The daily morning journal and courier., 1899-11-14
SOME OF THE CAUSES
THAT LED TO THE ELECTION OF
 JUDGE HdLL.
As President ofthe Consolidated Road The Contest i'm the Directornte-Policy or the New AdIni Ina | st a tiOn-Re atiOMs With the hePennaYIvnnia and New York Central.


 With the Pennsylvania and New YorI
 Central.
 The election of the new president ot the New York, New Haven and Hart ford Railroad company last Saturday says a special to the New York Post last evening, was preceded by contest of sub-acute character reaching over several weeks. On the one side were all the New England directors, on the other small group of the New York directors, including Messrs. Morgan and Rockefeller, but, in the end at least, not Including MT. DepeW, who as represen- tatlve of Vanderbilt interest would naturally have been counted on the op- position side. While the opposition to Judge Hall to some extent reflected New York Central interests, it is be- lieVed here that there were other inter- ests involved of a more personal char acter, and, while somewhat remote, of much larger railroad scope.
 The contention of the opposition, while disclaiming all personal antagon- ism to Judge Hall, was that the posi- tion required man of long railroad ex-
  one familiar with railroad operation The supporters of Judge Hall, on the other hand, urged his familiarity with railroad law, with railroad finance, and with New England legislation, the un- wisdom of going away from New Eng land for the head of a New England corporation, and the long time which would be needed for any newcomer to 'learn'' ramified railroad property, with peculiar local conditions; and now fifth, if not fourth. in earning power among the railroad systems of the country.
 The election as first vice president of ex-President w. D. Bishop of Bridge port, is of temporary character and made necessary under the bylaws to preserve the working organization of the company. It is probable that his place will be taken ere long by an ex- perienced general traffic manager when such man can be found. The position of second vice president held for some years by President Mellen of the North ern Pacific, will probably remain un- filled.
 From knowledge of President Halls character and general plans, the future policy of the New Haven company, should it remain an independent corpor- ation, can be pretty clearly outlined. The large and expansive plans of President Clark, successfully realized, have now about reached their natural limitations. There remain in the line of costly improvements one or two at or near the eastern terminals-the Bris- tol Conn.,, improvement to cost some $20O, 900, and the Bridgeport four tracking scheme, to cost not less than $3,0OO.O00, perhaps considerably more. With these improvements completed, the property will be given rest from the old policy of expansion, the per cent. dividend conserved but not in- creased, and surplus devoted to better service and to construction and equip ment account. Large earnings in good times will be used to safeguard the divl- dend in bad times and there will be kept especially in view the fact that three years hence the conversion of the company's outstanding debentures will increase by about one-quarter the capi- tai stock of the company calling for per cent dividends-only partly offset by the probable saving of some $300,O in fixed charges two years later by the refunding of the New England first mortgage bonds. During the adminis- tration of President Clark, occupied with large measures, a considerable number of sinecures have crept into the adminstra tiva service and have arous- ed some criticism of stockholders. These 1t is believed, President Hall, who Is a sharp economist, will weed out with a firm hand.
 A more important question raised by the change of administration of the New Haven company Is the bearing of the change on future consolidation with the New York Central or Pennsylvania company The higher officers of the New Haven company say any such consolda ton Is unlikely or very remote. but their view Is not shared either by stockholders or the general public here The affiliations of the New Haven man. agement are visibly stronger with the Pennsylvania than with the Central and have certainly not been shifted by the contest over the presidency. Any future union with the Pennsylvania is, however deeply complicated with the terminal and traclzage agreements be- low Woodlawn with the Central and Harlem corporations--an agreement which, while fixing no penalty, in rigid terms sets forth that the contracting companies will not unite with outside competing corporations. As bearing more remotely on the subject, it may be stated that the acceptance of the Boston and Albany lease by the stock holders of that corporation is now re- garded in railroad circles here as cer- tain, but later trouble is looked for In the Massachusetts legislature. CONGRATULATIONS FOR PRESI-
 DENT HALL. Congratulations by telegraph and | telephone showered in on President | Hall Saturday night and yesterday from all parts of the country. When inter- viewed by a reporter he said that his policy would be to give the patrons of the Consolidated every advantage and every accommodation consistent with l a fair return to the stockholders.
 I've want to make it." said Presi- t,ac 10 is