New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-12
He Says "WiII Retire, but Date
Not Fixed" Not Intended to
Mean the Present.
STREET AT FIRST MYSTIFIED
Head of System, on Tour, Ex-
plains Early Misleading An
nouncement Induced by
Newspaper Report.
IBy Telegraph 10 The Tribune. ]

Haven & Hartford Railroad made a
statement tonight clarifying the situa-
| ton that arose in the public mind over
its announcement this morning that
President Charles s. Mellen. OF that
railroad, would retire, but that the date
was not yet fixed The explanation to-
night is that the announcement this
morning was not intended TO be inter
preted as meaning that Mr.. Melen had
his office.
The official announcement this morn
ing was as follows:
The newspapers ask If II is true or II
there is any foundation for the story that
President Mellen is 20 retire from the presi
dency.
Mr. Mellen is 10 retire from the pres-
dency. but the date has not yet been fixed.
In the light of the explanation the
original statement is interpreted as an
effort in sarcasm at the expense Of a
New Haven newspaper which soberly
stated last week that Mr.. Mellen was to
quit the New Haven roads presidency
Immediately and then proceeded to dis
Thomas Byrne as his successor. The
impression created, however, was one OF
confederation Of the printed report of
last week so that the roads publicity
department soon was bombarded with
questions from all quarters, and much
confusion resulted.
MelIen on Inspection Tour.
Mr.. Mellen was not here, being on a
tour Of inspection with some Of the di-
rectors Of the Boston & Maine and the
New Haven roads. \ telegram was sent
to him explaining the situation, and the
press department Of the New Haven
road received from him by wire tonight
the following message:
have always considered the subject OF
my retirement as inevitable, but have
never yet been able 20 fix date satisfac-
torily. Advancing years physical inca
pabiltv or dissatisfaction Of board are
Possibilities governing such a question
The first two have not occurred 10 me.
goes. seems very well pleased az the idea
OF my remaining I'm office indefinitely;
therefore the date is somewhat remote
Mr. Mellen sent a similar telegram
from Breton Woods. ~ H., to The AS
ISOLATED Press in reply to a query con-
cerning the first statement issued this
morning. The message TO The Associated
Press was as follows.
The statement seems to be quite complete
and there Is no warrant for any misunder-
standing Of the same. ! am not conten-
Mating retiring from the New Haven road
so long a. my health and strength and my
associates in the board Of directors permit
me 10 remain.
Wall Street was mystifed when the Of
fetal announcement was made by the
press department of the New York. New
Haven & Hartford Railroad Company
at New Haven that Charles s. Mellen
was 10 retire from the presidency Of the
road. although the date had not been
fixed. for none Of the New York men
prominently identified with the manage
ment of the great corporation who, IT
would naturally be supposed would be
advised by Mr.. Mellen Of his intention
10 take such a step in advance Of public
announcement. had any information con-
cerning it; and Mr.. Mellen, when finally
located at Portland, Me-, where he had
arrived on an inspection trip over the
Boston & Maine. made positive denial
that he was contemplating the severance
Of his official relation with the road.
EIGHT Years at Head Of the Road.
There have been rumors before now
that Mr. Mellen was 10 leave the New
Haven TO assume the presidency Of some
large Western road but without founda-
ton. He has been at the head Of the
New York. New Haven & Hartford since
October 81, 1903, and during the last few
years has carried out a daring pro-
sramme Of expansion which has resulted
! in bringing under the control Of that
| company virtually all the steam and
electric railways Of New England and
the coastwise steamboat and steamship
companies the vessels OF which enter
| New England ports.
! Tho execution Of this policy has of
| course resulted in a heavy increase in
the capital stock and bonded indebted
ness Of the New Haven company, and
| large sums also have been expended in
bringing up TO a high state Of efficiency
the various properties acquired. There
is now outstanding S17T.050,j0O capital
stock. the authorized issue OF which is
unlimited. At the close of the last fiscal
year the company had outstanding de
| bentures and other obligations including
those Of merged roads assumed. amount
/ ing 10 Sl73.3S0,OOo. and bonded debt
/ of SIS. S.661 900. on June 80. 1910. the
! end of the last fiscal year. the issued
stock amounted to S144,OlT, ,425. The
| company showed a surplus for that year
/ Of 81 .O37, 1913. after payment Of the S per
cent dividend. but in the preceding year
II had reported a deficit Of S453613, and
| in the year ended June 30. 1905 a def
icit Of 50 693. the dividends for two
of these three years therefore, having
been met partly out of the profit and
| loss surplus. which on June 80, 1910,
stood at Sl4. 196,253.
Dividend Rumors Afloat.
! Gross earnings for the year ended
June 30. 1911, were SG2. 153. 43i. against
/ $50 G93 G6S for the preceding year. an
increase Of 81 ,4j9 766: while net earn
/ ings for the fiscal year recently ended
we're $749.652 less than for the year
ended June 80. 1910. Gross earnings for
| the first month OF the current year-July
were 81. l97 7Os comparing with So
96g632 for the corresponding month Of
/ 1910 Consideration Of the figures Of