The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-08
Bought Stock From New
Haven Subsidiary and Sold
II Back at Profit.
BANK SUPPLIED CASH
TO PUT DEAL THROUGH
Loan Was Made on I'm
secured Notes of Head of
Billiard Firm.
PAPERS SHOWING FULL
TRANSACTION BURNED
Refuses to Tell of Another
Manipulation Of Boston
and Maine Stock.

WARRINGTON. May John L. Billiard.
hAad Of the Billiard Company OF New
Haven, admitted to the Interstate Com
mercs Commission to-day that he made
92.700 900 profit out OF a single trans
action with the New Haven railroad.
This 10 the transaction In which the New
England Navigation Company. a New
Haven subsidiary. sold a block Of Bos-
ton and Maine stock to Billiard at $125
. share and bought back the identical
block few months later at $3.50 a share.
1t 10 the transaction which the Inter-
etats Commerce Commission had charged
resulted In the disappearance Of $780,
900 Of the New Haven railroad assets.
Another transaction was disclosed in
the course Of the days proceedings in
which Billiard sold $4,000 shares Of Bos-
ton and Maine stock to another New
Haven subsidiary at 1854 q share when
the stock was being bought at $40 q
share. Mr.. Billiard declined to say what
this transaction nettcd him.
When II came to a matter Of details
in regard to these peculiar transactions
the commission ran into another stone
wall. Mr.. Billiard said he has burned
all his books. papers and checks which
would throw light on the dealings OF the
Billiard Company with the New Haven
railroad.
Fire Destroys Evidence.
This is the third time in the present
inquiry that fire has robbed the commits.
sion Of evidence. Olkleigh Thorne said
he had burned all books and papers
showing the expenditures for the ac-
quiring by the New Haven OF the West
chester and Portchester trolleys. In
connection with this transaction the
commission has charged that several
millions of dollars apparently vanished.
Another witness testified that the
books of Providence company had been
destroyed inadvertently. They would
have shown the details Of the acquisition
OF the Rhode Island trolleys.
Mr.. Billiard read a typewriter state
ment covering his deals in Boston and
Maine stock and other matters. In 1t
he said: "ln the course OF the purchase
Of this stock / had risked my whole
fortune" He added that the purchase
came about through conferences with
former President Mellen. Solicitor Folk
asked the Witness
"Have you any books showing these
transactions?
mo, sir; I destroyed the books about
four years ago. ] burned them, includ-
ing checks
''Have you burned the books from
which you got the figures shown in this
prepared statement"
Mr.. Billiard declared that he did not
know where the books Of the Billiard
Company now are. He said the COM
pany was formed as the result OF con-
ferences with Mr.. Mellcn. and that the
charter was drafted by Edward d. Rob-
bins, counsel for the New Haven railroad
says MeIlen Suggested Deal.
Mr.. Billiard said he bought the 10e.-
D4s shares of Boston and Maine stock
from the New England Navigation Com.
pany as the result of suggestions from
Mr.. Mellen.
Q. Now. Ia It true that you made q
profit of $2,74s.743 In the transaction
a. Yes. I made 25 points. l paid sI26
for II and sold It for $50.
Q. Do you consider that your profit per-
sonally? A. ! do, sir.
Mr.. Billiard said that 1t was his risk
and that while he was holding II II
showed loss Of S1.lOO, 900 If he had been
compelled to sell it,
Q. Did you say 1t was your own money
A. call IL my own money. l gave my
note and the company got the money on
IA.
National City Bank of New York.
Q. Did the navigation company take the
stock to the bank in order to allow you
10 get the money? 4. The stock was de-
lIvered to the National City Bank by Mr.
May. treasurer of the navigation CON-
pany and also of the New Haven rail-
road.
Mr.. Folk showed tho witness a check
for $1,000 900 and others and said
$50 you purchased the navigation com
pany's Boston and Maine stock witt
money furnished by the navigation COM
pany?'
The witness said that the company
loaned him money on his unsecured note
O. And you claim that the profit yot
made belonged to you personally? A
Yes
O. with whom did you make tho ar
ranGcment regarding this loan for Sl,'
900. 900? 4. made II with Mr. Mellen.
transaction? 4. The exhibit there show:
that whole transaction,
Mr.. Folk then read to the witness ar
extract from the minutes OF the board o.
directors of the New Haven railroad OF
meeting held October 3, 1909. showing
that the railroad officials knew OF thu
transaction. This extract as read Ia ~
follows:
Meeting OF the board OF directors o
the New York, New Haven and Hartford
Railroad. October s, 1909. Present, Msssrs
Aiellen, Rockefeller Morgan. Miller. Brush
Warner Miner. skinner. Barney. Tart
Ilton. Hemingway, Mccrea. Robertson
NcIIars. i.cdNard, Pratt and Lawrence
il Wan voted that the plan explained "a
this meeting for carrying out the con
tract ~ June 81, 1909, regarding tn
r0?.ois shares Of Boston and Maine Ran
,oad common stock, and Tor acquiring
sccuritts ~ tl" a.. t'.' - .'.uh' holdini
.'ssr'.H ""N "