The Bridgeport evening farmer., 1914-05-11
OFFICIAL TELLS ABOUT JUGGLING RAIL ROAD FUNDS Money Paid To Boston Holding Company Re
 turned In Part. DESIRED WITNESSES CANNOT BE LOCATED William Rockefeller Report cd III in South And 9th
 CTS Are Missing.


 Washington, May 11--oncers of the New York, New Haven & Hartford railroad directly identified with the financial operations of the systens which are under inquiry by the inter state comperce commission, testified today before the commission
 The witnesses subpoenaed included Harry A. Fabian. director Of pur- chases of the New HaEens Timothy Bvrnes former vice president and one time assistant to former Presi- dent Mellen; George P. Phippen, agent of the treasurer of the New Haven. and the treasurer of the Boston Rail- road Holding company; and B. D Robbins. general counsel for the New Haven No returns yet have been received of the subpoenas Issued for the direc- tors cf the New Haven who were orr dsred to appear as witnesses next "Wednesday They include Lewis Cass Eedyaztz William RocEefeI1er. George E Baker and George Maccul1och MiI- Der
 Tt ss expected that difaculty may be sxper1enced in securing the attend- aucs of one or more Of the directors EIr- Rockefeller is said GO be at JelkyI Island Ga, ln bad health and one or more of the others are said to be ab- sent from home
 HE1D $s,s7o.os2 NOTES.
 T. tined that he became treasurer Of the Boston Radlroad Holding comp any in <Sepfember 1911, and that he also was treasurer of the Old Colony railroad md several other transportation conn panies-
 Maine railroad acquired by the Bos-5 ton Railroad Holding company after rz,u became treasszrer2ss inquired Mr.. E'olk, counsel for the commission
 Mr. Fhippen explained that he had held notes for the Boston Railroad H5oldinx company for $s.s70yo82 which had been turned over to him by the former treasurer He identified a. mote for that amount Issued by the New Haven for stock
 Did your coznpauy ever issue any notes to MT. Billiard or the Billiard company9s asked AEr- Folk.
 .-Not while was treasurers's said 1ar Fhippens -and we Issued none to anybody else
 when was the last dividend of the Boston 6 Maine paid 7'
 s-As Of April l. 1s15-'s
 Since that time, the witness ex-z Fp1nined. the New Haven railroads had i77aid each six months the amount nec-s feesazy to enable the Boston Railroad Holding company to pay dividends on l5fs preferred stock
 DEFICITS MADE UP.
 ~Any deficit" said MT. Phippen, ..in bur amounts on hand was made up by khe New Haven On July 1, 1913 that advance amounted to $310.o00 on Octo-| ber 1s, 1913. s27,o0o. and on January It f914 e545, S7s''
 ssThese suras we're advanced to the New Haven to pay Boston Railroad Holding Company's dividends?s sug- Eested Mr. Folk
 Yes. and to pay taxes and other Ew- - H.
 The total is how much g inquired
 -It Aggregates s1, ,224, ss4. 4s,,. replied khe witness referring to his books -Is the amount unsecured 7' srTes, unsecured " s.F5ow much did the New Haven morego in it's dividends from the. Bos- t0n Railroad Holding Company2'' ask |ed Mfr Folk
 If understand you, it did not fore go anything. H received just the holder The New Haven just paid ,ffe money for the dividends to the Boston Railroad Holding Company and then received from t11e Old Col bny Trust Company, which distributes ~tockhoIder-
 srAre the dividends of the Boston fHrfdfng Company guaranteed by the tSev Haven 2''
 <hen from the New Haven.'' said MT. Fh1ppen-
 MILLION CAME BACK
 or these amounts paid to the Bos- ton Railroad Holding Go, by the New Haven MT. Phfppen said about s112,- 900 annually went to outside stock holders, the remainder going back to Hne New Haven
 ssT7he books show the stock of the Boston Holding Company cost the New Haven S24=493,90O, to which | unfzst be added the SIP, 000.y said Mir. l Folk- Now. if the SPA, 300 were invested in other ways, 1t would bring into New Haven's freasliry more than $500. 0o- Would It not have beer bet ter 10 have made an investment Of [