Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-07-18
NELbEN RESIGNS
FROM NEW HAVEN
LIIECTlNI At \SlRE OI
BOARD NOT LATER THAN
OCTOBER 1.
NO reason IS ASSIGNED
Management Of the Road bN Ny
Mcllcn Has Recently Come In
For Severe Criticism.

NEW YORK July l7-Charlss $
Mellen today rendered his resignation
ar president OF the New York. New
Haven ana Hartford railroad COM
pahy and All lts allied or subsidiary
lines, including the various railways.
rClley lines and water lines which
had become part Of the New Haven
system undnr his management
Announcement of Mr Mellen's re-
Sisnation, which IL 10 take effect "at
board, but TN no event later than
October !, next" followed long
meeting OF the directors most OF
whom. including VIM. Rockefeller
and j. +. Morgan, were present.
The brief announcement Of Mr.
Mellen's proposed retirement, couch
ed in less thnn fifty words, was the
only official statement issued None
Of the directors would supplement It
by so much as word, and Mr.. Mel
len steadfastly denied himself to all
intcryiewers
II is understood that some Of the
more prominent members OF the
board earnestly urged Mr.. Mellen 10
reconsider his action, but apparently
without avail. In railroad and finan-
cial circles MIR, Mellen's decision will
excite no surprise.
Been Much Criticised.
Charles Sanger Mellen, whose re-
cent management Of the New Haven
road. has given rise to considerable
criticism, became president Of that
system In October OF 1903, resigning
from the presidency Of the Northern
Pacific railway at the request of the
late j. i. Morgan, who regarded MIR
Mcllen as the man best fitted to re-
organize the more or less chaotic
transportation lines of the New Eng
land states.
Mr.. Mellen's immediate predeces-
sol, JnO. NJ Han, had managed the
road with all the conservatism tha'
marked the administration Of corpor
ate affairs, especially In New Eng
land, during the previous decade
Mr.. Mellen's advent was the sigma
for a vast scheme Of consolidation
embracing not only the Boston and
Maine and Maine Central railroads
but all the leading steamship lines
between New York and Boston and
intermediate points, as well as vari
Gus and numerous trolley lines In
Connecticut, Massachusetts and New
Hampshire. The capitalization OF
the New Haven system increased
enormously under the continuous
outlays accruing from the acqulsl-
tions.
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,
which for many years sold at and
above 200. and for long period paid
3 per cent dividends. recently went
below par in anticipation OF cut in
the dividend. which was reduced TO
per cent
Alleged mlsmanagement Of the
New Haven road and several serious
wrecks costing many lives finally re-
suited in definite action. and com
mittee OF New England stockholders,
led by Geo. Won l.. Meyer former
secretary of the navy. was organized
20 make an investigation OF the roads
affairs That committees experts
are now at work on the company's
books.
Mr.. Mellen is under federal indict-
ment for alleged violation Of the
antitrust law and manslaughter. re-
sulting from the West Point wreck.
II is believed the New Haven asso-
citation will relnquish control Of the
Boston and Maine road.
According to an exhaustive eXami-
nation made by the New Haven sys-
TEN, its assets are estimated at close
to $500 5000 against liabilities Of
S394, 600, 900.
Mr.. Mellen's retirement Will open
the way TO much conjecture regard
ing his successor. The name most
frequently mentioned I'm this con-
ncctlun is that Of Howard Elliott
president Of the Northern Pacific
from which Mellen resigned to ac-
copt the management Of the New
Haven