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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 10, 1913
Page
16
Travelers cheques and letters of credit are discussed in relation to Brown, Shipley and Co. The piece outlines financial instruments and practices for travelers, including issuance, exchange, and security considerations.
Monday column invites readers to submit inquiries about Hated Stocks undated bonds of New England industrial and public utility firms. Responses promise impartial data from trustworthy sources but no market forecasts or endorsements. Inquiries must include full name and street address and cover listed or undated New England stocks and bonds only.
Analysis explains that if the New York New Haven & Hartford debentures were issued in a future receivership the first mortgage on main lines would secure them pro rata with other obligations. If no main-line mortgage exists, equity would be wiped out before debentures, and debenture holders could gain control, though stockholders would likely protect bonds.
Four percent semi annual dividend on preferred shares of the Massachusetts Gas Companies. Dividend payable on due date. Company board to close on November 14, 1915 and reopen December 1, 1915. Treasurer MRICMARUS announced.
Speyer & Co announces that holders of St Louis and San Francisco 5 percent gold bonds must deposit via Bankers Trust Company by November 20 1913 to participate in the Bondholders Agreement of May 28 1913. Deposits may be sent to Old Colony Trust Company for transmission.
The speaker describes board reviews, independent committee reports, and external guidance from the Interstate Commerce Commission and the Department of Justice as they consider trolley and steamship purchases. He confirms new board members since prior purchases and explains his late arrival and personal ties to New England, asserting commitment to public owners and property.
William A. Gaston, president of the National Shawmut Bank, described the Boston Post exclusive Mellen interview as a remarkable statement in a telephone interview from his Barre Massachusetts summer home. He said Mr Mellen had been sustained by the coverage.
The piece discusses Art Metal Construction Company, Boston and Corbin, and railroad stocks. It notes Art Metal’s high dividends and earnings, Boston and Corbin’s questionable value, and cautions on railroad shares while recommending utilities like Brooklyn Rapid Transit and hydro electric stocks as safer, long term bets.
In a long statement Mr. Gaston defends Boston bankers and denies trolley interests persecuted Mr. Mellen. He disputes the idea of New England monopolization, asserts banks hold Boston & Maine and New Haven securities, and calls Mellen’s interview remarkable. The record ends mid-sentence amid Cairo-style harboring of details.
George von L. Meyer says the stockholders' protective committee for the New Haven was formed by stockholders and not at the behest of the fiscal agent. He notes Stone & Webster are examining New Haven trolley property at Elliott's request, and declines further comments after studying Mr. Mellen's interview in the Sunday Post.
Governor Eugene N Foss comments on Mr Mellen’s interview praising his stance while rebutting claims that Boston interests sought control of Massachusetts trolleys. Foss says directors share blame for failed monopoly plans, expresses optimism for New England rail transport and urges a united, proactive approach.
Massachusetts official Frederick J. Macleod reviews Charles Mellen's interview in the Post. He notes Mellen faced scapegoating for New Haven issues, defends his integrity, and comments on earnings and policy under New York banking influence. Macleod contrasts Mellen with Elliott and cites the 8 percent dividend claim as untenable.
William B. Lawrence a leading Boston & Maine stockholder interprets Mr Mellen interview as a threat to reveal allies. He cites the Pillars of Samson act plan to turn State's evidence at the federal trial unless directors pressure to halt the suit.
Mr. Lawrence interprets Mr. Mellen’s statements as signaling possible state and corporate intrigue over Boston & Maine finances. He questions director decisions, indictments, and who benefited from large sums, while praising potential leadership under MacDonald if given freedom to reform.
Clarence W Barron discussing investment outlook in New England railways and trolley systems. He cites Henry Mellen's large upbuilding investments, future prospects for New England transport, and the need to maintain steamship lines and combined rail and shipping networks to support production and deliveries.
Thomas W. Lawson commends the Post on its initial chapter of a major financial industrial story. He predicts a broad crime trail linking big banking centers to law professionals and officials, noting New England faces exposure over hundreds of millions in savings.
David O. Ives, chairman of the Transportation Committee, Boston Chamber of Commerce, says Mellen's views are personal and that there is no issue. He declines to speak for the Chamber and notes no official stance at this time.
Everett C. Stone of the Public Utilities Commission comments on a newspaper interview. He says he will not discuss references to Boston banking interests but agrees there are many capable railroad men who could be hired to head a major railroad for 25 000 a year. He notes past influence shaped top officers more than ability.
At his home ex Governor Curtis Guild refused to comment on Mr Mellen's frank interview in the Post saying he had nothing to say. He added the remark that the piece was mighty interesting reading and then wrote the Latin phrase De mortuis nil nisi bonum meaning of the dead speak only good.
Charles A. Stone of Stone & Webster rejects responsibility for the New Haven railroad turmoil. He says his firm and the bankers do not bear blame and refuses to discuss further charges or defend the broader allegations.
The review outlines a cautious mood in the stock market as prices drift lower toward June lows. It notes limited trading volume, ongoing investor questions about intrinsic values, and a wary stance among big investors while outside public buying persists mildly. Copper stocks face weakness amid reduced demand and weak industrial activity, signaling a waiting market tied to broader economic trends.
Miss Elvira M. Anderson of Woburn will appear in court today as principal witness against Thomas J. Flannigan charged with stealing four rugs. She, an office stenographer at the Morgan Memorial building, chased the thief after spotting him leaving with rugs and helped pursue him until police arrested him with F. M. Moore.
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