New-York tribune., 1913-07-19
Directors Accept His ReSIgna-
tion to Prevent Further
Harm to Road.
LEAVES VERDICT TO TIME
]. P. Morgan, Samuel Rea and
R. w. Taft on Committee
Named to Select New
President for System.

six was promptly appointed TO reco"l-
mend his successor.
The committee includes J. 7. Morgan
Theodore \. Vail Samuel Rea, William
Skinner. Edward Mnligan and Robert W.
Taft The members Of the committee left
town Immediately upon the adjournment
OF the meeting for their summer homes
and no date was made public for their
reassembling.
II is understood that they will get to-
gether In this city early next week now
ever. to sift possible candidates. The
board has until October ] to find presi-
dent, according to the condition imposed
hy Mr. Melen on handing in his resis-
nation. Definite action is looked for prior
10 that date. however.
The reasons for Mr.. Mellen's resigna-
tion were set forth IN an official state
ment issued by the board at the conclu-
sion OF yesterdays meeting. Though
he felt that his actions as president OF
the New Haven road would in time he
justified. Mr.. Mellen was convinced, II
said. that the present "disquieting posi-
bilities' threatening the road could only
be met, with proper consideration for the
property. by his Withdrawal.
What the Directors Say.
The board, the statement continued, was
forced reluctantly to the same conclusion.
il therefore accepted Mr.. Mellen's resig-
nation, to take effect as soon as suit
able successor could be found
The statement in full read as follows:
In a conference between committee
OF the uoard and Mr., Mellen, Mr.. Mellen
stated that in his opinion a condition
existed tat was full Of disQueting pos
sbilities for the New Haven Railroad and
its allied property; that it was useless to
discuss the reasons for or causes Of that
condition; that IL had 10 be met. and the
only way II could be met. having proper
consideration Of the property, was by his
resignation that he felt tnat everything
that he had done was and would in time
be justified. but that there was a question
whether. IL he remained to work the prob
lem to that Justification it would not be
still further embarrassed. Therefore he
resigned.
The committee. after considering Mr.
Mellen's statement, accepted his conclu-
sion with great reluctance and At the
same time with fun appreciation Of his
work
The resignation Of Mr.. Mellen was ac-
cepted by the board to take effect upon
the appointment Of his successor, and the
committee vas instructed to consider the
selection OF such successor
one OF the directors. seen after the
meeting, emphasized the regret which the
board felt at Mr. Mellen's withdrawal
and declared that none Of them knew Of
his intention TO resign until Thursdays
meeting. The subject Of his resignation
had not come to the notice OF che board
before then, he averred
New England will eventually recog-
nize Mr.. Mellens work" this director said.
and will see that ii has prohted tre-
mendously through IT, We did not desire
Mr. Mellen's resignation. but when he
presented IT. knowing the temper OF the
man and his determination We felt that
it was useless TO oppose his purpose"
No Successor Slated.
Asked about a successor, the director
stated that the committee appointed had
no one definitely IN mind. and that Mr..
Elliott's name had been brought forward
solely by the newspapers. IT had never
come before the board. he said nor had
any other name IN such connection. for
that matter. There would be an Informal
meeting Of the committee toward the
middle Of next week. he said, and in the
mean time each member would draw up
a list of possibilities The committee
would do nothing IN a hurry. he declared.
A further statement issued by the board
contained the information that the Prouty
report for the Interstate Commerce Com
mission. severely critcsing the manage
ment Of the New Haven property under
the Melen regime. was not considered at
the meeting reply to the report may
Be expected some time after Friday. when
As executive committee will meet TO con-
sider a draft submitted by Mr.. Mellen.
The quarterly dividend Of IL per cent
was declared payable on and after Sep
tennber 81 to stockholders Of record at the
close Of business on September g. There
was a sharp rise in New Haven stock on
the New York Stock Exchange Yesterday
morning, but the price fell off toward the
close TO 1902 "a points below Thursdays
closing Fol- a short time during the
morning II sold al 1852. the highest point
II has touched I'm many weeks.
Several more names were added to the
list OF possible successors to Mr.. Mcllen
Yesterday, but that OF Howard Elliott, |
president Of the Northern Pacific. con-
tinued 10 retain ITS ascendancy among
those who professed TO be on the inside.
sporadic rumor that Timothy +.
Byrnes. first vice-prosident and general
manager OF the New Haven was a
favored candidate sprang from the ap-
pcarance OF Mr.. Byrnes in the presidents
once lust before the meeting and his en-
trance into the directorial sanctum.
The rumor lost strength. however, when
Il was discovered that FIVE other vice
presidents attended the meeting Of the
board and the subsequent luncheon The
others present were n. VI. Kochersperger, !
I'm charge OF finance Benjamin Campbell. |
in charge OF trafic: = G. Buckand. In !
charge Of the law department OF the road !
A. r. Whaley. in charge Of the operating |
department. and Edwin Robbins, general |
counsel
In glancing over the names OF those
charged with finding new president
Wall street authorities voiced the opinion
Yesterday afternoon that II Mr.. Mellen's
successor we're chosen from among the
,resspt officers OF the road he would be