The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-03-02
JOHN L.BILLARD
SUIT SETTLED
FOR$1,260,000
Taken to Mean He and As
sOciates Admit Acting as
New Haven Agents.
CASH PAYMENT MAY
AFFECT NEW TRIAL

Announcement vas made yesterday
that the suit Of the New York. New
Haven and Hartford Railroad Company
against John l. Billiard OF Meriden.
Conn.,. and his associates has been set
tied out Of court by the payment Of 81
100000 cash by the defendants to the
plaintiff.
Settlement was taken generally to
mean that Mr.. Billiard and his associates
had been forced TO admit that they were
acting as agents OF the New Haven com.
pany In the famous shift OF Boston and
Maine Railroad Company stock from the
American Express Company to the New
Haven to Billiard and then TO the Boston
Railroad Holding Company in 1908 and
1909. Undoubtedly II will play a promi-
nent part in the second trial Of Win!am
Rockefeller. Lewis Cass Ledyard. Ed
ward d. Robbins and Charles NJ. Pratt
former New Haven directors. charged
with conspiracy. which is scheduled to
begin May l.
"That settlement establishes our con.
tention at the first trial. which was 20
strenuously denied" said Frank NJ
Swacker. special Deputy Attorney-ien-
eral ut should play an important part
in the next trial"
Statement BY New Haven.
The executive Office Of the New Haven
7 yesterday gave out this brief ,atement
regarding the settlement:
The suit OF the New York. New
Haven and Hartford Railroad Com
pany. et al. vs.. John l.. Billiard. ct al.
has been settled and Withdrawn from
I the court.
The amount received ny the New
Haven company was $l..50,0o0 in
cash. which has been paid into its
treasury. This settlement was ad
vised by the special counsel. Messrs.
Morefield Storey of Boston and Alvin
w Hyde Of Hartford Of the firm of
Gross. Hyde h Shipman. son Of the
late william waldo HYDE. who was
originally associated with Mr.. Storey
as counsel, after an Investigation 81 all
the facts and negotiations extending
over the period Of nearly year.
There would be no further statement
from the railroad company. II was said
nor would IL be supplemented by any
statement from Homer s. Cummings
counsel for Mr. Billiard. or Samuel More
house OF New Haven. both counsel and
defendant.
For reasons which IL regarded as com
pelling the American Express Company
IN 1905 consented to sell tine l09.9is
shares Of Boston and Maine Railroad
stock which Il held TO the New Haven
company. The transaction was actually
completed by an exchange of the stock
OF the one road for the other. Later
conditions arose in Massachusetts which
made II necessary for the New Haven
company to get rid Of its holdings OF
stock in the other road.
Bought ny billiard.
John l.. Billiard. Il prosperous coal
dealer of Meriden. Conn. bought the
stock from the New Haven company AT
1875. and thereupon became involved in
an argument which was an important
feature OF the trial OF the former direc-
tors for conspiracy last fall 1t all hung
on the question whether in that transac-
ton Mr.. Billiard acted as an agent Of
the New Haven company or upon his
own personal initiative.
After the legal matters IN Boston had
been settled the following year and the
railroad holding company bill had been
passed Mr., Billiard at once sold his stock
to the holding company at $3.50 a share
thus making profit of $a.1iS. .Ooo. To
this was added the profit from auothe-
lot of stock purchased through Elddcr
Peabody a. Co. amounting TO $500. 900
,nak,np 49, oas Ooo nroN, In al,
Immedi.te,y after this d.al ,h, n;lI,rl
comnnnv was orp,,iy.a uj,h - ,ih.r.I
,hart.r Nr D,llurJ wa ,r.sl,,o,,, ,rt
Edward - Robbins. counsel for ,ha ~,
Haven. WAS for "A time ccunsc, to TIC
new company "a well as "A director
Samuel Hemingway. president ~ the
Second National Bank ~ New Haven
was treasurer for time. and connected
Harry Il. Whipple. president of the M.r.
chants National Bank of New Haven
Samuel Morehouse, a New Haven l,w.
y.r, and Charles s IIndslev ~ Nnr,dor
Mr.. Billard's partner.
p.on,. Ho. .. r
MT bi'ar" u'u not draw down MS
pronts IN 'ash, lhe New haven COM
pahy a, 'nht time mad certain more or
less VhIha"e assets Tor winch II had
very 'ltle regard ana charles ;, Mrllsn
saw 10 'hat the pronts whei Mr.. Bill
Iaru GOV lheni were made w In part Of
N,7oo.ooo IN bonds or the Eastern
steamship company OF Maine. s750.0o0
IN stock ana bonds OF the Boston Hcrnid.
soo.o"o IN notes OF the bridgeport stan
ddrh ana o'her securities OF similar char
acter'
There was some cash paid over Of
which Fo'o"o went TO Samuel Heming-
way as present, another sum to I'D.
ward d. Robbins and around s3oO.ooo
went FOR general expenses, Mr. billiard