New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-09


with the letters of both Mr.. Elliott and
the Morgan firm. follows:
Chairman Howard Elliott OF the New
York, New Haven & Hartford Railroad
Company recently addressed letter 10
us. asking us certain questions as TO our
fiscal relations with the New Haven com
panies. covering the last twenty years,
and as 10 our profits in the sale OF New
Haven and allied company securities dur
ing the same period Believing that
Chairman Elliotts inquiries and our an
swers thereto may be of interest to the
public, as we'll as 10 the directors ana
stockholders of the New Haven. we have
decided. with the consent OF the New
Haven company. to give out for puolica-
ton the entire correspondence, setting
forth in detail the information requested.
The correspondence follows:
Mr. Elliott's letter to Morgan & Co. was
as follows:
THE NEW YORK. NEW HAVE &
HARTFORD RAILROAD COMPANY,
Office of the Chairman,
Howard Elliott Chairman,
South Station. Boston. Feb. q. 1911
Messrs J. =. Morgan & Co, No % Wall
street. New York City.
Gentlemen: | have been asked qucs-
tons by our directors and by others about
the transactions between your firm and
this company both before and since the
fiscal agency contract. which was in CT
feet from December 10. 1910, 20 December
4. 1918, and which was terminated by no
tce from your firm.
An examination OF the books OF the New
Haven company will, Of course, snow
these transactions, but as there are
number OF subordinate companies and IN
terconpany entries II would be con-
venience to me- and would save some
time. if | could obtain from YOU com
plete statement OF all transactions OF the
New Haven road and its allied companies
involving the placing OF its securities or
the purchase of securities for 1t. In which
YOUR firm or It's predecessors, Messrs.
Drexel, Morgan & Co, have taken part
since January !, 1894
In addition TO furnishing this informa-
ton II would assist me greatly, although
have no technical right 10 the informa-
ton. If you would be willing TO furnish
me a statement showing the profits real
lied by your firm from the sale or Sc
curities purchased from the New Haven
company or from any Of its subordinate
companies. I should also be glad TO have
q statement from you as to whether your
firm or any OF its members ever had any
interest in any properties acquired by
tho New Haven company, such as tho
Westminster, the steam railways, the troll
ley lines or the steamship companies.
am also asked certain questions about the
Millbrook Company and I should be glad
IL YOU would inform me about the follow
ing;
T. The total amount OF advances made
by your firm to Oakleigh Thorne or TO
the Mllbrook Company.
? whether your firm had any transac-
tons with tho Millbrook Company other
than for the account and by tho order OF
tho New York, New Haven & Hartford
Railroad Company.
g. Whether there was any profit or
commission 10 your firm, or any member
OF II. in these transactions. and. II so,
the extent Of such profit or commission.
A. Whether your firm, or any member
of st. had any interest in any Of tho Sc
curities purchased by the Millbrook Com
pany.
II YOU are willing to give me the infor-
nation suggested in this letter it VIII
assist me greatly in answering numerous
inquiries that are made. and | shall be
under obligations particularly " you can
send the information in the near future
Yours very truly,
HOWARD ELLIOTT. Chairman.
Morgan e. Co answered Mr.. Elliotts
letter about two weeks later as follows:
Howard Elliott Esq, Chairman, the
New York. New Haven q Hartford
Railroad Company, South Station,
Boston. Mass.
Dear Sir: We are in receipt OF your
letter OF February q, asking for certain
Information covering our relations with
the New York, New Haven e. Hartford
Railroad Company and its allied com
panies. In compliance with your re-
quest and in the comparatively brief
time available we have had thorough ex
ANIMATION maze OF HI our bcOhN, lus
suits OF which we present herewith In
the form OF various statements. embrac-
ing all our transactions with the New
Haven Road and its subsidiaries during
the last twenty years
Our relations with the New Haven
have been OF the following character:
From 1894 20 1910 the New Haven gen
orally disposed OF its securities by sell
ing them outright. sometimes to US.
sometimes TO other houses The securi-
ties thus purchased were afterward sold
BY the purchasers for their own account,
they taking the risk OF profit or loss
thereon From December 10. 1870. until
December 4,-1913 We acted. under con
tract, az the fiscal agent OF the compa-
MICS. IN the course or these twenty
years. from 1894 90 1914. we took part
In the handling OF New Haven and sub
sidlary company securities Of the par
value OF 1888 900 900. from which our
firm realized total ret profit Of APP
$4,000 al Of tho forcso-
ing being got forth below in dctail. All
our calculations have included any par
tlcipations by our Philadelphia. London
or Paris houses. The transactions ARE