New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-01
BILLIARD RESIGNS
FROM new HAVEN
Quits Directorate of the
Road and Al3o the N. E.
Navigation Co.
FEARS HIS PRESENCE
"MIGHT EMBARRASS"
Coal Dealer, Who Became FL
nancier, Said to Have Taken
Enormous Profit on B. 6 M.

New Haven, July 31.--John j. Bill
lards resignation from the directorate
of the New Haven Railroad, exclusively
foretold by The Tribune two weeks ago,
has taken place and was announced
here to-day. At the same time, accord
ing TO Homer S. Cummings, his counsel,
Mr.. Billiard has withdrawn from the
railroads subsidiary the New England
Navigation Company
Mr.. Cummings statement says that
Mr.. Billiard desired TO resign several
months ago in order TO be relieved
from business cares, But refrained be-
cause at did not seem desirable to
take any step which might change the
status Of affairs while the Interstate
Commerce Commission was investigat-
ing the financial transactions Of the
New York, New Haven e. Hartford
Railroad Company"
The statement continues: sin view
of the fact however, that that inyestl-
CATION is completed and formal re-
port filed, Mr.. Billiard now feels free
TO submit his resi- gnation. 1t - only
fair to say that there is an additional
reason for filing his resignation.
"The report Of the Interstate Com
merce Commission deals in part with
the relations between the New York,
New Haven e. Hartford Railroad Com
pany and the Billiard Company. COM
mittee o the directors has been ap-
pointed to investigate and report fur
Their upon the Billiard Company affairs
so far as the railroad company may be
interested in them. Mr. Billiard feels
that his presence on the board of direc-
tors might possibly be embarrassing to
his associates in conducting the iuves-
tigation. It is his wish that such an
investigation should be as complete
and unlimited inc scope as the most eN-
acting could require. -.
"Irnder these circumstances It VIII
he manifest that the action taken by
Mr.. Billiard was dictated by the strict
est sense of propriety."
Until the New Haven began to ac-
onire- control of the Boston Maine
John l.. Billiard was unknown to fame.
Aside from the fact that he was
Meriden coal dealer with genius Tor
saving nothing, few facts were avail
ablc. II was found that he was wen
equipped with millions, but thelf
source was a mystery. This source
was supposed. however, to be the treas
urv of the New Haven.
After the Interstate Commerce Com
mission had had Mr.. Billiard on the
witness stand in Washington IL made
the following report on him:
"He never paid a dollar OF his own
for the stock in any transaction with
the New Haven.
"He never sold a share of the Boston
& Maine stock where the New Haven
did not furnish the money.
"He never sold shore Of the Boston
& Maine stock except rs the New
Haven dictated.
"The Billiard Company was organ
lied by the general counsel or the New
Haven.
"The navigation company, furnished
tho s2O00.OOO for which the Billiard
Company was capitalized. Billiard tes~
tilted that he did not pay any OF his
own money for the stock.
"The Billiard Company was used to
take over some of the questionable as
sets of the New Haven, and assets
which IL was desirable to conceal
The financial coup attributed to Mr..
Billiard, and on which the government
proposes to base its suit against him.
along with other restitution suits
against the New Haven directors, is the
taking of more than $2,74S,700 profit
on a deal in Boston e. Maine stock for
which he did not put up a cent.
incidentally, when Mr.. Billiard was
not busy with his coal business or bor-
rowing money he was quilting New
Haven on the New York Stock Ex-
oh