New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-23
NEW HAVEN DEALS
COSTLY TO ROAD
Continued from first page.


Maine in exchange for an equal NUMBER
! Of the shares of the New Haven Ran
road, to be delivered by June ], 1901
to Lee. Higginson & Co, of Boston, the
| brokers' commission TO be 81 90
| share. OF which - cents would be paid
by each party
Still earlier, or on April 6, 1907, at
special meeting OF the directors of the
New England Navigation Company,
held at New York, a resolution was
adopted authorizing President Mellen
on behalf of the company, TO purchase
any or all Of the common stock, and
10 pay share for share with the capital
stock of the New Haven Railroad.
After the navigation company had
secured 1O9.9iS shares OF Boston &
Maine stock il sold the stock 10 j. l..
| Billiard for Sl25 a share. ex-dividend
June 80, 1908. At the time the stock
was purchased it vas charged on the
navigation companys books at the rate
| Of SIG 10 a share. There was nothing
on the books. Mr. Brown said, to ex-
plain why the price was increased to
s125
How Billiard Paid.
10 pay for this stock Mr. Billiard
gave $11.0OO0OO in cash and S2,743,oOO
in notes without collateral 1t appeared
from the records that Mr.. Billiard Sc
cured the cash from the National City
Bank of New York. depositing the Bos-
ton & Maine stock as collateral for
the loan
In 1909 the stock came back to the
navigation company, which paid Billiard
$50 share. but Mr.. Brown said he
had been unable to get any explanation
for the transaction. nor had he any
direct knowledge whether the money
had been paid by MI Billiard personally
or by some one else
Mr.. Billiard liQuidated his original
notes on November 10 1905. by giving
four additional notes for $4,000 each,
for which. the records indicate. he re-
ceived cash from the navigation COM
pany. leaving balance Of So. 143, 900
in Billiard notes. Further liquidation
by Mr.. Billiard on February IS, 1909.
and on July /, 1910 was described by
Mr.. Brown.
An additional note for 81, lOl. 13S
was liquidatcd 10y Mr.. Billiard giving
new notes for $2,422993 and old notes
Of the Billiard company. which had noc
lappeared in the records earlier,
amounting TO S12.257l2J.
The New Haven railroad paid an
S11 100000 note to the National city
Bank Of New York. with accrued ia.
tcrest and u commission Of SCI 600,
which was charged to the profit and
loss account of the navigation COM
pany.
Transferred Back and Forth
The Boston & Maine stock was
transferred later to the Second Ma
tional Bank of New Haven. then to the
New Haven railroad back again to The
navigation company and finally To the
Boston Railroad holding Company,
corporation formed in Massachusetts
TO hold the stock
The New England Navigation Com
psny i'm FEBRUARY 1909. acquired
through klddcr Peabody a Co, OF
Boston. llSl0 shares Of the Boston ard
Philadelphia Steamship Company at
prices ranging from 1871, To- 1S5 a
share and a commission Of 81 % a
share TO the bankers. The purchase
was completed April -. 1907. Previous
To- the sale of its properties the Boston
and Philadelphia steamship Company
had paid dividends 81 per cent an
nually for four years. and AN extra
dividend of SO share in 1903.
These propcrtios and assets of the
Boston and Philadelphia line were sold
To- the Merchants and Miners Line Toy
the navigation company for S325oOOO
in per cent Merchants and Miners
debentures ON May 49, 1907, the New
England Navigation Company eN-
changed 10000 shares OF stock Of the
New Haven railroad for $4,000 shares
Of Merchants and Miners stock. valued
at $4,000. 600 This transaction, Mr..
Brown said. resulted in loss 10 the
New Haven Of about S336,000.
Losses on Two Steamers.
t.,rtio. ir tho day AR Rrawn festifad