Norwich bulletin., 1913-07-18

len today rendered his resignation as president of the New York, New Ha- ven and Hartford Railroad company and all it's allied or subsidiary lines including the various railways, trolley roads and water lines which had be- come part of the New Haven system under his management
 Announcement of Mir. Mellen's res ignation which is to take effect "at the pleasure" of the New Haven board but in no event later than October list next" followed a long and earnest meeting of the directors, most of whom. including William Rockefeller end J. r. Morgan, were present.
 Was Urged to Reconsider.
 The brief announcement of MT. Mel lens proposed retirement couched in less than two score words. was the only official statement issued. None of the directors would supplement it by so much as a word and MT. Mellen steadfastly denied himself to all in reviewers
 IL is understood that some of the more prominent members of the board earnestly urged MT Mellen to recon slider his action, but apparently with out avail In railroad and financial circles NIT. MeHen's decision will ex- cite no surprise In fact during the day in Wall street and elsewhere it was generally understood that the day NOU1G virtually me end Ot the Meilen administration
 Meilen President Since 1903.
 Charles Sanger Mellen, whose recent has given rise to considerable criti- ctsm. became president of that system in October of 1903, resigning from the presidency of the Northern Pa cific railway, a Hill road. at the re- quest of the late J. P Morgan. who Ar Hall A.a fitted to reorganize the more or less chaotic transportation lines of the New England states.
 Mir Meilen's immediate predecessor. John M- Hall, had managed the road with all the conservatism which mark ed the administration of corporate affairs, especially in New England ur1ng the previous decade. Mir Mel lens advent was the signal however for a vast scheme of consolidation, embracing not only the Boston and Maine and Maine Central railroads but all the leading steamship lines between this point and Boston and intermediate points as well as numerous trolley lines tn Connecticut, Massachusetts ana New Hampshire
 Steady Decline in New Haven Stock.
 The capitalization of the New Ha- ven system increased enormously un- der the continuous outlays accruing from the acquisitions which later in cluded the New York, Westchester and Boston railroad Other acquisitions which helped to increase the New Ha- ven's burden were the New York, On- fario and Western and the Rutland CNermont) railroads.
 The steady decline of New Haven shares in the local and Boston stock markets has been a matter of com ment for several years. New Haven shares. which for many years sold at rN paid dividends at the rate of eight per cent, recently sold under par in an ticipauon of cut in the dividend, which was reduced to six per cent Committee of Stockholders Orqanize.
 Alleged mismanagement of the New Haven road and several serious Wrecks costing many lives. finally resulted in dennite action and 8 committee of New England stockholders led bv George von L. Meyer. former secretary of the navy. was organized to make m investigation of the roads affairs That committees experts are now at work on the cornpany's books, but its report may moi be known for several months
 NIT. Mellen Is now under indictment in the federal courts for alleged vio- latlon of the antitrust laws and an in dictr1er- for manslsughter. resulting from inc Westport, Conn. wreck of
 
 May Sell Water and Trolley Lines.
 II was expected that the New Ha- ven directors would today take LID ths findings and reconIn en datfons of the Interstate Commerce Commission. which recently scored the manage Snent not only for Its methods of oper- HtiCn, but for its financial methods as well According to Mir. Nellen's re-. port. however. all consideration of these matters was deferred
 It is known that an influential fac tor Tn the board favors the sale of the cornpan5@s water lines and many if not Rll of itg trolley roads. So far as it can be reasonably accomplished, also, it is believed that the New Haven will relinquish control of the Boston and Maine road.
 Assets Exceed Liabilities $1oo ,ooo, 900.
 According to an exhaustive examin- atiOn made by the New Haven system its assets are estimated at close to $500, 0oo, ,Ge0 against liabilities of S394,- 1000 an excess of assets over lia- bilities of more than $100 600, ,o66,
 Mir. Meiien's retirement will open the was to much conjecture regarding his successor. ftae name most ire guentiy mentioned in this connection 3s that of Howard Elliott. head of the Northern Pacific road, from which Mir, MelleH resigned to accept the man agement of the New Haven,
 Text Of Official Announcement
 Tine text of the formal statement announcing MF. Aeiieh's resignation is as follows;
 ~MF. Meliea st meeting of his beard of directors today rendered his res fgHatioH of the presidency of the New Haven read and all it's subsidiary companies, to take effect at the pleas ure of the board, but iR any event net later than October list, 1913"