The Bridgeport evening farmer., 1913-08-06
WHY MELLEN QUIT
 NEW HAVEN ROAD
His $67, ,552,4OO Bond Issue Used to Bring About His
 Resignation
FAILED TO GET SUPPORT
Plain 1ntimatiOns From Great Financial Influences That Issue Might Not Be
 Taken

New York, Aug. 6-Froms the inner chambers of the financial lords are now coming reports that Charles s. G1el1en's final undoing came as a re- suit of obstructions placed in the way of the successful issue, by the New Haven road, Of $67, ,552, 400 of converti- ble Gebentures, MT MeIlen, it is said, would have found no particular diff1- culty in the floating of this issue had that Napoleon of finance, J. P. Nor gan, Sr., lived; but with the passing of this master of billions MT. MelIen lost his most solid and safe supporter and he then looked out upon the most oninous horizon that had confront ed him since taking over the gigantic task of unifying the lines of New Eng land and preserving and upbuilding them for the industrial protection and glory of the states affected.
 The report is that MT. MelIen receiv- ed fairly plain intimations that, on account of the low state into which New Haven securities had fallen and the tremendous drive against him per- sonally, such issue as proposed would not be absorbed in a way to stiffen public confidence in the man agement of the system, and that any indication of the slightest hesitancy on the part of fnanciers to take up the issue might bring a further and most disastrous collapse to the roads stock. To strengthen this view of what happened to MT. Mellen in those trying days, 1t is said that J. P. Mor- gan, Jr., was not possessed of the same strength of sentiment for the road as his father, whose project to unify the roads of New England had been cred ited to a hearts decide to protect New England industries.
 Confronted by these lowering con dftions, there was but one thing for MT Mellen to do-resign- This he f7f (7 f.vS T51I1 the public announcement of the pro- posed $67, 7,552, 400 issue-a striking CO., incidence.
 Further, it is said on good author ity that MT. Mellen's resignation came as a surprise to a majority of the di- rectors. Some of those responsible for creating the financial conditions confronting him might have known or expected in view of their knowledge of these conditions but no word had leaked out until the resignation had been given, although, of course there were some persons who claimed that MT. Mellen could not long stand the nerve shattering strain of the steady and relentless drive directed at him. These persons did not foresee a. sf1zky million dollar bond issue and therefore could not at that time name it as a reason for a belief that MT. MeIIefi would have to resign. But that this issue was the means through which he was brought to step down and out now seems clear and reasonable to believe. What else could Mellen do? This is the question and an answer in one when the situation is under stood. Looking out upon an almost violent public antagonism c. $. Mel len, hera1ded for years as one of the most far-sigl1ted and astute of mod ern railroad presidents, could not ex- pect to smoothly float such a colossal issue of bonds with such great fnan- cfal influences, say, as Messrs. Vail and Morgan, Jr., with low receptive temperatures and both members of his own board of directors. MT Mellen's business household was out of order and his resignation in order.