The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-04
Acquisition of New England
Properties Part of Compre-
hensive Plans.
TWO DIRECTORS ON STAND
Members of Board Not Now In
fluenced So Much by One
or Two Men.

Skinner, OF HolyoHe. Mass. directors
OF the New York. New Haven and
Hartford Railroad. test!fy!ng to-day
before tho Interstate Comrncrcc Com
mission at ita Investigation into the
affairs OF the road. said tho ocqu!ai-
tion OF various New England trollcys.
steamship lines and other properties
at n cost OF many millions OF dollars.
constituted part or the New Iiaven's
comprehensive plan 10 increase :ts
facilities.
Many properties thus acquired. II
was stated. only had prorpcct!ve
value. the natural growth Of New Eng
land being taken into consideration
by the directors
Mr. Elton questioned on this poin.
by william Nelson Cromwell, who ap-
pcared as counsel for several d!rec-
tors. declared the purchase for SILL
600. 900 OF the New York. Wcstchestcr
and Boston Road. the stocle OF which
former President Mellcn. OF tho Mex
1Iaven. testified was worth only "lo
cents pound" was for tho purpose
~ obtaining a foothold N the Metro
politan distr,ct and obtaining greater
terminal facilities IN New York.
NOT NOW INEIIFNCED
so MuCu nv ON: on TWO MEN
Mr.. Elton testified that the N"w
JIavon directors had changed their
methods and now were not Influenced
so much bv on" or two m"n-lihc J.
T. Morgan and former President Mol
Ien-as .hcv were formerly. He said
"directors now direct" and had learned
= "rreat many thinrs" He added
thnt President Elliott was more de-
libcratc than Mr. Nc,lon, and did not
"rush th",l IN their feet"
Mr.. Skinner said he believed "if
thirrs hal been allowed 20 go on. ana
tho New Iraven nnd its officials had not
h"cn subjected 20 inimical i7uuirios
and exclamation. tho property would
have pulled out I'll right p"rhaps In
FIVE wears" lie asserted that Mr. Mol
lon could have retained tn" nr"s!de1cv
of Tho road had he desired. rs b"
hal n majority OF the directors with
him. Mr Skinner viii resume his tes
,lmony Tomorrow. He viii be fol-
lowed by Lawrence Mlnct. OF Boston. a
Scw Haven director. during Il part ~
Mr. M-lI"n's administration.
DID NOT FAVOR PURCHASE.
But MADE No OBJEC-TIOT
William skinner. "A New Haven d!-
rector since 1902. said ne did not
call J. p. Morgan making statement
regarding the Wcs;chester purchase
q; any meeting .: the board. He said
hr did not favor The purchase OF the
Wcstchestcr. but raised no objection
~ tho meeting when tho committee
- I.
81 went later 80 Mr. Mellen." tho
witness added. II told him I thought
slI. 100000 for the Westminster was an
unconscionable sum. He told me he
would appoint me committee OF one
10 call on Mr.. Morgan on the matter,
but did not do so"
Why not?'
We'll. have confidence In the
committees"
The New Haven directors up 10 the
time the committee made it's report;
Mr.. Skinner declared. had been under
the impression that the Westchestcr
cou!G be acquired for about $4,000. 900
Asked az To the purchase of the
Rhode Island ,rolleys for $4,000, 900.
the witness said the trollcys had "a
potential value
Mr.. skinner asserted that the pur-
chase OF ,rollcys by tho New Haven
were based on the natural growth OF
New England. lie thought many OF
inc investments wise, considering the
potential value OF the properties.
hELIENES INVESTIGATIONS
KURT VALUE OF PROPERTY
II am one OF tho largest stock
holders OF the New Haven" the wit
ness continued. "and II is my belief
that II tho railroad and IT'S officials
had not been subjected TO inimicai in
NestiSations and explanations. the
property would have pulled out all
right"
Mr.. Skinner did not know. ne said.
except as he had read it in the papers
Of any sums paid to men as lcgisla-
tive agents. lie also said he was un-
aware of any large sums paid to news
papers.
when 109.94S Boston and Maine shares
were sold TO John l.. Billiard at 125
and he supposed thar later. when the
shares were sold back to the New
England Navigation Company at $50.
AIR. Billiard was entitled to the profit,
S2,7iS 900.
As rule the witness said the votes
taken at meetings OF the New Haven
directors were unanimous.
Ibid you differ with Mr.. Morgan
at any meetings."
''Oh yes"
But you regarded Mr.. Morgan with
reverence"
Respect is the word would use"
You felt ho was nearly almighty
In fnancc:"
Pretty nearly"
ELTON ~ ASKED ABOUT
CAMPAIGN CONTRIBUTIONS
While on the stand to-day Mr.. Ell
ton was asked what he knew about
campaign contributions made by Mr.
Mellcn.
81 remember that MT one meeting tho
opinion was expressed that there was
10 he no more of that sort of thing"
nc said
Was the New Haven not operated
as an adjunct TO Wall street, ms :,
speculative enterprise"
No. 7 believe Mr.. Morgan's heart
and soul was In the New Haven, and
DO not think Wall Street had anything
to do with IT,"
What Is tho difference between the
present conduct OF affairs as com
pared with the former method?'
We'll, the directors hovn
9rent deal. They arc not taking on.
mans word. Then the head OF tho
road is Very different man. Mr. Mel
lens ambition ran away with him. Mr..
Elliott Is more deliberate. lie doesn't
go with such rush He doesn't car
ry members of the board of their feet.
The directors now direct"