New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-12
MELLEN NOT TO CO NOW
Continued from first page.

the decline in the price Of the stock on
/ the New York Stock Exchange since the
\ early part Of this year, has given rise TO
rumors Of a probable cut in the divi-
dend rate. which has been maintained at
| s per cent ever since 1895, and was Q
per cent in 1894 and 10 per cent from
1873 to 1894. inclusive
! II has been reported that difference
Of opinion existed in the board regard
ing the advisability Of continuing to pay
/ dividends at the per cent rate the
/ Morgan interests being said TO favor 6
/ per cent, while Mr.. Mellen stood out for
! the 8 per cent rate; and this alleged
4 friction was mentioned in the Street
yesterday as one Of the reasons actual
| ing Mr. Mellen in deciding TO resign his
Office. before the news came from him
/ that he had no intention Of offering his
resignation.
When the statement from New Haven
was shown 10 a man close to the New
Haven management. before Mr.. Mellen
himself had been heard from, he said:
There is no foundation for reports Of
|
! directors, and I cannot readily credit the
report that he means TO resign his Of
| fee. There has been talk Of reduc-
! ton OF the dividend rate, but no action
| on the dividend will be taken before
December Mr.. Mellen has said all
along that he would be able to main
tain the per cent rate. He is bold
man. but the directors have backed him
up in his entire programme
Mellens Work Not Finished
The work Of bringing under one con- ,
troll the transportation systems of New
England-railroad. trolley and steamboat
has been virtually completed, but it Is
now for Mr.. Mellen 10 show what he can
do with the properties, and there is a
good deal still 10 be done in the way of
needed Improvement work on them. Mr.
Menen's health is good, and even Il IT.
should prove true that he is DESTROYS or
resigning cannot believe that he would
select time Of financial depression for
taking that step
The foregoing is understood 70 be the
view taken bv the most important inter-
ests in the New Haven control. that Mr..
MeI1An. having committed the board 70
policy Of farreacring expansion and bet
terrent is in duty bound 70 stay with
the company. since no obstacle exists IN
the wav IF his health which is declared
70 he entirely satisfactory, or his age
which is only sixty. until he shall be
able 10 demonstrate by results obtained
in earnings the soundness of that policy.
Mr. Mellen was born AT Lowell, Mass,
IN August Is. 1851 He entered railway
service in September. 1859 as a clerk in
the cashiers office of the Northern New
Hampshire road, and remained in the
employ Of various New England roads
until June. 1SsS. from which date until
April. 1899, he was with the Union Pa
ciHc retiring. when general traffic man
ager. 70 become general manager of the
New York & New England In October,
! 1892. he was made second vice-presi-
/ dent Of the New York, New Haven a
Hartford a post which he filed until
| September /. 1897. being elected then
president Of the Northern Pacific Rail
i
wav Company. as successor 10 Edwin W.
Winter. who few months ago retired
as president Of the Brooklyn Rapid
Transit Company. Mr.. Mellen was
elected president Of the New Haven on
october 81. 1909. succeeding John NJ.
/ Hall.
! New Haven stock closed Yesterday AT
/ 1921 a net decline Of half point, on
/ sales OF 100 shares. Its high for this
wear has been l51k on February -,
AND IT'S low 1919, on August 30. It's
range in 1910 was between 149 and 162.
and in 1909 between 154 and l74&.- Its
low price in the last ten years was 1213s,
/ in November, 1907. the panic period, and
/ it's high. 255. in 1902