New Britain herald., 1914-04-10
NEW HAVEN INQUIRY
 IS OPENED AGAIN
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 (Continued from First Page.) was put. He also declined to answer His counsel, Homer s. Cummings or New Haven, said he had concluded that Responses to such inquiries by the witness would be inapproprl- ate, as they were quite beyond the powers of the commission
 Suppose it could be shown sug- sested MT. Folk, ''that the Billiard company was owned and controlled by the New Haven road through dummy directors and officials: Would that have nothing to do with an inquiry into the New Haven's financial transactions"
 "I do not regard this" said MT. Cummings, "as proper tribunal to conduct this inquiry. Congress has no power to investigate the Billiard company
 Even though interjected MT. Folk, the Billiard company be holding company of an interstate railroad ?''
 "I am not on the witness stand,'' responded MT. Cummings
 Witnesses Are Persistent.
 By direction of Commissioner Me- Chord the record of the proceedings is to show that the witnesses re- fused to answer essential questions in the face of ruling by the com mission that the questions be an- swered and that despite the order witnesses persisted in their refusal. A. S.. May. treasurer of the New Haven, testified that % the road did not hold securities of the New Eng land Navigation company, but did own all the stock. t@
 What obligations of John L.. Bill lard or of the Billiard company were held by the New Haven or the New England Navigation company"
 Only such,'' replied Mir. May, ''as were necessary to the conduct of the affairs of the New Haven.'
 Did MT. Billiard give his note to the New England Navigation Co.,, for $2,742,500"
 T think so." E What transaction did that note represent?"
 !. Tt is impossible" responded the witness flor me to explain all the \ details. but I think the transaction was in connection with the acquisition of Boston and Maine stock"
 MT. May said he knew nothing about a million dollars said to have been turned over by the New Haven Navigation company to Billiard.
 Folk Announces Proceedings.
 Chief Counsel Folk announced that he would bring the proceedings prob ably at New Haven. His decision came at the end of a morning of 'ex- animation of witnesses who refused to answer questions intended to develop evidence of dealings involving mill lions of dollars. Upon the advice of their attorneys they denied the right of the interstate commerce commis- sion to inquire into the financial af- fairs between the company and the railroad. r, .e@ se9s e,4 s5 When the hearing adjourned there was probability that the testimony of Charles s. Mellen, former presi- dent of the New Haven. system, might be delayed to await the out come of the mandamus proceedings
 Did the New Haven own a note of John l.. Billiard for $11,000,00O that note to the New England NAyi- gation company for one of equal amount?" MT. May was asked.
 
 the details"
 He explained that all relations be- tween the New Haven and the Bill lard company had ceased last month.
 After the institution of this in- vestigation 2"
 "Oh, yes,'' he replied.
 Walker D. Hines, counsel for the New Haven. explained that the rela- tions of the companies ceased with an exchange of securities.
 The Billiard company, the witness said, had no other business than that with the New Haven that he knew of.
 Made $25 8 Share. ''Is it fact.'' inquired Counsel Doherty, of the commission, that Billiard bought of the New England Navigation company Boston and Maine stock for $125 share and subsequently sold it back to the nav igation company for $15O a share?"
 'I think some such transaction oc- cured" "Did the profit on that transaction amount to about $2,7O0, ,00O?" '
 ''I can express no opinion as to that"
 "Do you know whether Billiard acted in that transaction as an indi- vidual or for the New Haven com pany?"
 II do not know" responded MT. May. He added that the. Billiard company securities were kept in the New Haven roads vaults and it ap- parently had no other office.
 Do you know how much of loss the New Haven road sustained through it's connection with the Bill lard company" MT. May was asked.
 1T do not
 "Or how great a loss it sustained through the Boston ,.af1d Maine or