The daily morning journal and courier., 1907-11-01
THE WEEKLY JOURNAL. Issued Thursday. One Dollar Hear'
rHr NEw HAKEN RAILRoaD.

Senator Morgan c. Bu1keley of Hart ford at the meeting of the stockhold- CTS of the New York, New Haven and Hartford Railroad company held in this city Wednesday naturally created more or less of stir, in view of his avowed attitude of hostility to Presi- dent Mellen's expansion policy. What gave his attitude peculiar signifi- canoe was the fact that he Is the President of the Aetna Life Insurance company, which is still a large stock holder in the railroad company, and that some months ago it disposed of more than half of its holdings.
 Whether more than a passing sig nificance should be attached to Sena- tor Bulkeley's attitude depends upon the estimate one puts upon his under standing of the management of the property and his analysis of it's as- sets There is no question of the abili- ty of Senator Bulkeley either as an executive manager or a financial ex- pert, but neither of these talents is necessarily to be taken seriously in this connection unless he makes it clear that he is in possession of all the facts essential to final judg- ment In the passage Of words which occurred between him and President Mellen at the stockholders meeting, the latter with much emphasis de- nied that he had intelligently studied the report of the company, and very strongly intimated that he, MT. Bulke- ley, had gone out of his way to mali- ciously misrepresent the facts. It is not to be concluded on this account, however that the exchange of ideas between the two men is to be regret ted A far more regrettable thing is 8 cut and dried meeting, so securely controlled by the board of directors that the timid voice of criticism and inquiry is suppressed. It is entirely susceptible of proof which of these gentlemen is right in his conclusions as to an expansion policy, the conse- quence of which is the raising and expenditure of immense sums of mon ey. The stockholder who would al once dispose of his stock or withdraw his confidence from the present man. agement on account of what Senator Bulkeley said must accept the criti. cismthat very little accurate knowledge does for him. The stockholder, on the other hand, who Is ready to withdraw his support from President Meler and the board of directors on account of the weak stock market must pre-. pare himself to defend an attitude shaped by general conditions of ar adverse character.
 Senator Bulkeley is right in declar. ing that the indebtedness of the com. pany has been immensely increased during the past four years, inciden to the policy of expansion, If it is { policy of expansion, or incident to tn, policy of reorganization, if 1t is pol ley of reorganization. It is too mucl to ask, however, in the absence of more coherent statement than tha made by Senator Bulkeley that thi increase in indebtedness be acceptet "off the reel' as proof of inefficien and unreliable management Unit the market took it's tumble and mon ey sought its place of hiding it wa the common judgment of men, wh presumed to pass upon the policy c the railroad, that II was case c expending immense sums to bette care for the business to be done, c Of continuing an exclusive program which each year was weakening tn physical condition of the company Until now President Mellen,s state ment has not been questioned that h found the task awaiting him whe appointed to be one of constructio and not one of management, It is tru that this assertion involved a crit cism of the previous administration and it Is also true that President Me lens liberal expenditures made al prehensive men who had not been a, eustomed to think in millions, but tf new condition was nevertheless a, cepted as being probably grounded
 an expert knowledge of the situatio We do not recall, for example, havir then heard that Senator Bulkeley W; convinced that the policy of recol struction was in fact one of his finance and reckless expansion. Ev though the present condition of u money market theoretically satisf one that the resultant situation is ol of high finance and reckless expa sion, common prudence suggests tn time be permitted to establish the a tual truth. President Mellen ought n to be toppled off his railroad thro
 until something more satisfying |