Pine Bluff daily graphic., 1914-06-04
ELTON TELLS MORE
 ABOUT NEW HAVEN
Former Director Admits He Was Dominated by
 ; Morgan.

Washington. June 3.--J. S. Elton, a director of the New Haven railroad was the first witness called today when inquiry into that systems fi- nancial affairs was resumed today be- ,fore the Interstate Commerce Commits siOn.
 E Elton said he was present at the meeting at sWhich Messrs. !. Morgan, Rockefeller and Miller were appointed a committee in the New York, West chester and Boston transaction, and also when they reported. He felt the eXpeUdturn, of over $11 100000 for the road was extravaganza, but had absolute confidence in Messrs. Nor gan, Rockefeller and Miller. E He thought the dominating figure at the Board meeting was Mr. Mellen, but admitted that the board usually acquiesced iii recomme adations made by J. Pierpont Morgan. He remem- bered no definite instance where the wishes of MT. Morgan were opposed.
 Elton did not recall anything about the 5000 shares of stock the New Ha- ven turned over to Meilen with which to acquire 24,000 shares of Westches- ter stock, as testified by Mellen. He said he knew nothing of the transac- tions with Police Inspector ;Byrnes, except as he had read the testimony of Mellen.
 The witness said he had dsapprov- edthe expenditure of $20,000,000 for taking over the Rhode Island troll leys. He thought Mellen proposed their acquisition.
 Elton explained that in most of the transactions discussed at board meet ings, reports were made by the execu- tive committee, composed of Morgan, Rockefeller and Brush.
 "What action did you take as to these reports?"
 T generally accepted them" ''Without investigations
 well, no, scarcely. We usually gave in to MT. Morgan" Questioned regarding the John l.. Billiard Company's transactions. Elton said it was his understanding that the profit of $2,74S,700, arising out of the transaction involving 109,9 ,948 shares of Boston and Maine stock, be- longed to the New Haven road and not to Billiard, who, he thought, was to have only reasonable profit. Was there any discussion of the amount of the profit by the ,board?"
 "That was left to the executive committed"
 "The board would then leave such ! matters to the executive committee?"
 "Yes, practically
 Comnniyn (ontrihufinne
 What do you know of campaign contributions made by Mir. Mllen?' "I remember that at one meeting the opinion was expressed that there was to be no more of that sort of thing"
 ''Was the New Haven not operated as an adjunct to Wall street, as a speculative enterprise?"
 No, believe MT. Morgan's heart and soul was in the New Haven and do not think Wall street had anything to do with it.''
 'iWhat is the difference between tho present conduct of affairs as compared with the former methOd?"
 "Well, the directors have learned a great deal. They are not taking one illdI WOFu. lHeH lHe Hedu ol thc road is very different man. MT. Mellen's ambition ran away with him. Mir. Elliott is more deliberate. He does not go with such rush. He does not carry members of the board off their feet. The directors now direct"
 Do you regard the control by one man, as MT. Morgan controlled the New Haven, as bad thing for the public?"
 "Yes, I do."
 Were you present at the meeting at which Mir. Mellen at the time he retired from the presidency of the