The Bridgeport evening farmer., 1914-06-03

I you were attending?" asked MT Folk
 1T was always confused am hard i of hearing and they went so fast I could not keep up.'
 .'Dtd, any of the directors at the meeting ever ask if any of the trans actions connected with the acquisition of the consolidation of the trolley con cerns we're in violation of the Sherman antitrust law ?'' ! "Yes, did some tinnes.'' ] What answer did you get?'' 1 '1 was told that the New Haven's charter from the state of Connecticut allowed 1t to do almost aaythine.H
 who said that?'' 'Counsel of the company, E. D. l Robbins,'' MT. Elton said He did not know the subsidiaries of l the New Haven numbered 836 and added that, when he sought infor1na- 1 ton as to the operations of those com panies and other matters in connec- ton with them he, did not meet with much success.
 couldn't Understand AEeEien MT. Folk questioned Mr. Elton about certain assets in the form of notes held by the New Haven as shown by | the report of the auditor. Did you ever make an invesiga- | ton of these assets 2''
 well, no. not personally. relied upon the report of the auditor Did you ever ask anybody about them?''
 T may have asked MT. Arenen.s.
 What did he say?''
 TT scarcely can remember. T think l my head was too thick to understand the situation that arose.
 MT. Flton explained that, in most of the transactions discussed at board executive committee composed of Messns- Morgan. Rockefeller and . Brush-
 what action did you take as to these reports?''
 T generally accepted them.''
 without investigat1on2''
 well, no, scarcely that
 'FWe1I, no, scarcely that. We usual- ly gave in to MT. AGorgan.''
 Questioned regarding the John L. Billiard companyis transaction. Mr. Elton said:
 T never. understood Ballard com pany matters
 New Haven Got Profit.
 Asked as to the transactions involv- stock in which there was a profit of $2,74s.70O, MT Elton testified dt was his understanding at the time that the profit belonged to the New. Haven T road and not to Bdlard. l MT. Folk read the minutes of a. meeting of the directors on October 8, 1909, which showed the New Haven was to get the profit of the deal ex- cept the reason able compensation to MT. Billiard for his services. MT. FL ton said he thought thes minutes were correct and that they expressed his understanding Of what took place
 Was there any discussion of the amount of the profit by the board?''
 That was left to the executive 4 committee"
 Ts5 Z \ matters to the executive comittee?''
 ''Yes, practically
 What do you know about the pur- chase of the Massachusetts trolleys ?''
 They were bought before became | a director of the board l But after you went on the board l the question of the legality of owning these trolleys came up, didn't it?''
 Yes"
 wasn't the New England Invest menf & Security Company formed then to hold these hnes?"
 There were so many of these com panies that could not keep up with them"
 Mr. Elton said that he had bought $10 900 worth of stock Of the investment company at the request of Mir. MeIlen and that later he had turned the | shares over to MT. Me11en for the lat 1 ter's personal check. | T understand" said MT. Elton, that rno aEQu1S1r1On or the MaSSacnlASSCCS trolleys was a personal matter with MT. Hel1en."
 He knew nothing. he added, about the purchase of the Ontario and Western, which had taken place before he became member of the board.
 Gan you give us any information about the New Ravens steamship deals?" inquired MT. Folk. How much did the New Haven lose in its steamship transactions?''
 T cannot tell The reports ought to show"
 How about the Merchants & Min CTS Transportation company? Was million dollars lost in that ?''
 T think, perhaps. about that sum. 2
 What payments of dividends were declared; did you make any effort to
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