The Barre daily times. (Barre, Vt.) 1897-1959, 1914-07-02
Commerce Boards Findings
Promise to Be Most
Sensational
MOST HIGH-HANDED
MISUSE OF MONEY
Millions of Money Belong
ing to Stockholders Squan-
dered, Report Will Say

Washington, July 2.--The report OF
the interstate commerce commission on
'looting" of the New York, New Haven
& Hartford railroad will be the most
sensational and severe document that
have ever been turned out by the body
The findings of the commission, in re-
Spouse to the resolution OF the Senate,
are about completed, and will be sub
mitted to that body within week or
10 days.
The commission intends to handle the
subject in every detail and from every
standpoint. 1t will tell the members OF
the Senate that, as result of its in
quirv into New Haven affairs, the most
high handed system of the misuse Of
money belonging to stockholders has
been unearthed.
The report will then state that never
in the history Of railroading have such
tactics been employed as those used by
the management of the New Haven in
the past nine years, during which time
millions of dollars of money belonging
to the stockholders of the road have
been squandered Attention will be
called to the fact that what should be
a prosperous property at the present
time. through reckless management and
wilful waste of money, has become a
financial wreck.
The commission win dwell at great
length apon the testimony of Charles
s. Mellen, former president OF the road /;
John L. Billiard. the Connecticut coal
dealer, who made millions out Of the
Boston & Maine deal; Lewis Cass Led
yard, personal attorney to the late j..
P. Morgan, and a number Of other wit
nesses who were called upon to testify
before the body.
A good deal of space will be devoted
in the report to the manner in which,
dummy" directors were appointed to
boards of subsidiary companies owned
and controlled by the New Haven.
The acquisition of the Connecticut and
Rhode Island trolleys by the New Ha.
ven will be dealt with in the report of
the commission. The directors of the
road will be condemned for squandering
the money belonging to the stockhild-
ers in the purchase of these lines.
The purchase by the New Haven of
the Westchester and Portchester roads
will likewise be condemned by the com
mission Attention will be directed TO
the fact that little or no light has been
thrown upon this situation, especially
to whom the $ll 100000 spent in the
purchase of the properties was paid.
The action of the committee of five
New Haven directors in recommending
the purchase of the Westchester and
Portchester and the secrecy with which
they engineered the deal will be con-
demned by the commission.
One feature OF the report will be that
dealing with the political activities of
of the New Haven. IL
viii be shown that legislatures were con-
trolled in one way or another by the
roads management, and that the road
dictated in many instances just what
sort of legislation should be passed by
the several states in which they were
operating.
The commission will suggest that Con-
gress pass legislation to prevent future
''looting" on the part of the railroad die
tators, and to safeguard the money
of stockholders entrusted to their keep
ing