Norwich bulletin., 1914-05-08

Washington, May 7--Interest in the investigation into the affairs of the New York, New. Haven and Hartford railroad by theS interstate commerce timony of John l.. Billiard. organizer of the much -dicusssed Billiard com- pany of New Haven.
 MT. Billiard putin the record a pre- pared statement of transactions in which his company was concerned and details of its organization and later was questioned regarding them. He told of how, with the aid of President Mellen of the --New-Hayen and a loan from a New Haven subsidiary, the New England Navigation company, he bought 10,94S shares of Boston and Maine stock from the New Haven road at 125 and later sold them to the Bos- ton Railroda holding company at 158, the profit being $2,74S,700 which he said he regarded as his own. He said he took $16, ,250 GOO in gold notes of the New England Investment and Security company in payment for the stock and that the Billiard company was formed to look after this transaction. He stated he put $2,000,o00 into the Bil- lard company and sold to it the in vestment company notes receiving the t2,000. GOO in cash and $14, ,250,000 in Bilard Company notes in payment.
 MT. Billiard said his own personal
 
 pany were burned by him several years ago, and that the company's books had been disposed of when the affairs of the company were wound up. He said K. D. Robbins. counsel for the New Haven had drawn up the Billiard Com pany's charter.
 Bonds of a New England Newspaper company. it developed during MT. Bfl- lard's testimony, were acquired for him personally. He refused to tell why he wanted an interest in the paper.
 Chase Changes Testimony.
 When recalled to the stand at the opening of the hearing this morning, Mir Chase requested permission to make 8 change in his testimony of yesterday concerning the Metropelitan Steamhsip company of New Jerseya He the money with which to finance that proposition.
 T desire to say that Douglas Mich olson represented me in the purchase of the Metropolitan company securi- Ges,' said Chase. "He was not a dummy. In fact, he Is a very sub stantial man. I suppose he got the money for purchase of the securities from the Assets Realization company, which took over all the stock and se- curities of the Metropolitan Steam ship company. Afterward, in 1910, he 0lSDOSeO or the securities, except the stock, to Edward T. Garfield, a, Hart ford. Conn.,. lawyer. acting for, E. D. Robbins. My recollection is that the approximate price paid was S1, 800, 900 We retained 14,300 shares of the stock of the Metropolitan Steamhsip com . pany. The approximate amount of the Metropolitan purchased by Can field for Robbins was s653, 1000 in bonds s4oo,00 or $500, 900 in gold notes,s $500, 900 of horst time notes, s376 900 of oth CT securities
 What was the Pacific company g asked MT. Folk.
 'I formed the Pacific company" re- piled Chase, at the joint instance oi Mir Robbins and Mir GoodaIL''
 What was the capital?"
 "I don't remember"
 What did the Pacific company do 2
 '1 don't want to go into that mat ter" replied the witness. T was act ing as attorney in 8 confidentio1 ca pacity and feel that I ought not te disclose information of that kind''
 Did you handle any money for the Pacific company ?"
 .'I refuse to answer" responded Chase, and in addition I don't re- member. I refuse to answer any ques ton at all about the operations of the Pacific compaay.
 Are you willing to take the conse- cliences of xour refusal?" asked MT Folk
 'I am"
 "step aside then," suggested MT Folk.
 You are directed to answer thes, questions" interjected Commissions McChord. in charge of the hearing You understand tbat?"
 Yes. sir replied Chase.
 Counsel Grim. representing Charle. & MeHetl asked Chase whether MT NT-1 I. f.N r1~ rr-skI IL. Metropolitan Steamship company an, with the sale of it's securities
 "J never heard of Mellen in the who'll Transaction" replied the witness. 'Il fact I never heard of anybody con nected with the New Haven in con nectior with the matter. except MI Robbins the general counsel. who u-iSrr-.rod u-9s acting as an individu al and for himself So far as l5ircw. neither Nr Mellen nor any of s"ial Of the New Haven, except Nil Robins rad absolutely any knowledg of the transaction"
 MT. Billiard restifies.
 MT Billiard during his testimony sai ike Billiard company was formed aft er a conference between himself an Mir MelIen. Referring to. the trans action involving the 109.949 shares ( Boston and Maine stock. he said h considered the profit of $2,748,700 be lop2ed to him personally.
 Mir. Folk had read report of meeting of the directors of the Ne, Haven on October 2. 1909, at whicf according to testimony at the inter state commerce commission hearin on April 10. it was voted that the con tract for the Boston and Maine stOc transaction be approved. Provide that all shares of Billiard cofnpan stock and a1f profits. actual or nom iral realized by Mfr Billiard less reasonable compensation for service and risks apd the amount of his ac t1ial expenses in connection with th purchase and sale of Boston and Main stock be Arst vested in the New Tori New Haven and Hartford railfoa company and subject to the dfspositio of the directors"
 Now what have you te say that asked Mir. Folk
 MT. Mel1en must answes that aues