The Sentinel=record., 1914-05-26
CHARACTERlZES AS UNTRUE TIES TlMoNY GIVEN BY CHARLES
 s. MELLEN.
NO FACTS WERE CONCEALED
Declares That the Elder Morgan Did Not interfere in Any Way With |
 the Management of the New Haven
 Railroad.

New York, May 25.-J. P. Morgan tonight characterized as untrue the testimony of Charles s. Mellen for mer head of the New York, New Ha- ven and Hartford railroad, before tleI interstate commerce commission in Washington last week that J. Pier pont Morgan concealed from MT. Mel len facts regarding the New Haven road which Mir. Mellen should have | known.
 Mr Morgan offered to produce be- fore any proper tribunal at any time the records of J. P. Morgan and Com pany and the personal records of his father
 The statement was his first direct reply to Mr. Melen's Washington tes- timony which he examined, he said, from the stenographic report. The statement Sdiu.
 q became a director of the New Haven railroad in April 1913, and re. signed December 3l of the same year. The only reference to me personally ia Mir Mellen's testimony has to do with the fact that I, as q director of the company, called upon him and told him that a change in the presi- dency was desirable For that act, either as a director or an individual, accept full responsibility
 MT Mellen, in substance, charges my father with having concealed from him facts which the president of theI company should have known. During the last ten years of my fathers lifeI he was abroad more than one-third of | the time He was actively connected during this whole period with many different affairs. That he would have had the time. even if he had had the desire, to interfere actively in the| management of the New Haven, is i'm possible
 "Mr. Mellen is right in picturingI my fathers deep interest in New Ha- ven affairs My father was born in | New Eng and and heiieved in the New Haven railroad. He recognized as others have that with the shifting of the center of population in this coun- l try and the changing economic con | ditions, the commercial position of 1 New England was threatened and that change in this commercial position would, unless an effort were made to counteract it, result in an unfayor- able effect upon New England's lead l ing railroad He undoubtedly believ ed that a railroad peculiarly situated as Is the New Haven with a growing l passenger traffic at very low rates and with expensive improvements re- quired all along it's line. must make every effort to increase it's traffic and maintain it's position He believed, moreover, that the New Haven and the Boston and Maine, which were not,
 in his opinion, in any sense competing lines, could be operated to the bene- | fit of New England more advanta- | geously together than apart and that no harm could come to the public | from this amalgamation by reason of the full measure of state and national regulation which the laws afforded. am quite ready to believe also that he agreed with Mir Mellen that the entrance of the Grand Trunk railway into Providence would have involved the unnecessary duplication of facili- ties for which the New England pub- | lie sooner or later would have had to pay But the imputation that my father in any sense took the manage ment of the railroad, or any part of it's affairs, out of the hands of the president, is untrG~.
 l "On March 9, 1914. our firm made public a letter showing in detail the
 total net profits from every source to the firm of J. r. Morgan & Com
 pany, or to any of it's members, grow ing out of transactions of any kind
 whatever connected with the New Ha-
 ven lines for period of 20 years
 Those net profits amounted to ap-
 proximately $350,000. which included
 their compensation for handling alone or in connection with others. securities of the par value of S833. .00VOOO
 "The records of my firm and the
 personal records of my father are in ltaet; they are available and ready for