The Washington times., 1911-09-17

lie would retire from the executive
office. 1t cannot be said truthfully that
the violent declines In the stock OF me
! New Haven and Boston and Maine roads
were the direct result Of Mr.. Mellen :
denial of his reported resignation, though
many persons in Wall Street have that
! impression and they express the opinion
| that no harmful results would follow IL
| the denial of the resignation were now
withdrawn and the original report con-
| firmed.
In the interests Of accuracy 1t must be
! said that the decline in New Haven, to
| an historic low point, was due to the
reason advanced for Mr.. Mellen's al
legged contemplated retirement. This
| was that the directors had decided to
! reduce the dividend from s to s per
wishes. This, too, Mr.. Mellen denies.
and there the matter rests for the time
being, but 1t may be regarded as doubt
full If the president of the New Haven
| road has heard the last of his joke.
1t has served the purpose Of crystalliz-
ing attention upon the man and upon
the wounded credit of the properties he
administers, for despite the clean bills
of health which Mr.. Mellen has received
from friendly railway associates, II Is
undeniably true that no railway in the
country has so changed in credit in
few years as the New Haven road.
Actually there were no mortgage bonds
on the property just prior to Mr.. Mel
lens administration; but in recent years
the company has been meeting one
maturity note with another, and OBJ
legations funded and of a temporary
character have multiplied amazingly.
Some Favorable Features.
Probably the best feature of the week
was the further improvement reported
in the textile industry. This has been
evidenced not only by the resumption
s.Y,s bNy nd Naru
England mills but also by a better de-
mand for merchandise on the part Of
the jobbers and retailers. In addition
to this decided evidence of Improvement
II may be noted that bank exchanges
are expanding, those for the present
week throughout the country reaching
the large total of s.. $50. sos, III. which Is
a gain of l5.7 per cent as compared with
the corresponding week last year. An
other favorable feature Is the fact that
gross railway earnings are very well
maintained, those for the first week in
September showing a loss of but IL
per cent as compared with 1910, but
gain of 3.9 per cent over the same
interval of 1909.
1t is not to be inferred from the fore
going that there Is anything like
boom in business or that there are any
signs of one developing, for such is not
the case. Conservatism is pronounced
and 1t is likely to continue so, but the
results Greatly 1IlC
depression in business is not as pro-
nounced as speculative Wall Street
seems 10 believe. 1t Is true that the
iron and steel industry at the present
time leaves much TO be desired, for ac-
tive competition for business Is reported
and price-cutting is general in the steel
bar trade. while low quotations are
recorded in tin plates. sheets. and wire
products The report of untitled orders
by the United States Steel Corporation
at the end of August amounted to |
8 695. .9S5, or III, 800 tons larger than on
July 81, and while this ratio of in
crease has not been fully maintained
during September. bookings are said TO |
he up to those Of a year ago. so the !
industry Is not losing much ground. !
Political Unsettlement.
But for the fact that Wall Street was
deeply concerned with other matters the
development at the confer |
ence of governors at Spring Lake, in
making what amounts to a unanimous
protest against the "autocracy of the |