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Show oo MELLEN TO QUIT ROAD President of the New Haven Road Resigns Directors to Elect Successor Interesting Interest-ing Career of Executive Execu-tive Now Under Federal Fede-ral Indictment New York, July 18. Charles S. Mel-leu's Mel-leu's resignation as president of the New York, New Haven & Hartford railroad wa9 accepted by the directors this afternoon. The resignation Is to be effective, on the appointment of his successor, whose selection was left In the hund3 of a special committee Mellen Under Indictment, New York. Juiv 1.7. Charles S. Mellen tendered today his resignation as president of the New York, New-Haven New-Haven and Hartford Railroad company com-pany and all Its allied or subsidiary lines, Including the various railways, trolley lines and water lines which have become part of the New Haven gvstem under his management Announcement of Mr Melleu's res- ignation, which is to take effect "at tho pleasure" of the New Haven board but "in no event later than October 1 next," followed a long meeting of the directors, most of w hom: including William Rockefeller, and J. P. Morgan, Mor-gan, were present. The brief announcement of Mr. Mellen's proposed retirement, was the only official statement Issued. None of tho directors would supplement It by so much as a word and Mr Mellon steadfastly denied himself to all interviewers. in-terviewers. It is understood that some of the more prominent members of the board earnestly urged Mr. Mellen to reconsider recon-sider his action, but apparently without with-out avail. In railroad and financial circles Mr. Mellen's decision will excite ex-cite no surprise, in fact in Wall Street and elsewhere It was generally understood that today would mark virtually the end of the Mellen administration ad-ministration Mellon whose recent management of the New Haven road has given rise to considerable criticism, became president of the system in October 1903, resigning from the presidency of the Northern Pacific at the request of the late J. P. Morgan, who regarded regard-ed Mr. Mellen ns the man best fitted to reorganize the transportation oi the Nw England states. Mr Mellen's advent was the signal for av ast scheme of consolidation embracing not only the Boston and Maine, and Maine Central railroads, but all the leading steamship lines between New York and Boston and Intermediate In-termediate points as well as numerous numer-ous trolley lines In Connecticut, Massachusetts and New Hampshire The capitalization of the New Haven system Increased enormously under the continuous outlays necessitated by the acquisitions Mismanagement of Road The steady decline of New Haven shares In the local and Boston stock markets has been a matter of comment com-ment for several years New Haven which for many years sold at and above 200 and for a long period paid eight per cent dividends recently went below par in anticipation of a 1 cut in the dividend which was re-1 re-1 duced to six per cent. Alleged mismanagement of the New Haven road and several serious ' wrecks costing many lives finally re-; re-; suited in definite action and a committee com-mittee of New England stockholder? I led by Ceorge Yon L. Meyer, formc-t I serretarv of the navy was organized to make an investigation of the road's affairs. That committee's experts now aro at work on the company's books I M. Mellen Is under federal indict - , ment for alleged violation of the anti-trust anti-trust laws and an Indictment for . manslaughter, resulting from the West Port, Conn , wreoh of last year also I is hanging over him. It is known that an influential fac- tor In the board favors the sale of the company's water lines and many if not all. of its trolley roads. It is believed be-lieved the New Haven also will relinquish re-linquish control of the Boston and ' Maine road. j According to an exhaustive exam- nation made by the New Haven sys-; sys-; tern, its assets are estimated at dose to $500,000,000 against liabilities of $394,000,000. The name most frequently men-' men-' tioned as Mellen's successor La that of Howard Elliott, head of the North-' North-' ern Pacific road The text of the formal statement ' announcing Mr. Mellen's resignation is as follows: "Mr Mellen. at a meetlnK of his; 1 board of directors today, tendered his ' resignation ol the presidency ol the New Haven road and all its subsidiary companies, to take effect at the pleas--' ure of the board, but in any event not later than October 1. 1917." |