The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-20


1905. showed how Mr. Mel,ou at that time
regarded the same Westohester road. for
which the New Haven two years later
paid sIi.0oO.00o
MY Dear Mr. Herr: Your per-
sonal OF the i9th is Just AZ hand
The New York, WestChester and
boston Is inimical To the interests of
this company. II Is "A rival competi-
tive scheme. We are of the impress
sion Il ls organized more as strike
10 sell out TO Va at the proper
moment. and in Just whose hands II IS
at the proper time | am rot advised,
but prior to reaching its present
locstion 1t was offered to me on two
different occasions for Il price | was
unwilling to pay"
That. then. was your view OF the
w schcster in 1905 Pc asked Mt Folk.
Il cannot 80 back on my own letter"
said Mr.. Mellen.
How was the matter OF the acquisition
brought up to you later"
Mr. Melen replied that later Oakleigh
Thorne Interested him when he came TO
his office ard said he had acquired con-
troll OF both the Port Chester and West
chester properties At Mr. Thorne's re-
quest Mr. Mellen took the matter up with
the board OF directors
You had no idea the board would con-
slider IL favorablyY'
NO newer 'HbuEnt OF sutn n tnlngs
Mr.. Mellen said that this was IN tho
summer Of 1905.
.. What took place at that meeting7 A.
Mr.. Morgan moved that "A committee be
appointed to handle that matter with
power
q. Were you surprised 4. Well. I
thought IT indicated disposition to look
into It. | never thought enough OF the
scheme to DO Interested in IL. As presi-
tlsnI a. the railroad I nnnOlpteb Mr MIR.
gan. Mr.. Rockefeller and air. Miller as
the committee | considered them very
conservative and careful men. | was ex
oiilcio "A member of the committee.
@ Now this committee reported back
after "A year or so that 1t had spent Sii.-
10000 DO you know OF the money that
was being spent? A. Surely. I was d.
rected to deposit tho money with J. Pier
pont Morgan Co in special account
No, 2.
.. And this money was paid out OF ac-
count No. by Morgan Il Co? A. Yes
O. When this committee reported that
1t had spent more than sll 100000 In this
transaction did you see Mr.. Morgan In
reference to Il? A. objected uc-
INJURED. asked Mr., Morgan after the
meeting IL he would stop a moment and
sec mo in my office. He did. and | told
him that | thought that report was not
In detail so much as II should be. that
there was nothing to indicate to me how
much had been spent In the different items
that were enumerated. | said Somebody
is going to want to know. | may want to
know myself what the New York and
Port Chester cost, what the development
cost. what was paid for the stock. wn6:
was paid for the bonds and what was
paid for the different items II seems 10
me this report should read, on such date,
so many shares of stock were bought OF
a.. s..A to- "a
and the whole should total up tll,l55, 900.
and it should be a clear account showing
how this money was disburscd." IL was
In the midst OF the panic OF 1907 and Mr..
Morgan was quite abrupt. very severe,
and | felt very much Inundated and un-
deservedly so. because felt ] WAS asking
what the railroad was entitled to and l
never got IT.
O. What did he say? A. Mr.. Commits
sioner Mr.. Morgan Is dead and have
great regard for him. IL was rather
humiliatlng scene and | prefer not to
speak OF II.
MeiIcn Felt Glitter"
Q. We would like 10 know what took
place between the President OF the New
Haven and the director OF the New Haven.
who was chairman Of the finance com
mlttee. A. / want 10 give you, Governor,
all that know about this thing, but It
was humiliating experience to me and
| do not like 10 rehearse II on the stand.
Suffice II to say that did not get the
information. | felt very badly about
IT, very cross and very bitter.
Mr.. Folk insisted. and again Mr., Mel
len turned to Commissioner McChord,
Mr.. Commissioner" said no, ut was
personal conversation. The man IL
dead He was under great stress IL
was In the height OF the panic of 1907.
think more weight was on his shoulders
at that time than probably any other man
In this country, not excepting even the
President OF the United States. And
thought u great deal OF him"