New Britain herald., 1916-03-01
N.H.GETS$l,25O,OOO
DROPS BILLIARD SUIT
Defendants in Action Brought By
Railroad Settle Out Of Court
TOOK OVER B. AND M. STOCK

Railroad Sued to Recover Profits AZ
legged to Have Been Melted by HOLD
ing 10000 Shares Bought at $125
and Sold at $3.50.
New York, March 1.-The suit
brought by the present administra-
ton Of New York, New Haven q
Hartford railroad to recover from
John l.. Billiard of Meriden, Conf,
profits alleged to have been due New
Haven in the deal in which the New
Haven purchased shares of Boston
& Maine stock seven years ago has
been settled, it was announced at che
New Haven offices today Billiard has
paid the New Haven $1,25OOOO it was
stated.
Bought at $125; Sold at $3.50.
Billiard, a coal dealer, purchased
from the New Haven in 1908, dur
ing the administration of Charles s.
Mellen, as president of the road,
10000 shares of Boston & Maine
stock at 1925 and sold it back a year
later at $3.50. 1t was alleged that
Billiard was acting in the interests of
the New Haven and that the deal was
fictitious transaction. The New Ha-
Ven at that time was forbidden by
the Massachusetts laws to own the
Boston & Maine, and it was charged
that Billiard assumed title to the stock
to enable the New Haven to inform
the Massachusetts authorities that
they did not own control of the Bos-
ton & Maine.
Later the New Haven was author
lied by an act of the Massachusetts
Legislature to acquire the Boston *
Maine, and the holdings of Billiard
| were sod back to the road
Never Invested a Cent.
Billiards. ostensible profit in the
deal was about $2,750,OOO, but this
was reduced by other transactions be-
! tween the New Haven and the john
| l. Billiard company, which was OIL.
| ganized. According to testimony in
the recent criminal action brought by
| the government under the Sherman
! antitrust law against former direc-
| tors Of the New Haven, Billiard pei
! sonally did not get but $50. 900. Dur
! ing the trial OF the case it was con-
| tended by the defendants that the
! Billiard transaction was bonafide. 1t
was brought out by the government
that Billiard was, however, financed
in the deal by the New Haven and
never put up a cent of his own money.
MeIIen and RobbinsToo.
Among other defendants in the Bill
lard suit were Mr.. Mellen and Ed
ward d. Robbins, former general
counsel of the New Haven
The co-defendants with Mr.. Billiard
| were: Charles F. Linsley of Meriden
former President Charles S. Mellen of
the New Haven, and Samuel Heming-
way, Edward d. Robbins Samuel G.
Morehouse and Harry V. Whipple, all
of New Haven. directors of the John
l.. Billiard company, which was IL
legged to have Been interested in the
Boston & Maine transactions.
Samuel Hemingway, president of
the Second National Bank of New
Haven, at one time an officer of the
Billiard company was also a Defend
ant The suit originally was for
$2,7O0,000, brought in Connecticut
courts. The settlement represents a
compromise.
Billiard Company Was Handy.
The Billiard company was the
vehicle for a number of other New
Haven financial transactions down to
the time when Mellen resigned in
1913 and the new administration
came into power
Edward S. Robbins, according to
testimony in the recent trial. en-
gineered several of these transactions,
and was responsible, it was testified,
for the secret transfer of the Billiard
company's books and assets to Cam
ada at the time the government was
seeking them. The Billiard Co., it
was alleged. was used as a vehicle for
the nsactions whereby Robbins OBJ
tanned control of the properties Of the
Metropolitan Steamship Co, and
made a personal profit it was alleged,
of nearly 100000. Several million
dollars worth of securities of New
Haven subsidiaries were at one time
in the possession of the Billiard Co.
Billiard and Cummings Silent.
Meridcn, March John l.. Bill
1 lard declined here today to make any
comment on the announcement of the
settlement of the suit of the New
York, New Haven & Hartford rail
road against him and others in con-
nection with the Boston K Maine
transaction.
Homer S. Cummings of Stamford,
counsel for Mr. Billiard and others i'll
the suit, made the following COM
ment at Bridgeport today: The |
statement as given out by the rail- !
road company accurately expresses !
the situation. I do not care to |
make any further comment
Robbins Ignorant of Settlement.