The Bridgeport evening farmer., 1914-04-10

the witness would be inappropriate as they were quite beyond the powers of the conarnission.''
 Suppose it could be shown sug- gested MT. Folk, that the Billiard company was owned and controlled by the New Haven road through dummy directors and officials? Would that have nothing to do with an in- q1iry into the New Haven's financial transactfons?''
 CONGRESS POWER INVOLVED.
 eI do not regard this" said MT. Cummings "as a proper tribunal to conduct this inquiry. Congress has no Power, to Investigate the Billiard cornpany.'' !
 Even tlaoughs'7s4 '7s4 interjected Mr.. Folk, the Billiard company be q hold Ing company Of an interstate rail- road ?''
 r q am not on the witness stand, $ responded Nr. Cumnings.
 By direction of Commissioners Mo Chord, the record of the proceedings is to show that the witnesses refused to answer essential questions in the face of ruling by the commission.
 A. $. May, treasurer of the New Ha- ven, testified that the road did not hold securities of the New Englano Navigation Company but did own all the stock. EaFa
 What obligations of John L. Billiard or of the Billiard Company were held by the New Haven or the New Eng land Navigation Company?''
 "Only such,'s replied MT. May. t.as were necessary to the conduct of the affairs of the New Haven.
 CONCERNS B. 6 M. DEAL. Did MT. Billiard give his note to the New England Navigation Company for $2.742, 5oo?''
 sI think so.''
 ..what transaction did that note representa-
 .1t is impossible responded the tails but I think the transaction was in connection with the acquisition OF the Boston & Maine stock
 MT. May said he knew nothing about a million dollars said to have been turned over by the New England Nav igation Company to Billiard.
 RECALLS $11,OO0, 900 NOTES
 Did the New Haven own Q. note of John Billiard for $11, ,00O, ,OOo and did the New Haven transfer that note to the New England Navigation company for one of equal amount?'' MT. May was asked.
 .I think so. but do not recall the details"
 He explained that all relations be- tween the New Haven and the BiI- lard company has ceased last month
 After the institution of this inves- tigation?''
 .tOh, yes" he replied Walker D. Hines, counsel for the New Haven, explained that the reIa- tions of the companies ceased with an exchange of securities, The Billiard company, the witness said, had no other business than that with the New Haven that he knew of.
 PROFIT ON STOCK SALE
 'Ts it a fact inquired Counsel Do herty, of the commission, that Bil- lard bought of the New England Nav fgation company Boston 6 Maine stock for s125 a share and subse- quently sold it back to the navigation company for $50 share2'' T think some such transaction oc- l cured"
 1 Did the profit on that transaction 1 amount to. about $2.7O0, ,ooo?' I can express no opinion as te I that''
 Do you know whether Billiard act | ed in that transaction as an individua or for the New Haven Company
 ''I do notsknow,' replied MT. May He added that the Billiard Cornpany securities were kept in the New Haver | roads vaults and it apparently had nc l other office.
 Do you know how much of a los: the New Haven road sustained through it's connection with the Billiard Com pany2'' MT. May was asked. l "T do not.'' 1 "Or how great loss it sustained l through the Boston & Maine o1 through John S. Billiard ?''
 No sir.''
 Do you know :" inquired Counse Doherty, of anything that is beint covered up in the books of the Nev Haven
 T do not
 PAYMENTS TO MELLEsN.
 When the exchange of securftie. ] tcontinued on Page aa