The Washington herald., 1914-03-09

assist me greatly In answering numerous
inquiries that are made. and 1 shall be
under obligations. particularly II you can
send the information In the near future
Yours very truly,
(sisnep HOWARD ELLIOTT.
Chairman.
Morgan q Co.'s Reply.
New York, March 4. 1914
Howard Elliott. Esq. Chairman.
The New York, New Haven & Hartford
Railroad Company.
South Station, Boston. Mass.
Dear Sir: We are in receipt OF your let
ter OF February q. asking for certain In.
formation covering our relations with the
New York. New Haven & Hartford Rail-,
road Company and its allied companies.
In compliance with youi request and. in
the comparatively Brief time available.
we have had thorough examination made.
OF al our books. the results Of which wo
present herewith in the form Of various
statements, embracing all our transac-
tions with the New Haven Road and Its
subsidiaries during the past twenty years.
Proat Was s35o,o00.
Our relations with the New Haven have
been Of the following character: From
1894 to 1910 the New Haven generally dis
posed of its securities by selling them ont
right, sometimes to us. sometimes to
other houses. The securities thus pur-
chased were afterwards sold by the pur-
chasers for their own account, they TAX
iEs the risk of profit or loss thereon.
From December -, 1910. until December
4, 1913, we acted, under contract. as the
fiscal agent Of the companies In tie
course of these twenty years. from lSa
to 1914. we took part in the handling Of
New Haven and Subsidiary company Sc
curities of the par value OF $S53. .00o, 20.
from which our firm realized a total net
profit OF Approximately $4,000. all of the
foregoing being set forth below In detaiL
All our calculations have included any
par.icipations by our Philadelphia, Lon
don or Paris noises. The transactions
are grouped Under two headings, viz:
Schedule T. All securities purchased by
us either alSne OF in participation with
others.
SUMMARY OF SCHEDULE
Total security purchases In which We
participated ---.-.......-.........-.---.. >Iii8""
Amount Of cur participation IN such
purchases b,leaoa "
Losses realized By Us On certain Of such
purchsses NBai %
Total profits accrued to. US from all the
remainder Of such purchases. 55.le e
Net los to our firm from the total of
such urchases-.-.----.---..-.......... NSs8
SCHEDULE II.
Section A-Tranactioos in which. prior
to the fiscal agency contract. we acted
ss agent for the COMPANY: the total Of
securities involved in such t1nsscions
being par value Sc. 81. .ns %
On thee transactions total cotnnissions
paid By the company were.........-..-.. u, 81 u
Being aserage commission OF ess
than 3loths Of ! per cent.
by u. 49, -. As.SS
The balance being paid TO othes in
terested with in the transactions
Section BAH transactions under fiscal
ssrncy contract tentered into On De
cember 70. 1910. and terminated on De-
cember 4. lsI9 for an companies Gn-
eiudins Boston and Mainel. showing
Z. total sfsW
sf securitie. sold for account Il the
companies.
Upon which they paid total commissions
or approximately ss of per cent for
selling. |
by US was.................. w - pssssa a
The balance being paid to Others in
terested With US in the tansacions
SUMMARY OF SCHEDULES AND IL
Scheduh I-Amount Of coupsnies' out |
right sale Of securities 100
Schedule H-Amount Of companies
curities handled commission. D - 500 90 |
In 1n.Il....................................Sposm~ 90
Total amount Of commissions paid By
cnmpsuies SOS l8 Is
Being 4 little less than onelhalf Of
T,S.r ~
missions retained By us-................. S0.e3 IS |
Net losses isalized b in the outright
purchases. (see Schedule D........ I5a0 a
representing total pruht to u So.a6 Z
Dead Financier's Inheritance.