New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-16
CRISIS TO-DAY in
NEW HAVEN CASE
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of necessity be brought here. The
department can bring the civil action
in any of the New England states,
and. as the state of public opinion in
New England, particularly in Boston,
is so much more highly inf1amed
against the company than is public
opinion in New York. it seems prob
able that the suit will be brought in
Massachusetts.
Advantage for Prosecution.
"If you were prosecuting q case and
had your choice of trying II in two
places-on where public opinion was
neutral and another where it was in
favor of lynching the prisoner which
would you select" is the way one
lawyer, familiar with the plans of the
special attorneys assigned to the New
Haven case by Attorney General Nc
Reynolds, explained the probable selec-
tion of Boston as a trial city for the
civil suit.
The same lawyer expressed the be-
lief that any criminal action would
have to be brought in this jurisdiction
in so far as the records disclose that
the only possible transactions on which
prosecution under the criminal side
of the Sherman law might rest took
place in this city.
ANY civil action that may be brought
will probably be under the direction Of
Jesse c. Adkins and r. w. Gregory,
Special Assistant Attorney Generals,
who have been in charge of New
Haven matters for many months.
Neither was in his Office in the Park
Row Building yesterday, United States
District Attorney Marshall knew moth
ing of the case.
No statement as to the plans of the
company was forthcoming from its Of
fees in this city or New Haven yes
terday, and the directors in the city
had nothing TO say as to what might
be done. Nor was any statement forth
coming from the offices of J. ?. Morgan
e. Co., for years the bankers of the
company.
Conjecture in Wall Street.
Wall Street, however, was full Of
rumor. a break Of the stock below so,
the lowest in the company's history,
and $50 points below high water mark,
being accompanied by stories of re-
ownership. This also was the eXplana-
ton of weakness in Westchester bonds,
which are guaranteed, principal and
interest. by the New Haven.
Wall Street had it that the company
would cause a friendly suit to be filed.
Some of these stories went so far as
to name Howard Elliott, the chairman
of the company, whom the Interstate
Con merce Commission has specifically
exoncrated from all blame for the
present plight of the corporation. and
Richard Olney, Of Boston, as the prob
able receivers.
No confirmation Of these rumors
could be obtained, however. 1t was
pointed out that there would be some
advantages to the company in such a
course, not the least of which would
be an opportunity to rid itself OF the
Westchcster bond incubus, and Of other
contracts the company would proht
through abrogating.
II developed yesterday, following the
exclusive announcement in TIE Trib-
une that the resignation of John l..
Billiard, the financial handy man Of the
Mellen regime, from the board of d.
rectors was among the possibilities CT
to-day's meeting, that the Meriden
fnancier had not been altogether happy
at recent meetings Of the board.
From New Haven came story to
the effect that at a recent informal
meeting he was politely told that his
resignation would be very acceptable
to some Of the other members of the
board, if not TO a majority, but that
he refused to take the hint.
No one in authority in New York
yesterday would say whether the COM
pany would make a public answer TO
the structures of the Interstate Com
merce Commission after to-day's meet
ing.
Chairman Elliott, however, is on rec
ord as having promised to make public
the companys side of the issues raised
/ by ex-President Charles s. Mellen as
/ soon as the Interstate Commerce Com
mission made its report.
The course of New Haven stock on
the exchange yesterday was spectacu-
lar. Opening at 55i2, off u, it broke
breaking Il between sales of 100 share
lots. From the way in which small
+ lots came out il was apparent that
there was real selling by discourage
investors, as distinguished from short
selling by traders. From the low il
rallied toward the close, with the last
sale at 5ll4, a loss Of Az points on
the day. The rally was due IN part 80
rumors that peace might be had with
out litigation, but more largely TO COW
ering of short sales, the professional
trading element being content TO take
profits rather than stand the chance Of
a sharp rise at the opening to-day
because Of possible overnight develop
ments.