The Washington herald., 1914-03-09
LIGHT ON THE NEW HAVEN.

A<aNS1li ON NEW ssfs Law
There pubSshed today ehaps~ 4 nslss faaada history
striking ID relation e psesl Asssh and hsns Of he hsar
P Morgan Co. have opened e bess y &ess for Psbie
Information the facts Of their connection with he financing tie New
Havea road.
The details are TO be found on sh pages Of Dis aswpape
extended dispatch from New York. and shssd read he.
with and thought; but b talk about hen he edife
ay the subject high the psb6e mind and Incidentally one
which, general and variety. has bee. referred to IN this pareu
lar column.
appears that Howard Elliott who making encouraging
the rehabilitation Of the New Havss properly prompted BY
his Directors and possibly inspired BY desire to satisfy himself
addressed ensasasy frank and pointed letter to Morgan
Co. asking them for the facts Of their former financial relations with
his railroad and whether he house and its partners had
interest and what the subsidiary properties acquired BY the
railway system.
The answer equally frank and engaging geas to be distinct
surprise large number Of perfectly worthy well a to
considerable number who do not abide within that enyabe ela"
The response Of the banking house. made clear simple Eng
h and plain figures transmit meaning shows that in financial
operations asgesans just nned Of billion delars and extend
ing period Of twenty years. h net profits and
that the firm and partners did have interest properties
bought BY the railroad company
We say this showing going be surprise the worthy and the
unworthy because between honest nsneepou and evil inspiration,
there has been created the wide popular impression that Morgan Co.
had pro6ed of many millions Of dollars BY methods that
honest abho the misfortune and partial weens Of the New
Haven system has been charged that Morgan Co. led the rail-
road destruction through the issue Of securities for all
Of unwise and improper purposes solely with the object Of
reapng dishonest profit through the sale Of the securities which had to
be issued Discussion and agitation Of the status Of the New Haven
property properly claimed the attention Of Congress- and
than member Of that body d limited that the fiscal agents had
robbed the railway system.
The inception and acceptance Of such popular mpresons how
unjust their eoncusioas and harmful their Effects not to
be wondered at Truth is the popular mind has long been
frame along this line Popular faith has been impaired and its
pesmisc side has only been prepared for the worst
has hoped for the Much Of the political Leadership Of the me
Of woube moudr public opinion have deemed
profitable trade in broken faith and the discomfort which
sende and do all they could along and bear in" these
saonal and harmful tales Nor have the stories lost anything the
telling, a, is the way with the spoken word
The lesson Of the incident a very simple but surely
be forgotten and overlooked in the higher politics Of the Time
that there sides every tale and that you'd better hear
the other half before you adopt the story your
For part not surprised BY the story told in this
correspondence unless be the snaInes the fee taken by J. p
Morgan Co. They could have taken many times the toll that they
did take and still have been within the decent bounds Of legitimate
business.
All through the months that the affairs Of the New Haven have
been under discussion have doubted that this old
firm of bankers had departed from the paths Of honest dealing and
fair play in its relations with the New Haven property has prob
ably erred Judgment matters Of policy but its hands clean
and its integrity intact.