New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-14

or the now famous billiard transac-
tions" the report says that Billiard
was merely New Haven agency, and
that thu is shown py the following
facts which stand out in the record:
HE never paid dollar OF rls own
for the stock in any Of these transac-
tions.
"Hc never bought a share Of Boston
& Maine stock whore the New Haven
did not furnish him the money.
lie never sold snare OF the Boston
& Maine stock except as the New Haven
dictated.
"All securities nominally held by the
Billiard company were kept IN sub
division OF the vaults of the New
Haven.
"The Billiard Company was organized
By the general counsel OF the New
Haven.
"The navigation company furnished
the $1,000. 900 for which the Billiard
company was capitalized. Billiard tcstI-
fed that he did not pay any of his
own money for the stock.
"Thc Billiard Company bought other
Boston & Maine stock IN addition to
the l09,9is shares.
There is no evidence that the Bill
lard Company acted for or on behalf Of
any interest other than the New Haven.
"Thc whole capital stock Of the Bill
lard Company dwas used as his Own by
Charles s. Molleu a collateral security
for his own personal borrowing OF
1919 900.
THE Billiard Company paid out of its
treasury $4,000 II enable John L.
Billiard 70 rep)sscss himself Of the
100000 capital stock OF that com
pGny after the same had been pledged
by Mr. Mcllcn.
"Joln L. Billiard purposely burned
his books and papers so as to get them
out Of the way.
The Billiard Company was used TO
take over some Of the questionable as
sets Of the New Haven, and assets
which it was desirable to conceal.
"The minutes Of the board OF dl-
rectors of the New Haven show that
Billiard was to receive no profit out Of
this transaction other than reason
able compensation.
"ln two other transactions shown IN
this case Billiard and his company were
admittedly used 10 accomplish New
Haven purposes, and in one Of them,
which resulted in loss, the New
Haven made up the deficit to the Bill
lard Company.
eft is quite evident that IT was not
the understanding Of the board that
Billiard should receive a profit of S.
7iS.7OO out Of these transactions. but
that at most he was o receive only 4
reasonable compen iltion for the SER
vices he perfor ned for the New Haven,
which was estimated at different
amounts, varying from 100000 to
$500 600
"All the assets Of the Billiard Com
pany belong to the stockholders Of the
New Haven Railroad. All the money
sunk in its operations belonged to the
New Haven Railroad.
Recommends Legal Actions.
"A suit should be maintainablc by
the New Haven against Billiard and all
who have participated in this fraud
upon the stockholders.
"The New England Investment and
Security Company and its affairs con
stitutc striking illustration of the
deliberate attempt TO entanglc the New
Haven with street railways, which has
recently been publicly avowed by for
mer President Nellen.
"Sut should be maintainable by the
New Haven TO reduce TO its own pos
session the assets controlled by the
New England Investment and Security
Company.
"Thc frequency with which The
dummy corporations end dummy di-
icctors appear IN this record leads to
the conclusion that some ono high in
tho counscls Of the New Haven had an
obscssion upon the subject Of the util-
ity Of such sham methods. The dircc-