New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-08
J.P. MORGAN & CO. AGAIN
ATTACKED BY BU[KELEY
Ex-senator Demands That Firm
Give Up Contract to Float
New Haven Bonds.
LRv T.lssranh 70 II. Tribune.

New Haven Sept Morgan @. Bulke-
ley. president ~ the ftna Insurance
Company and formerly Governor Of Con-
necticut and United States Senator. in
statement tonight demanded that J. P.
Morgan & CO. give up their contract 70
underwrite the proposed 100000 bond
issue of the New Haven road. He said
"Resignng the fiscal agency Of the road
does not amount 10 anything in relation
10 the present arrangement unless they
give Up their present contract on which
they are 10 he allowed approximately
$4,000 for placing the loan, as under
stand il.
After this is completed there is no
other great obligation coming due I'LL
1922. nine years. when the loan of between
100000 and 100000 arranged By the
French bankers viii mature. This would
he the next task Of the fiscal agency and
that f. nre years away"
Then YOU have not changed your posi-
ton in any way in regard 70 being IN
the firing line at the hearing in Boston
on Tuesday" he vas asked
There is no firing line about It. Mr..
Buckley replied 1T is merely a protest.
against the payment Of an exorbitaat
premium to the roads own representa-
,ives for the financing OF the company.
! have not changed my position and !
canno, see. from what ! have read IN
the morning report. that the road has
done so.
The resiGning Of the fscal agency by
Morgan & Co. does not affect the terms
under which they propose 10 place the
So $4,000 In debentures. as ! read n
The former Senator said he hadn NE
slightest suspicion 70 direct against me
firm. but he objected that II should re-
ceivA p, per cent commission FOR noatlns
the new debenture bond issue. and ne
questioned the propriety OF a road d.
rector acting as fiscal agent.
Having outlined his new operating
Motley in an interview which lasted SIX
hours last night between Howard Eilott
the New Ravens president ana the De-
nartment heads Of the system az Inc
Hotel Taft. Mr. Elliott has turned MS a.
tention 10 the roads financial AFFAIRS ne
lef, for Boston late tonight ana WI.
spend part OF this week at the task Z"
convincing the Massachusetts PUBIC oes
vice Commission that the issue OF N'
oON 900 OF bonds asked by the ROAD is NOV
only vital 10 the life Of the road out
a legitimate financial request. deserved .!
the roads exigencies and amply supported
as A financial measure by the road 'e
serve resources and earning capacity
Elliott has complete faith In his aoi"'
TO show that the bond issue must oe du
| thorized by the commission. ABOUT CIV
! 10000 OF the money, II was said VIII &c
used for immediate construction improve
ments and rolling stock.
With the departure Of the interstate
| Commerce Commission prooers the 'o'
| tom dropped out OF this end OF the i''
yestigatlon into the North Haven wreck
| The commission left peculiar lihp'e
| sion. Il dashed through the entFe oa''
! in only nine hours
! The investigations by the Connecuou'
| Public Utilities Commission. by stale AZ
torney Alling and by Coroner MIX VIII 0e
! continued this week.
| II is possible at this time 20 iore'es'
quite accurately some OF the recommend
lions the Interstate Commerce Coh"''
sion will make i'm its report on the VIZ" VIZ
one. that will apply to American o.
roads in general and not TO the ~
Haven system alone. will be thar nao
man sent back to warn following va"
shall not rejoin his own tram ou'
main behind and be picked up oy wv
train which he tlaSs.
Another recommendation VIII ne ~
hibition that train shall follow sho'".,
on the same track in less IMAM n.1
minutes. unless perfectly equ'Pts.
block system is In operation. Oh m
banjo" roads OF the New Haven y
the regulation will be enforced i''"'
| diately. =, ,hs
sixteen Of the persons injured III ~,
wreck are still in the hospitals mere -
only three are in a critical condi',V"
was said tonight. These are tue
Edna and Jane Annett, of Bayonhe' T.U
and Mrs. Carl Rose zimmerman u
York city
| AN R0Ol