The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-09
csption, the details Of which are - III.

| lows:
MIR. J. T.. Morgan. ST.. inherited i,a2s
shares Of the stock of the South Bay
Wharf and Terminal Company tbeing
somewhat less than one-tenth Of the
whole) from his father In 1890. Seven
teen years later, In January. 1907. he was
asked to exchange this stock for S14
shares of New Haven stock. and complied
with the request. You may be interested
In reading copy herewith Of n letter un-
der date of January q. 1905. addressed
to him by j. G. Cobb. explaining tho
method proposed for arriving. through
outside appraisal. at a fair price to the
New Haven In the matter. From this
you will note that not only was Mr.. Nor
gan's interest small but that the trans
action was carried through without par
ticipation by him.
"Milibrook Company We arc glad to
make specific replies to your questions In
regard to this company.
cd We hand you herewith statements
OF accounts from our books showing that
from october. 1906. TO September, 1907.
We advanced Oakleigh Thorne. and after
ward the Millbrook Company. various
sums aggregating 411,155. 900. All these
advances were made by order. and for
account. Of the New Haven railroad COM
pany. We enclose copy OF AN official letter
To us from the New Haven company. dated
April 2, 1907. and received about that
date. In which reference Ii made to an
agreement dated December I. 1905. be-
tween the New Haven company and the
Mllbrook Company, and to our advances
on account OF that contract.
Point to COnArmat ton In Letter.
This letter confirms our understanding
that all such transactions have been and
are Tor the account and benefit OF the
New Haven road and Furthermore that
that road is and will be responsible there
for We hand to you also list OF the securi-
ties against which advances were made.
such securities having been finally turned
over IN the Mlllbrook Company under In
structons OF the New Haven company.
"t2b None OF our firms, nor any MEM
her Of them. had any transactions with
the Millbrook Company other than those
for the account and by the order Of, the
New Haven company, as set forth in the
statements OF accounts furnished you
herewith
't8 In none OF these transactions was
there any profit or commission to our
firms or to any member OF them The
New Haven company opened with US an
account which was designated as Its Ac-
count No q In this account the CON-
pany deposited from time to time lover
$4,000. 900 OF the total prior to February.
1900 moneys TO reimburse US for our
advances for its account to the Milibrook
Company. We enclose statement Of that
account showing that any interest paid
by Mr.. Thorne was credited TO the New
Haven company's Account No, q and
made.
"tb The securities thus purchased by
the Millbrook Company represented the
ownership Of those enterprises which
afterward becam. what IL known as the
New York. Westminster and Boston Rail-
road Company. None OF our firms. nor
any member OF them had any interest in
the Millbrook Company, or In any OF the
securities or property purchased by the
Miilbrook Company. or received any ad-
vantage from such purchases. Nor had
We any interest OF any kind in any OF the
enterprises or properties which in any
way became part OF the New Fork,
Westminster and Boston.
"Deposits-From the year 1908. when
the first deposit account was opened with
us. the companies have had with US total
balances averaging for the eleven years
about f.4l5.000 tsubject to draft on
which We have paid interest at 2 per cent
I'VE believe the foregoing covers all
the points as TO which you ask US Should
any point not be clear TO you, or should
YOU desire more detailed Information on
any point. We shall be very glad to give
you explanation or further Information
YOU desire"
Tells 81 south nay TRANSACTION.
The one transaction between the New
Maven and an acquired property In which
arv rne.,l.r Of th. Morgan Arm had any
in,er,s, IL described In n letter written
hv John Gambler Cobb Of 90 state street
J. l. Morgan. Mr.. Cobb stated that he
J. l.. Morgan. Mr.. Cobb states that he
was representing Mr.. Norgan's interest In
the south Raw Whnrf and Terminal Com
pany and that committee OF directors,
consisting Of M.not. Crocker and Goldman
mao p'rn CIV" iu'' p."r w ,nnne an Au-
part or IN" companys property to the
New Haven.
II have stated 10 them says the Cobb
letter, that | control majority OF the
stock OF the company, which would sell
at any price they might fix. other stock
holders TO have the opportunity to sell at
the same price. THESE men were chosen
as being men or unQuestioned fairness.
with large experience In real estate and
railroad matters ana, would add. each
ot thrnl having a rar larger interest In the
New raven ROAD than they nave In the
south BAY Wharf and Terminal Company.
TheN nave recently made careful and
detailed estimate OF the value or the com
panS property, Whlch, nsure, would
mean Nalue or ABOUT INV snare Tor
the STOCK W the l.'ss' shares or the
company apout ''boo shares 'inc!ud!nG
yours are directiy IN my control
the orief answer o, Mr. Morgans Ia