The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-05

him | was entirely satisfied. I told him
that | did not make our sale OF the Bos-
ton and Maine stock a condition and l
told him that he was right not to bind
himself so far ahead. Then | reported
this letter to Mr.. Fargo.
IT took no part In any extension of the
contract OF the Boston and Maine with
the American Express Company. | took
no part with the Boston and Maine dlrec-
tors. let the express company officials
take II up with the railroad officials. II
was extended so as to lap over the Adams
contract with the New Haven.
Mr.. Ledyard described the method Of
doing business In the board OF directors
meetings
I'm all my connection with the board"
said Mr.. Ledyard. II never knew OF any
person but Mr.. Mellen taking the initia-
tive In bringing business before the board
or any OF It's committees. He was the ac-
tual executive officer.
He was as you saw him here, n man
OF power. a man OF extraordinary intelll-
gence. He was the most extraordinary
presiding officer 7 have seen anywhere In
his grasp OF business. his IDEAS OF bust
ness, his capacity to retain In his head
without the slightest confusion all the in
trlcacss Of this complicated system OF
which he was the president.
HE had at his finger ends all the inter
corporate relations and as a presiding
officer he had the ability 10 put before
tho board what no wished in the most
convincing way. The board had the ut
most confidence IN Mr.. Mellen and he was
In that sense a power In the board. He
was In that sense the one who dominated
its policy He took the Initiative.
more or less has been stated In the
press and has been suggested by this In
vestigation about my relations with J. y.
Morgan or his son" added Mr.. Ledyard
mfr. Morgan was for many years one OF
my most Intimate and dear friends.
never had a business transaction with him
in my life. with possibly one exception"
wanted to Help Road.
"snce left the New Haven road
have purchased none OF Its securities. sold
nome except that I did take 5000, 900 OF
the notes which they placed the other day.
and only did that because had been a
director and wanted to help the road"
Concerning the westchester deal Mr..
I.edyard said that about $4,000 900 had
been already spent in the acquisition of
these properties prior to mis- becoming a
director. lie said that Mr. Mellen in
| formed him that the board had furnished
| him with shares OF stock OF the New Ha-
ven TO be used In the acquisition OF certain
outstanding Westchester shares. He said
| he never knew OF Mr.. Mellen's relations
with the late Police Inspector Brynes In
connection with the securing OF changes
OF the Westchester franchise.
Mr. Ledyard went into the Billiard trans
action through which John l.. Billiard go,
| So 700 600 OF the New Haven assets.
| 81 attended a meeting OF the board after
my return in the autumn OF 1905" said
Mr.. Ledyard. II had seen much In the
| papers after ! got back concerning The
sale OF the New Ravens Boston and Maine
stock to Mr.. BILLIARD and questions about
II being bonafide. At that meeting OF the
Y NJ .hat a nd
whether that sale was outright or whether
Il was "A fake. as suggested, or DUNN,
transaction.
He assured me that II was perfect,
straight. that Il was "A sale outright, ant
that Mr. Billiard was the owner.
in January. 1909. think, at meeting
OF the board | put him through goo'
deal OF cross-examination as to this sal
to Mr.. Billiard as TO its bonafideness
Its absolute character-whether there wa
any understanding, expressed or implied
to all OF which Mr.. Mellen answered their
was none that Mr.. Billiard had made al
outright purchase OF the stock and was IN
owner OF II and there was no agreemen
whereby he was TO be limited In any way
Displeased mt Directors.
"Mr. Mellen made rather an impasslonet
speech about my attitude | was new
director and he thought II savored OF I
lack of confidence. l said to him IN!
character Is involved. Mr.. Mellen, and
have got TO know"
Mr.. Ledyard said that the boards min
utes which have been called In question II
the Investigation In connection with tn
Billiard transaction and which represented
that profit OF sl.600,O00 was due tn
New Haven road did not represent tn
situation as he understood II. II the.
represented anything 1t was Informal dis
cussions that had taken place but Ger
tainly nothing that had ever been said II
board meetings.
Mr.. Ledyard's recollection was that NJ
such thing as lnstructing Mr. Mellen 4
; obtain the profits in the Billiard deal ha
ever happened He recalled that som
: time thereafter Mr. Mellen called his at
| tention TO the alleged errors In the min
utes and said that he was going TO IL
. them. Mr.. Ledyard said that he calle
Mr. Mellen's attention to the fact tina
the laws OF New York were very drasti
with respect to the alteration of minute
OF corporations and that he had better le
! them alone.
Commissioner McChord to-day excuse
George 4. Baker and Lawrence Mino
, directors OF the New Haven who hav
been summoned as witnesses, They wi
: be called next week
: Mr.. Ledyard will 20 on tomorrow,