The Bridgeport evening farmer., 1914-05-07
His Company Formed to Handle Transfer to New
 England Go.
WARREN CHASE BALKs
 AT FOLKS QUESTIONS
Refuses to Answer Interro- gations About Matters He
 Claims Are Privileged

Washington, May "A detailed stateme ent of the transactions of the Billiard Company with the New Yorlz. New. Haven G. Hartford Railroad. ils v / sers and subsidiaries was naace re the interstate conamerce com -yafssion by John T., Billiard who cr ganized the concern. He outlined thu method by which, with the aid uf Charles s. Mellen, then president ot the New Haven and a loan from the New England Navigation Co. a 11er1 Haven subsidiary, he took over ths stock of the Boston C. Maine railroad owned by the New Haven, which tlis Massachusetts courts decided the NefE Haven could not hold
 After ho1dsns the stock year Bil- lard saf he Fe-solt ft to tir railroad 3kol@ing &sfADany, aHct1f5- New F1avenl 8ubsidfag slt a, f5K8fil ol $25 share on 10gsB48 shaF Tn payment fon the stock, he said he took $16,25O, 600 in gold notes Of ti1r New England InreStment- & Security Co, a New Hayenreoncern, and the Billiard company was formed to han dle this transa ctfon.
 Billiard put $2s0OO,00O into the Bil- lard company. he said, and sold if to the New England 1nvessment com pany, receiving the $2,0OO,O0O cash 14,25O,0OO in Billiard company notes in Accompaniment. The Billiard notes in accordance with an arrangenlaltt with MT. MelIen, he said, were bouEns by the New England Navigation com pany.
 BILIsA1RDfS ST arEI1BEI9rT
 The prepared statement which 1ir Billiard put in the record was as Eel lows:
 ..In 1907 the New York, New Ha- zen Ss Hartford Railroad, company held 109, ,94S shares of stock of tho Boston & Maine railroad, which. as J understood it, according to a. decision of the Massae Aelasttss ssaiprerne Gorrt it had no right 70 hbid under tha Massachusetts law as it then stood The New Haven Company hoped sn time to get the law changed so as tu permit it to hold this stock At thp moment. it was generally undeTstool that the railroad company had tu part with this stock.
 s.I wrote Charles $. Mellen, tho president of the railroad fconnpanss offering $12O a share for this stoek. about the market price. He tele- a share he would help me financs the purchase.
 raThie agreed to. paid a part or the purchase price with a note ana the balance in cash, having borrowed for the purpose from the National City bank of New York.
 ssThere was absolutely no under by which I was to be pro tected against a faI1 in value of the Boston G Maine stock or by which J was under any obligation to keep the stock or to sell 1t again to ths NeW Haven Railroad company My note paid in full. The pur- chase that have described was not sufficient to give me majority of the Boston G Maine stock and I thought that my position Nvould be strenstt- ened by the acquisition of additional shares of this stock.
 ADDITIONAL PURCHASES
 TO aid me in such purchase. I ar- ranged l~to borrow $1,o000o0 from tlIa New England Navigation company on a note which I subsequently paid ip full. I also borrowed money for the purpose 4at banks in New York. in addition to my former purchase altogether between 15,GOo and 16,000 shores of common stock and between 5000 and 6,G0o shares of preferred ,5tock.
 ttAfter I had held for about a year the Boston x Name stoot 4.s.t- uuired from the New Haven Itaiiroal the Massachusetts legislature iucor- porated the Boston Railroad Holding Company as a subsidiary of the New Haven with authority to hold Boston & Maine stock. and the New Haven then wished to re-acquire the stock it had sold to me.
 ..In the purchase of this stock I had risked my whole fortune. At one time the Boston & Maine shares had fallen in the market so that my purchase showed me a loss of over a million dollars. I had bought the stock at about market price and sold it bacis at about the market price- I received S15O a share, showing me a profit or s25 a share on my original purchtaa of 109. .94S shares
 NO SECRET AGRIfI5sTENT
 T was not at that time q directrr of the New Haven Railroad CDnpauy.
 tcontlnued on Page Twal