The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-05-09
Commission SHOWS
UNDERCURREnT Of
BILLIARD DEALINGS
How Pres. MelIen of New Ha-
ven Road Practically Gave
Him Two Millions of Roads
Money.

WASHINGTON May S.--John L.
Billiard. head of the Billiard company
of New Haven, admitted to the inter
state commerce commission today
that he made $2,70o.000 profit out Of
single transaction with the New
Haven railroad. This is the transact
ton in which the New England Ma
vigation company, a New Haven sub
s!diary, sold a block of Boston and
Maine stock TO Billiard at SI25
share. and bought back the identical
block a. few months later at sl40 a
share. 1t is the transaction which the
interstate commerce commission had
charged resulted in the disappearance
of $4,000, 600 of the New Haven rail-
road assets.
Another transaction was disclosed
IN the course of the days proceedings,
in which Billiard sold fifteen thousand
shares of Boston and Maine stock To
another New Haven subsidiary at 1854
a share. AT the time the stock was
being bought from other parties at
sl4o share. Mr.. Billiard declined 10
say what this transaction netted him.
When il came TO matter OF de-
tails In regard TO these peculiar trans
actions, the commission ran into an
other stone wall
Mr.. Billiard said he had burned all
his book, papers and checks which
would throw light on the dealings Of
the Billiard company with the New
Haven road.
Mr. Billiard said he bought the 1903
s4s shares of Boston and Maine stock
from tire New f.ugf8rf Navigation
company, as the result of suggestions
from Mr.. Mellen.
Now, is II true" asked Mr. Folk
that you made profit Of s2.784.743
in the transaction2'
Yes" replied Mr.. Billiard 'T
made twenty-five points. l paid si25
and sold at $50"
DO you consider that your profit
personality"
and that while he was holding 1t. +.
showed loss of si.1o0,000 II he had
been compelled to sell It.
You purchased the navigation
company's Boston and Maine stock
with money furnished by the naviga-
ton company" said Mr.. Folk.
The witness said that the company
loaned him money on his unsecured
note.
And YOU claim that the profit you
made belonged TO you personally
Yes"
with whom did you make the ar
rangement regarding this loan Of ST.
GEO o00?"
II made 1t with Mr. Mellen"
Then you had not one cent In this
transaction ?"
The exhibit there shows the whole
Transaction. replied the. witness. re-
ferring to the statement pre- pared by
himself
Mr.. Folk then read to the witness
an extract from the minutes Of the
hoard of directors Of the New Haven
railroad, of a meeting held October
s, 1899 showing that the railroad Of
ficisls knew of the transaction. and
asked witness what he had to say to
that
II don't know anything about that"
replied Mr. Billiard, ID an undertone
he added something about 1t being
false.
"You say It's false?"
We'll. do not know anything
about it," replied Mr.. Billiard.
And II MIR Meilen had those min
utes written out Mr. Mellen made
false statement regarding It"
Finally Commissioner McChord
stated that Mr.. Billiard could modify
his statement SO that II would show
that Mr.. Mellen put the facts con-
trary 70 the agreement. that Is. the
agreement that Mr.. Billiard and Mr..
Mellen had first entered into.
Mr.. Billiard then traced the various
steps of the organization Of the Bill
lard company and its capital