Exemption Sought for Boston Railroad Bonds
Backers of the plan for savings banks to buy Boston Railroad Holding Company bonds, guaranteed by the New Haven, moved to tax exemption after opposition grew. Chairman William Turtle circulated a petition for exemption, though no bill exists in the legislature. The move follows strong pushback against Governor Draper’s recommendation to legalize the bonds for banks.
MENTIONED IN THIS ARTICLE
Boston Railroad
New Haven
William Turtle
Committee On Railroads
Draper
Massachusetts
Senate to Consider Turtle Petition on Investment Securities
The Turtle petition will be presented in the Senate and sent to banks and railways committees after hearings on investment securities. Governor Draper backs a settlement by exemption and opposes banks gaining bond rights. Boston Railroad Holding Company, created to take over John B Billard’s Boston & Maine stock, now holds about 51 percent, with New Haven guaranteeing the holding company and controlling Boston & Maine.
MENTIONED IN THIS ARTICLE
Senate
Draper
Boston Railroad Holding Company
Boston & Maine
John B. Billard
Billard
New Haven
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