Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-09-06
j. P. MORGAN & CO. SEVER
CONNECTIONS W|THN.Y., N.H.&H.
Will Not Act as Fiscal Agents OF the Road
Responsibility for Wreck, Tuesday, IS
Laid on Banjo Signals==lnter=
esting Developments Appear.
j. p. MORGAN e. cos. ACTION.

New York. Sept. 81. Z. Morgan N
Co. served netice, today, upon the
New York. New Haven & Hartford
Railroad Co. of their intention to enc
their connection as fiscal agents el
the read
No reason was given by officials al
the New Haven system for the Win
drawal of J. z. Morgan Il 60. rs rs
cal agents of the road. The announce
ment of the withdrawal was made ny
the executive committee at the con-
elusion of its meeting, today and
some little time after J. p. Morgan had
left for his summer home Other
members of the Morgan firm also had
left the city for the Weekend amt
only conjectures were offered as 70
the answer.
The letter notifying the committee
of their intention to sever financial
connections with the New York, NeM
Haven & Hartford was presented b.
Mr. Morgan personally and was adj
dressed to President Elliott. The let
ter follows:
In the existing fiscal agency agree
ment between ourselves and your
company it is provided that the ar
rangement shall continue until the
lapse of 90 days after either part.
shall have given notice to the other
of a desire to terminate the same.
We hereby notify y9a that ii is our
desire that the arrangements be ter
minated upon the lapse Of 90 DAYS
from this date or at saeh earlier date
as shall be agreeable 10 YOU.
Action on the letter was deferred
until the next meeting of the board
of directors. Morgan told the exec
utive committee that similar letters
had been sent to the directors of the
Boston & Maine. and he Maine Cen
trail Railroads, New Haven subsi-
diaries
Mr.. Elliott, who. today, attended HI.
first meeting of the executive commit
tee declined to discuss the action o.
the Morgan firm.
For many years the Morgan firm ha,
acted as the fiscal agent of the New
Haven Road and within the past few
months * had undertaken to under
write the issuance of $67 000, 600 pei
cent. dehentura bonds, which issue was
to he used principally for refundInz
purposes and a portion for better
mentS and improvement work.
Much of the time of the committee
meeting, today, was taken with a dis
,ussion of the Wallingferd wreck. Tin
committee voted to reafiirm its res
oiutio1 adopted by the board of di
reetors, Oct. l., 1912, in which tn
1F = iflGt yriF
ed to cause the most searching inves
tieation into the competency of Ell
eineers employed by the road and tina
there shall be nothing undone which
in the judgment of himself will con
duet II greater safety in the opera
tor of the railroad and that Their,
shall he no limitation placed upon tn,
installation of signals, safety APP
rliances or anything else that will il
his judgment. or that of his associates
improve the safety of the passengei
travel upon this company's lines
The final paragraph of the re-afiirm
81 resolution declares that the pol
icy Of this company is that all pas
sanger equipment purchased in the flu
ture shall be Of all steel type
IHiS EtSttHtlb WIS III st tttibpt'b SUI
%fter the Westport, CT, wreck, Il
which nine persons were killed and >
injured.
President Elliott made a statemen
to the committee, today, in which n
declared that he had, "Wednesday
without knowledge of these resolution
rdcred the prosecution of the wor
in installing signals between NeN
Haven and Springfield pushed as rap
idly as possible. The committee ap
proved the expenditure of 1866, 600 fo
this purpose.
After the meeting, President Elliot
said the company was expediting wit
all possible haste the taxation OF stet
cars. He remarked in this connectio
that it was not due to any financial ina
bility on the part of the road to secuf
steel car equipment more quickly, bu
rather the inability of the manufacturer
to supply their wants Mr.. Elliott too
| occasion to quote from the report of tn
| Interstate Commerce Commission whte
| said it would require at least 10 year
| before all the railroads are equipped wit
steel cars He added, however. that h
| did not think it would require any sue
| length of time to have the New Have
system supplied with steel passenge
cars. Orders have been placed, he said
for 211 steel passenger cars and within
few days orders for 50 more would b
| given to the manufacturers.
! The executive committee, today. too
up much routine business, it was an
| nounced. President Elliott and +. i
Robbins were instructed to attend tn
hearing in Boston, Tuesday next, in Re
gard to the proposed issue OF debentur
bonds which the Morgan firm had under
taken to underwrite The committee rec
commended that at the next meeting q
| the board of directors. w. Murray Crane
| former senator from Massachusetts, VIII
was recently elected director, be elect
ed to the executive committee.
The resignation of Sidney w. Winslo'
| was received and will be submitted I
| the board of directors. 1t was announce
| that there was no discussion about ash
| ing President Hadley of Yale Universit
| to become a member of the board of d
4 rectors.
Mo HOSTII MOVE,