate it to you. During our August Furniture Sale yo $7.98 u can buy a Rocker like this cut illustrated for This is the biggest Furniture Sale in Connecticut witheut exception. Do not fail to drop in our store and see the many barganis. 132 MAIN STREET "