The Birmingham age-herald., 1914-05-26
Says Father Did Not Con- ceal Facts Which Should
 Have Been Known
FIRST DIRECT REPLY
 TO FORMER OFFICIAL
Declares Late Financier Was Abroad Too Much to Interfere With New Haven Activities-Issues
 Public Statement

New York, May 25.-J. P. Morgan to- night characterized as untrue the testi- mony of Charles S Melen. former head Of the New York, New Haven and Hart ford railroad before the interstate com merce commission in Washington last week that J. Pierpont Morgan concealed from MT. Mellen facts regarding the New Haven road, which MT. Mellen should have known.
 Mr Morgan offered to produce before any proper tribunal at any time the rec ords of j.. P. Morgan & Co.,, and the per sonal records of his father.
 The statement was his first direct re- ply to MT. Mellens Washington testi- mony which he examined he said from a stenographc report. The statement read:
 T became director of the New Haven rairousi in April, 19l3 and resigned De- cember 31, of the same year. The only reference to me personally in MT. Mel lens testimony has to do with the fact that l. as a director of the company, called upon him and told him that a change in the presidency was desirable. For that act, either as director or an individual. l accept full responsibility.
 Was Much Abroad
 ..Mr. Mslen, in substance, charges my father with having concealed from him facts which the president of the con- panvshould have known. During the last 10 y(1 lars of my fathers life he was abroad mo4h than one third of the time. During the last three years of his life he was abroad one half of the time. He was actively connected during this whole period with many different affairs That he would have had the time even if ha had had the desire. to interfere actively in the management of the New Haven is impossible.
 fathers deep interest in New Haven af- fairs. My father was born in New Eng land and believed in the New Haven railroad He recognized as others have recognized, that with the shifting of the center of population in flfs country. and the changing economic conditions, the commercial position of New England was threatened. and that a change in thls commercial position would unless an ef- fort were made to counteract it, result in an unfayorab1e effect upon New Eng lands leading railroad. He undoubtedly believed that railroad peculiarly situated as is the New Haven, with a growing passenger traffic at very low rates and with expensive Improvements required all along it's line, must make every effort to increase it's traffic and maintain it's posi- ton. He believed moreover that the New Haven and the Boston and Maine which were not in his opinion in any sense competing lines could be operated to the benefit of New England more ad- vantageously together than apart, ana | that no harm could come to the public from this amalgamation by reason of the full measure of state and national regu- lation which the laws afforded. I am quite l ready to believe also that he agreed with MT. Mellen that the entrance of the Grand Trunk railway into Providence would have involved the unnecessary duplication of facilities for which the New Eng. land public sooner or later would have had to pay. But the imputation that my father in any sense took the manage. ment of the railroad. or any part of its affairs, out of the hands of the presi- dent, is untrue.
 Showed Net Profits
 'On March g. 1914, our firm made public a letter showing in detail the total net profits from every source to the firm oi J. P. Morgan & Co.,, or to any Of It's members. growing out of transactions oi any kind whatever, connected with the New Haven lnes for period of 20 years Those total net profits amounted to ap- proximately $350,000, which included theii compensation for handling, alone or in connection with others, securities of the par value of $333, ,000.0 GOO.
 ''The records of my firm and the per sonal records of my father are intact; they are available and ready for produc- ton before any proper tribunal at any time''