New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-05

LAWYER and former New Haven
Washlngto
natural extension of the other. They
were not competitors, and we agreed
that the merger would be a good thing
from broad point Of view, for New
England. Mr.. Olney saw nothing in the
laws OF Massachusetts to prevent the
New Haven from taking this stock under
its Connecticut charter
Mr.. Ledyard said that Mr.. Olney was
greatly surprised when the Supreme
Court handed down its decision in the
Massachusetts trolley case, about SIX
years ago.
The New York lawyer did not become
member OF the Board Of Directors OF
the New Haven actively until the
autumn of 1905 lie said that he found
the New Haven had acquired various
trolleys railroads and steamship lines
and he had had a talk with Mellen i'll
which he told the then president OF the
road that he had all he could handle
and that, as representative OF the
largest stakeholder in the New Haven
he would oppose any further acquisitions.
He told Mellen to build up the property
he had.
Mr.. Ledyard declared that Mellen dom
mated the board of directors with a
firm hand. lie told how Mellcn had dp-
pointed him a member of the executive
committee and said that lie was greatly
surprised to find that the committee hao
never held a meeting. When he DrouSh'
this to Mellens attention the latter
replied. "My Connecticut directors wah'
things done right around this table mere,
and not by any small committee. The
finance committee rarely met. Mr.. Led
ward declared. and as a rule all business
was done by the full board.
Dominated by Mellen.
Mellen. who presided at all of the di-
rectors' meetings, was deserted by MT
Ledyard as most extraordinary presiu-
inc officer. He had great command OF
business and was able 10 retain III MS
head the intricacies of the system IN Wa!
that was marvellous. The directors all
had confidence in his judgment lie was
IN. one who dominated the policies OF INC
board. and was the author OF All t"e
suggestions brought before and carried
by the board.
Mr. Iedvard said that unless 4 proJec'
annealed TO the board as whole IL oio
not 20 through. If there was any oo-
lection IT was laid over for further as
cussion. He said this, he declared III
answer 10 the statements that the Ne"
Haven directors did not object at the
meetings.
For several years, Mr.. Ledyard saiu
he and Mr. Morgan were dear ana
intimate friends. but there never was
a business transaction between them
tIe received a check from MT. MOI
gan for some profits in steel under
writing. but he had told Mr.. Morgan he
would not take 1t. Morgan insisted say
ing that he had used his name, ana Led
ward took the check and gave II 10
charity.
All NJ the committee meetings Of the
New Haven were informal, Mr.. Ledyard
said. The members sat around and talked
and exchanged views. No formal vote
was taken, but at the end OF the CONFER
ence all agreed to do certain things ana
some one arranged the minutes.
Nr. Ledyard said he knew very little
about the Westchester deal. except IN
formation that was given by Miller and
Mellen as TO the general reasons for ac-
curing these roads. About sl5'V"'vp hao
been spent in this transaction when ne
became a member OF the BOARD. Mellen
had told him, he said, that in addition u
Tho expenditure OF money by the commit
%. there had been some New Haven
stock used TO exchange for additional
minority stock in the Westchester COM
panies.
The witness declared he had never heard
y, any transactions with the late In
spector Byrnes and had never heard that
the New Haven had had relations with
poIiticians. No report 10 this effect had
ever been made by the directors.
Takes Up GotshalI Contract.
Iedyard acted as a member OF the
committee which dealt with the Gotshall
suit in 1909, and after conference with
MeSSrS. StclSOu t'HNN'f"' $3.50
Judges O'Brien and Parker at stetson
office urged that a settlement be made.
He had learned he said. that Gotshall
had turned over share in the New York
g. Port Chester company TO Harry Evans.
president OF the Continental Fire lnsur-
ance Company. who was litigant Of the
most strenuous character.
Under this contract Gotshall was to re-
ceiye S,OoC,oO0 in stock of whichever road
was constructed. in addition to 100000
In bonds. The contract did not specify
whether the 100000 in stock was to be
at par or real value. and Ledyard said
that he and the other lawyers had dis
cussed the possibility Of fraud because
Of an alleged change In the contract. lie
also thought that Evans and Gotshall
would be unhappy neighbors for the New
Haven and advised the settlement. which
was for something over 100000 ,
Mr.. Ledyard said that J. W. Miller,
yice-president and general manager Of