New Britain herald., 1917-04-25
EXPLAINS HIS RESIGNATION
Believes He Should Consider Best
 Interests Of His Family
Especial to the Herald).

Especial to the Herald). New York, April 25.-In a state ernoon. Howard Elliott explained why khe had resigned the presidency of the ksNew York. New Haven and Hartford E*xailroad. He also included in his [s0f a valedictory, a review of the prog kfess of the New Haven" system since E&e took the throttle. His statement boalows:
 s With much regret I have come to (4he conclusion that 1t is for the best &1hterest of my family and myself to s1kelieve myself of the work incident to E{the executive management of the New EAaven road and it's associated prop |E@fties. I considered taking this step EA year ago, but felt that the work of the staff of. the com H0axy had not gone far enough to jus Nf1fy me in retiring.
 EaS Nearly four years ago the directors EfN6 tho company asked me to come to |ENSw England and help adjust a very F{complicated transportation situation.
 
 Ej4t Involved interesting railroad and |f4cOnomic problems: because J am a EfoeHever in New England and it's fu- Jenre, and because of personal interests Nh New England.
 The actual conditions surrounding |fShO New Haven and the obstacles to HE progress that developed shortly aft |for came were unusual, unexpected &end unforeseen. The attitude of the Federal government, resulting in a |fC0mpIete dissolution of the New Ha- 'pQ4n system; the declaring illegal by |t4ate Massachusetts courts of a plan
 aatch guaranteed 67.500.0OO in cash 46 pay floating debts and make needed
 Drovements: the numerous investi- GE4eoms of the company's affairs: the
 ey serious business depression be-
 3ng early in 1914 and lasting un-
 the summer of 1915; the European KIT and the disturbed industrial con-
 z1ons. all combined to complicate
 - work to be done, and to delay
 tAining the results desired in the
 5terest of the public.S security holders
 zd the employees. Then. too, public
 anion was excited and adverse to the ' 0mpany.
 The directors, officers and the em- IQy09e 3k0U LILO Ot1uACISs WAO nave
 eIped to carry the floating debts EAye all worked diligently and much &as been accomplished in adjusting
 ke affairs of the company and laying
 Foundation upon which to build.
 tAfter nearly year of negotiation
 4h. the department of justice an
 feement was made in 1914 which Slok from the control of the com- Ef14ny very large amount of it's prop Fsxrty. This agreement with the gov- E1fnment was entered into by the com tAuy to save it, and changed the en- 4@Ee situation.
 The failure of the plan to issue H1&z, 800, 900 convertible debentures left En&e company confronted with float E41g debt of nearly $50,000,00O and no
 aeans of meeting it except by short kSxorm notes. The floating debt at one Eifne was nearly $56,00O,000 but 1t has 1s0een reduced in the last three years Eths $43, 900, 900 and notes have been
 9ld for $45.0OO.000 to care for that and leave $2,O0O for inn AEovements.
 SEs.Ernest efforts have been continu- I4t31aa for several years to have the laws t&ecting the company in Massachu- Eo&8fg Connecticut and Rhode Island k1nnde harmonious, and there is a good fE6Ance of success this spring. Such
 gislation should permit the adoption Iksd5e . plan for caring for the floating
 Sbt which hangs like a millstone dBout the neck of the company.
 The Wolf at the Door.
 DFIow serious the depression o1 SS,sxsiness and the demoralized condi- Es.eson of the affairs of the company stere in 1914 Is evidenced by the fac' tl,st for the year ending June 30, 1914 tho company had only $26S.000 lef after paying expenses. taxes and fixee scl,arxes. For the three calendar Yrs ending December S1. 1914, 1915 1916, the balance above fixed
 rxes was: 1914, $1S2.s60.s6: 1915 65s,13s.76, and 1916. $5.554,977.36
 slrhe various departments have beer SAsa-oreanized and strengthened. ant 5sulyw methods have been and are be 3s1sr introduced Some of the impor sstant problems of the company nov Fare:
 ..1. To adopt plan for handlinl 5ERdk. floating debt and for obtainin new capital for Improvements. Il
 rDn sidering this the stockholder