The Bridgeport evening farmer., 1914-05-26

rT @. How much did you pay for 1t {? A. do not recall.
 Q. What did you want with it? A Why. we wanted to operate it Q. Why?
 A. Because we thought we could make some money, Just the same as all the other trolley companies that we acquired.
 Q. Where did it run?
 A. cannot give you the points. It ran in the township of Greenwich and think the state line of Connec- ticut and New York. there connecting with a street railway called the New York and Stamford, which we after wards bought. which carried it down to the town line in New Rochelle, New York.
 Q. What did you do to the stam- ford Railway?
 A. We did not do a thing to 1t. We just bought it. (L4aughter1.
 O. What did you buy it for?
 A. The same reason we bought the others. A. Not to my knowledge.
 @. What was your purpose in buy ing it?
 A. To make it pay a dividend.
 Q. Did you pay real money for it, or how did you purchase it
 A think it was paid for in cash.
 Q. Do you know how much you paid
 A. I do not know. but it is a mat ter of record.
 e. Or did you exchange something for it?
 A No. we did not exchange any thing for it. am very sure 1t was a cash transaction.
 Q. This railway had never paid a dividend?
 A. I did not catch that remark
 O. Who induced you to purchase the Stamford Railway2
 A do not know the persuasive man that was engaged in that, but l think that 1t was a man by the name of Col. H. N. Heft.
 MeIIen Meets the Colonel.
 e. Who is Col N. H. Heft2
 A. He used to be very distin- guished citizen Of Bridgeport. Conn. Where he is now do not know.
 e. What did he do to persuade you to buy the Stamford line
 A. He persuaded us it would be a good thing.
 e. How did he accomplish that re- suit?
 "A, I think it was investigated by the experts that we employed, and 1t seemed to be a property that could be developed into 3 good paying one.
 o. Did Col Heft control the stock of the Stamford Railway
 A He and his friends did.
 a. Who were his friends2
 A was not intimate enough with him to answer that question.
 @. You bought this stock at s125 a share?
 A If the record shows that T cam not tell. There were so many of these purchases that cannot tell you prices paid in every instance. that2
 A I thinksit was worth all we paid for it.
 O. The Company had never paid a dividend, and you were ofKering $125 a share for it 2
 What KelIy Got.
 A. Some of the best properties we have ever owned were properties that earned a deficit for several years af- ter their purchase. but by development they became great earners. think that is very promising trolley prop osition down there in New York state.
 who is StiI1man F. Kelly
 A He was the body of whom think we purchased the New London Street Railway system.
 e. You paid him $141,4402
 A do not recall, but the books will show.
 @. What for
 A. What for
 o what did you pay him that amount for
 A. For his trolley stock.
 O. How much stock?
 A. For whatever there was. do not recall. could not carry in my mind the shares? : ~ J,ay,, fl1at azao11Y,t ir, debentures of the Consolidated Rail- way Company?
 A. Quite possibly.
 Mir. Grim Was not the Stamford bought before you went to the New Haven?
 MT. .Mellen The Stamford. New York, bought it.
 MT. FOLK. Speak a little louder. We did not hear that.
 MT. Mellen. He asked me if the New York and Stamford Railway was bought before or after became presl- dent. It swas afterlI became presl- dent
 By MT. Folk.
 e. The negotiations were through you, were they
 A They were
 0. Ddd they come down to, see you at West Haven, or did you go to Starn- ford?
 A. Oh, I have been very seldom in Stamford. I have been there only on inspection trips over the trolleys, as [ used to once a year.
 MT. Grim MT. Folk is asking you about the Stamford Street Railway, and you are testifying about the New York & Stamford.
 MT. MelIen That is very true I supposed all your questions referred to the New York & Stamford Street Railway. The Stamford Street Rail- way was bought long before became president.
 Two Stamford Co.'S.
 By MT. Folk.
 o. There are two companies- One Is the Stamford and the other the New York & Stamford
 "A. There are two companies
 o. You bought them both