Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1914-06-06


Ing the time he Mr Ledyard, was on
the board MIR Ledyard said j. Pier
pont Morgan, Jr.. wHs not director
during his membership. Judge \,
lIcaton Robertson, he stated was
prominent in politics and man of
| high standing.
Mr.. Ledyard said Mr.. Billiards. pur-
/ chase Of Boston n Maine stock was
outright When asked by Folk If he
did not regard Billiards. profit ON the
stock as excessive, Mr., Ledyard re-
piled.
Yes. told Mr. Mellen It was an
outrageous profit for man to make
who had bought the stock as a friend
of the road"
Mr.. Folk at the opening Of the
afternoon session, taking up the Bill
/ lard company transactions asked Mr..
! Ledyard if he knew at the time that
/ the New England Navigation company
/ loaned the Billiard company $4,000
/ 600.
mo. and | do not know of it now"
answered Mr.. Ledyard.
Mr.. Folk stated that reference 10
| this transaction appeared in the
records Of the meeting of the direc-
| tors of the navigation company held
| in September. 1909, when a committee
he said was appointed in regard to
effecting the loan.
Mr. Ledyard said that no action
| ever was taken by the committee.
Paid S2.OOO,OOO.
Mr. Folk said the books OF the navi-
CATION company showed that $1,000
600 in cash was paid for gold notes
of the Billiard company.
IAN know" said Mr. ledyard. is
| that committee was appointed and
that it was reported no action was
taken
Mr. Folk showed two checks Of the
New England Navigation company for
81 100000 each, issued to Mr.. Billiard,
and asked
"Do you know anything about
these"
81 do not except that / think ]
recognize the signature of the vice.
president and treasurer of the navisa-
tion company"
You were on committee to buy
additional securities of the West
Chester road after the expenditure Of
$4,000 900, in the transactiOn?' Mr..
Ledyard was asked.
Yes was named on "A special
committee to obtain the extra seCuri-
ties. This was in February, 1909. The
committee recommended, under au-
thorzation Of the public service com
mission that enough OF the stock of
the West Chester be acquired by the
New Haven to give 10 it the control-
ing interest Of the West Chester"
"Iou never represented Mr MCllen
in the GranG Trunk natter" Mr..
Folk asked.
mo"
did you go to see Mr. Wickersham
In, Ia 4. ~
NO, | went to see Mr. Taft"
do you of your own knowledge
know whether the money gained by
Mr. Billiard was retained by him or
passed through him to others" Com
missioner Daniels asked.
Mr.. Ledyard reiterated his denial OF
any knowledge OF this point.
At the conclusion of Mr.. Ledyard's
testimony Hoffman Miller asked per
m isSiOn to introduce "A statement from
his father, George McCulloch Miller,
regarding his part in West Chester af-
fairs. Commissioner Daniels ruled
that the statement should be examined
by the commission before its admis-
sion to the record. Francis IL. Nc
Adams created ripple of merriment
by his testimony as To the tax returns
of Jno l.. Billiard at Meridian. Conn. In
1901 he said. Mr.. Billiard returned
80. 100, worth of realty and II $50
piano. For subsequent years Ihe list
remained unchanged excepting the
addition Of "A $50 horse and d S75 car
riage MIR. BILLIARDS. attorneys sug-
gcsted that under the connecticut
laws. il is not necessary 10 report Sc
curities which are taxable in some
states. T. Dewitt Cuyler, who became
IA director of the New Haven in Oc-
tober. 1910. put on the stand by
Walter ID. Hines, attorney for the New
Haven to make "A statement on behalf
of the New Haven road, told of the
method of procedure at the meetings
of the New Haven directors aud the
meetings OF the executive committee.
Most of the time. he said. was devoted
To- matters affecting the operation Of
the road and comparatively little to
financial transactions.
The directors always dcliberated
carefully when the matter of declar-
ing dividend came up. Mr.. Cuyler
added.
The law OF Connecticut" he said.
requires a yea and nay vote on mat
tcrs Of this kind so that the votes are
n matter Of record. At no time dur
ing the period ! have been director.
has dividend been declared that, In
reports that came to us from the ac-
counting department"
Arthur T.. Clark. secretary of the
New Haven, was summoned for the
purpose of identifying minutes setting
forth the West Chester transaction.
Julian NJ Tomlinson. auditor Of the
New Haven, questioned by MIR. Hines.
said the New Haven on June 80. 1903,
showed a profit and loss surplus VI
s13.s1g. g.j6j.G6. In June 80, 1912. he
said, the profit and loss surplus was
s12.575.47l.
so. instead of the New Haven rum
ming behind s60.0O0,0O0. during that
time" he was asked. 1T really ran
behind only about s1.3OO.O00?"
THAT is correct"
What was done in the matter ~
depreciation of equipment prior to
1912"
Large amounts were charged to
profit and loss"
In the two years 1904 and 1906 M..
Tomlinson said, this amounted to more
than si1.O0O,0O0.
From 1907 to 1912. both inclusive.
he said. more than s3.00O.O00. was
t,a ,..I -. nf