The Bridgeport evening farmer., 1913-07-18
MELLEN RESIGNS
 PRESIDENCY OF NEW HAVEN ROAD
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Charles Sanger Mellen, whose recent management of the New Haven road has given rise to considerable criti- c1srn, became president of that system in October of 1908. resigning from the presidency of the Northern Pacific raAWay, Hill road, at the request of the late J. P. Morgan, who regard ed MT .Mellen as the man best fitted to re=organize the more or less chaotic transportation lines of the New Eng land states.
 MT. MeIlens immediate predecessor, John M. Hall, had managed the road with all the conservatism which mark ed the administrat ton of corporate a,f- fairs. especially in New England, dur ing the previous decade Mr. Mel lens advent was the signal however, for vast scheme of consolidation em- bracing not only the Boston & Maine and Maine Central railroads but all the leading steamship lines between New York and Boston and inter1ne- diate points, as well as numerous trolley lines in Connecticut, Massachu- setts and New Hampshire.
 The capitalization of the New Ha- ven system increased enormously un- der the continuous out1ays accruing from the acquisitions, which later in cluded the. New York, Westchester and Boston railroad. Other acquisitions which helped to increase the New Ha- vens burden were the New York, On far1o and Western and the Rutland WermonD railroads.
 The steady decline of New Haven shares in the local and Boston stock markets has been a matter of com
 nent for several years. New Haven shares, which for many years sold at and above 200. and for a long period paid dividends at the rate of per cent, recently sold under par in an- ticipatton of a cut. in the dividend, which was reduced to 6 per cent.
 Alleged misnanagement of the New Haven road and several serious wrecks costing many lives, finally re- suited in definite action and a, com
 nittee of New England stockholders, led by George Won L. Meyer, former secretary of the navy, was organized, to make an investigation of the roads affairs. The committee's experts are
 now at work on the company's books, but, its report may not be known for several months.
 MT Me1len is now under indictment in the federal courts for alleged vio- lation of the antitrust laws and an Indictment for manslaughter. result ing from the Westport wreck of last year is also hanging over him.
 It was expected that the New Haven directors would yesterday take LID the Findings and recomnendatio of the Interstate Commerce Commission, which recently scored the management ! but for it's financial methods as well. IsAccording to MT Mellen's report, how ever, all consideration of these mat ters was deferred
 It is known that. an influential fac tor in the board favors the sale of the tcompany's water lines and many if not all of it's trolley roads. So far as it can be reasonably accomplished, al- so, it is believed that the New Haven will relinuuish control of the Boston and Maine road.
 According to an exhaustive examin- ation made by the New Haven system 1 it's assets are estimated at close to $500, ,O00 against liabilities of $394, 100000 an excess of assets over nabi1- I ftieS of more than $100, GOO, 900. l MT. Me1len's- retirement will open the way to much conjecture regarding l his successor. The name most fre- 1 quently mentioned in this connection 1 is that of Howard Elliott, head of the
 North Pacific road, from. which MT. l MeHen resigned to accept the manage 1 ment Of the New Haven.
 I The text of the formal statement 1 announcing MT. Mezlen's resignation is I as follows:
 ':Mr. MeHen, at a, meeting Of his board of directors today rendered his resignation of the presidency Of the companies, to take effect at the pleas Il ure of the board, but in any event not
 later than October 1st, 19d3.''