Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-22

1t cannot continue to carry, that 1t Is
mismanaged, run down into dilapidatior
physically-all in all an ideal target fol
bear raiders. Courts in New England, com
mittees in Congress and the matter econ
omists of Journalism have all been grill
ing away. And New Haven stock isn't as
low as it was last year when everything
was rosy.
For exhibit like this 'there is a rea-
son." And one part Of this reason en-
bodies what is above written-that the
speculative element in Wall street to-
day is wholly devoid Of courage enough
to follow up criticism with open market
assaults. But In this particular instance
the reason has second part-and this
part of the reason touches what reflects
good sense-fOr they who but casually
watch the attacks seem to have per-
ceived the character and caliber of con-
spicuous attackers. And then the reason
has still another part. and part three
epitomiZes that confidence which forever
past has been the controlling Characters
istic Of the New Englander who is an in
weston. Wonderful examples they are.
each example according to the point OF
view that varying observers take) stand
ing as testimonial to investment integrity
or investment foolishness.
illustrated in Union Pacific.
Union Pacific history looms illustrative
ly. Wall street landed Union Pacific upon
Massachusetts and Connecticut at sky
high prices. and they who bought stayed
SO long and so strong in their confidence
that they held 1t devotedly up to the very
last minute that prefaced reeeivership
What they had bought high above PAL
Mr.. Hartman later took off their hands
at six and eight dollars share. The
sacrifice was stupendous. Atchison's rec
ord falls almost in duplication. Financing
pioneers who. expanding the system eX-
panded It's capitalization. found from the
very start the sturdiness Of New England
support, and that support never waverec
TIL in Atchson. as in Union Pacific
bankruptcy came sprawling. These are
instances exceptional only because OF
their larSenesS.
In the consolidated properties which
constitute the present New England mo-
nopoly of the New York. New Haven ant
Hartford system there exists and rules to
day, precisely as in former times there
existed and ruled in Atchison and Unior
Pacific, the same identical New England
investment spirit. And reflection of it |:
attested every day by the stock exchange
ticker-for even when recently in the gen
eral market most excitement and weak
ness prevailed there has been recorded
not as much as an average of single
hundred shares Of New Haven stock pei
day. The spectacle is not less than mar
, Velous.
Consideration of elements like these
have academical rather than practical in
terest, perhaps. just at this juncture
What Is of direct consequence regard.
the fact that at present more than noise
and abuse are required to affect invest
ment values for analysed in fairness
there Is scant basis for any Of this viru.
lence directed against the New Haven
companys president. He isn't an in
cOmpetent-his career has been one un.
broken record Of achievement: and nc
jot of evidence anywhere has been pro-
duced to indicate that he is aught else
than an executive scrupulously honest
Undertook Difficult Task.
Mr.. Mellen came from the west into
New England to undertake a task OF
regeneration that only a man almost
recklessly visionary could dare hope te
accomplish. He found a disjointed sys
tenn that for generations had been ham
pered by picayune policies. Physically il
was a dump heap. Financially it was
but capitalized pettiness. Forthwith Their.
| was change. Traditional incompetence
was supplanted by a management intelH
gent, Independent and aggressive. Result
| ing growls have torn the air ever since
| from quarters where in former admins
trations there had been profit from privi
! lege and special favor. Especially griev
Gus this new departure was to politician.
who had long grAzed agreeably In cor
poration pastures.
The man Mellen seemed SO narrow ant
bigoted and uncharitable that 1t cam,
finally to be a creed in depressed circle.
that really he didn't know a thing excep
how to run his railroad, nor care about {
thing except building that railroad up