New-York tribune. [volume], April 21, 1908, Image 1

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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\ l 1AY111....N 0 - 22,437.
VKI-ELAXD BILL TABLED
j COMMISSION FAVORED.
House Banking and Currency Com
mittee Again Takes Action.
[Fran The Trtbcne Bureau. 1
XTasMnstcn, April 20.— The Committee on
r;^-k:r.sr arid Currency late this .... voted
.„ lay the Vreeland bin on th*> table and au
iicrixed Chairman Fowler to make a favorable
teTicrt on his bill providing for the establish-
of a currency commission to pit the
coming s=u:i *••*<•. The vote on the Vreeland bill
-r? 12 to 3. Representatives Prince. McMorran.
tvearns. Waldo. Hayes. Pujo. Glass. Glllespie,
Junes. Crawford. McHenry and Fowler voting
-- the affirmative, and Representatives Burton,
v.cck? and XlcKinney in the negative. As in
tb*i cswe cf the Aldrich hill. th«» committee de
rided to give no reasons to the House for its
icrion. simply reporting that the measure had
■ p:c n tabled. Representatives Weeks. Pujo and
, T a— c* 5 voted asrainst reporting the commission
biU. the committee standing 10 to 3. with two
Democrats not voting. Mr. Fowler s=aid after
the meeting that he expected no difficulty in
obtaining the passage <>f th*> latter measure,
v.-hii' 1 other members of the committee appeared
«qua^;y confident.
Otjpite this apparently discourseine situation
•> ir.e Hoase. the Republican leaders are still
cocfident that there will be some financial legis
lation at this session of Congress 1 , ar.d the con
rjcti a Is expressed that the measure which
"-.'.] finally be adopted will follow closely the
fora f the Vreeland bill, probably with the
addition of a provision creating: a j commis
sion to take up the broad subject in the r<vrss,
each commission to consist of rive members of
tt<± house
The a-'Tion of the Committee on Banking and
Currency is not retarded by the leaders as bav
isg the slightest «irnifiear,ee or as being: capable
of fi*r::ng any real influence on the views of
the members. They assert their conviction that
ia dae time the House will held a conference
ird decide or: the Vrelarid bill, or pome modi
fication ox" It. and ... -Rill be adopted by a
strict party vote. In fact. th a Speaker is po
far co— mined to this plan that its failure
T»?u'i r> c a severe blow to his prestige
The Senate ronferr^es are prepared to accept
the Yreeland bill ■with. perhaps, some rr.odifl
catiers It is asserted in the upper bous«
that The Vreland hill Is substantially the Aldrich
bill with the addition of what will be practically
clearing house bonds, which may b« made the
basis for emergency currency. It was originally
the purpose of "- Aldrich to utilize tbve machin
ery of the clearing- houses to provide apart of
the hasi? for emerr*>ncy currency, hut it re
mained for Mr. Vreelar-i. with the aid of the
Chicago bankers, .... preposition into
concrete form.
MR. VREELAND HEARD.
"'- Vreelaad appeared before the Banking
and Cnrreney Committee and made a long argu
meet In ■■-;--- of his bill. Baying he thought it
*tnold be criminal .-_-•--- Congress to
adjourn without passing F^me measure of pro
tection in the ev^nt of another panic next fall.
He did not, however, ■ ok that a panic was
Imminent He ?aid his biil was an etueigei f
measure only, and h<» favored the appointment
cf a currency commission.
J Mr. Vreeland said that a number of s-zaend-,
r ■■ - •.<= had Eugr«r*sted • selves to him and he
•would make them If opportunity offered. The
Initial tax of 6 per cent, increasing 1 to 9 per
cent, or, emergency currency, according to the
t:TT!*» it is in circulation, he purposes to change
He would make the tax for the first month at
tie rate of 4 per cent a year and would increase
it a: the rate of 1 per cent a month until it had
reached 6 per cent.
Another amendment he purposes to make
wocld change the amount of capital and surplus
the Clearing: House Association must have from
516.000.000 to 55.000.000. He would aiso increase
the amount which may be issued as emergency
circulation from J500.000.000 to J750.000. 0<"'0.
L'nder the Clearing }■' .■••-■• of the
till, should it become law. "'"'"■• said it
was his expectation thai within three days at
the outside ..... could be poured out in
money already printed and be available for use.
"When the Knickerbocker Trust Company
failed II the people of Xew York had known
$_i «»/¥>"t. 000 was Immediately available ar.d
cou.ll be tad my Judgment is the panic never
•R-uid have spread outside the city of New
Tork.- he added.
ilr. Vreeland said he did not believe that any
X<::tical party dare make -■ revolution in the
fcarrency eysteai and go into the Presidential
election r.ext November. He said that the biil
reported by the minority members of the com
mittee contained a number of wonderful pro
visions. ar.d said If the Democrats had been
charred ultfl the duty of legislation and ex
pected to put a financial bCI on the statute
bocks they never have reported the bill.
Discussing the attitude of the members or
the American Bankers' Association, who ap
pear^i before the committee last week in op
jwdtioa: to the Aldrich bill In particular and
txmd s-cured currency in general, he eeid some
cf these men. after they appeared before the
cent-it -VT told him that while they were op
posed on principle to a bond secured currency
tsd ravored a=s*t currency, they would be gad
to have his biil passed as an emergency neas
cri jj certain amendments were made to it.
This statement »-v questioned by Mr. Glass
2** ether members of the committee, who said
that aembers of the American Bankers' Associ
ation were unalterably opposed to a bond «■«
<-= red currency, and had so expressed them
«eiv«-s before the committee.
Mr. Vreeland Bald he thought he might say
thit President Roosevelt favored the enactment
cf his b;.:. together with a provision for a com
rr.:ss[ozi. Ido not mean to pay." he continued.
rthat the President Ftands for every line and
syllable In It. but I mean to cay ha stands for
to* general effect we think would come from
tr.« esartinent of this substitute bill."
Ecpresentative Hill cf Connecticut replied to
Sir. Vreeland. severely criticising his measure.
«tSd£ he said, was the Aldrich bill, pure and
staple, with two sections omitted.
The committee then went into executive pes
eta to consider the measure. The discussion
more protracted than over the Aldrich bill,
«fcic& was tabled last week by unanlmoun vote.
MAY. INVESTIGATE BASKS.
To Determine RcspoiisihiUtif for
Currency Stringency.
Washington. April 20— Th^re la a disposition
«a tfc<s part the leaders of both political
in Cor.jrrees to pass come lepiKiation
adjoummem. which will provide for an
Investigation of methods employed by banks
before and in tho financial panic of last fall,
jnth a view cf determining whether the jrr*at
cacis were responsible for the currency strin
gency. Th«, vehicle to carry mm authority
:- sil probability will b*» th« provision for a
'"UfTer'-y oommipsion. It 1- .XI - ""3 that this
BHaaur* will ccntaln a provision sMni ?ne
CQnanlssioa power tj Investigate banking
MMkadßj
T^^Tay-JB^ NEW-YORK, TUESDAY, APRIL 21, 1905.-TWELVE PAGES.-,.^^^^
FORTY-OXE KILLED.
Sij-ty Injured in Collision of Trains
in Australia.
Melbourne. Australia. April li». — trains
from Ballarat and Bendig-o. ' -:•" — '" were
in coilision late last nistit at Braybro«->k June
. _„.,-.- miles from Melbourne, forty
one ; .-..--. and sixty injured. The
Bendico tratr. with two heavy engines, crashed
into ...... of the Ballarat train. Five car?
of the ... train were wrecked. The wreckage
took fire and was almost completely consumed.
Many of the bodies were unrecognizable when
recovered.
The Bendi^o ._..._ s=uff«»r»'i little damase. but
the two engines were piled on top of the rear
coaches of the other train. Terrible scenes
followed the accident, many of the Injured being
caupht in the wreckage and rescued with dif
ficulty. It was a long time before doctors and
nurses arrived on the scene and the suffering
among the injured was great.
GEORGE A DEISMS LOST.
"College JVidotc" Despite Glossary,
Troubles English Audience.
London. April 20.— The British public had its
first sample of "George Ade comedy'" to-night
when "The Coilt-ge Widow'" was presented by
-•: - --. TV*. Savaere at the AdelphL The audience
was composed largely of Americans, among
whom were Robert J. Wynne, the American
Consul General, and his daughters and Mr. and
Mrs. Oscar Lewisohn.
The Americans were enthusiastic, but the
Ensriish spectators were interested and puzzled
by turns. The manaprnont provided a glos
sary of George &de slang with the programmes,
but" much of the dialogue, particularly the col
lege slang, was unintelligible to the English
contingent. Many jokes were received f.i mel
ancholy silence.
The "company was almost entirely American,
and the acting was more animated than that to
which the English are accustomed. The fall of
the curtain wae followed by some hooting, but
applause dominated.
COURTS GET QUEER WILL.
San Francisco Man Made Bequest
to Xon~Exi*ting Museum.
The courts have been asked to construe cer
tain provisions of the will of Emanuel Walter.
of California, who di~i several yean -- In Ger
many Aft*r numerous beasts Mr. Walter le.t
th* income of the residue of his estate, amounting
to a^o-jt j-,r,n r.r.o. to help "needy ar.d distressed
—latives to the sixth *««• for fifty years After
that the principal is to be divided among all his
relatives to the sixth dejrree
H« R ay« 15.000 to Max Hessbur* to he]p relieve
v,, "ne-<?y and distressed'" of Ms mothers rela
tive*. Mr Heesbnrsrs executors are punled as to
their duty. His art collection, valued at $60,000.
a~i 160 000 were left to •■- "Art Museum of
Ban Francisco- rhere Is no muse of that
title there, sad the Golden Gate Park Memorial
Mu.-eum and the Mark Hopkins Art Society both
claim this bequest.
AJTri-BL T CK£T SHOP BELL PASSED
Only One Assemblyman Against Measure
Making Margin Dealing Felony.
tßr Te'.»*Taph " The Tribunal
Albany. April ao.-The Assembly to-night passed
OM O"Br.an bucket »bop bUI. with only one
vote in the negative.
This measure make* all stock transactions on
margin or deals in futures felonies. It defines
bucket shop- *nd penalize ..........
ton •rhlch maintains «uch an establishment but
ihe patrons ho might happen to be caught In th«
place.
KAY RECOMMEND MODIFICATIONS
[By Tataapspli to Tb * Tribune. 1
naltlmoi-. April ao.^-Whlle in most of the CathcH
He " arrhdioc««s anfl dloce-es of this country eh.
plates have Issued statements regarding the en
?orc«aent of the new regulatioru, concerning en
™m^t S and marriage it t« learned^ to-Jay
SaTSSnal Glbbss- ■»" ma* none, ■»* is be
ttat }-* ra _. alt i n(r for some modification.
I! " V " 8 a conference of lbs archbishops
L Mi i at the CathoUc University shortly to
*H1 be »~? a r^ abmt - of .unesi *• modifications
dUC r%^ree Cardinal Gibbons wIU pre,!de. ar.d
U £^believed several important chanr-s w!!! be
made. ■ ■ ■ ■ -
-AFFINITY" EARLE MAY LECTURE
[By Tel**r*P h »• The Tribune]
N v Anril 20. —-Ferdinand Pinn^v
Middletown. n N.VS -^ v try .
Ear le. of -nn > ♦ v Monroe -;l(1 wU]
Sftara c 3c 3 Ml idea Ml Umxrimami
VIEW OF STAGE OF CAKNEGIE HALL.
MEETING OF LAYMEN'S MISSION MOVEMENT. SHOWING SECRETARY TAFT IN -THE! CENTRE.
(The irtory of th*> mwln* will b* found on the Se» rnth Totem.)
righted by leorge R. Lawrence >
RECOED EASTER GIFTS
OFFERINGS IN CHURCHES.
Grace's $' ' Besides Single
$40,000 Memorial.
One of the lareest Easter offering ■- its his
tory was taken up on Sunday morning in Grace
r-hurch. Broadway and Ilth street, of which the
Rev. Dr. William R. Huntlngton Is rector. It
amnunred to $1.5."02. with more contrioutioris
which hati not c<-m«» in yesterday aftfrn^nn to
b" added. This ... 100 th Easter in the
history n f Grace Church, and a centennial
thank offering had been ask°d. For this pur
pose $ll«.3O2 was eriven. the $40,000 being a
single gift In memory of "-- Dorothea Wolfs
Hoffman.
Many churches in the city had larger collec
tions this EaFter than in many years While
there are a number in which the offering's have
not been counted, it is apparent thutthe bus!
ness depression did not decrease the contribu
tions?.
"I have been rector of Grace Church for
twenty-four years." paid Dr. Huntington yes
terday afternoon, "but I dn not recollect any
offering during that time as large as the one
this Easter. The single gift of $40,000 in mem
ory of Miss Dorothea Wolfe Hoffman was made
by her mother and pister f or the endowment of
the Hous^ of Simeon, adjoining Grace Chapel.
in 14th street. The rest of the centennial
thank offering will be us^d in part payment
for the property at l n th street and Broadway.
This lot has been acquired by th° church, but it
has not b^n definitely decided just what use
will be mad» o • It."
Grace Church is cut off from lOt street by
the Vienna bakery. This is being moved across
Broadway, and the site will be used by the
church. - -■■ bakery is known for the bread
line which Forms at its side door in 10th street
every midnight, when the br^ad left over from
the day is given away. It is a matter of spec
ulation whether this custom will b° kept up
when th» restaurant is moved.
Miss Hoffman, in whose memory her moth
Mrs. William B. Hoffman, of No. 107 East 3<sth
street, and ... sister. Miss Mary U. Hoffman.
gave $40,000 for th« endowment of the House
of Simeon. di*d last autumn. The House of
Simeon is a home for old men. and forms, with
the House of Anna and the House of the Holy
Child. Grace Hospital in East 14th street, ad
joining Grace Chapel.
At St. Thomas's Church. Fifth avenue and
53d street, the offering- Eastr-r morning was
larger than that of last year. The exact amount
could' not be learned, as it was paid •• would
be several days before all of the contributions
pled^d would be ?«nt in. The Rev. Dr. Mor
gan Dix. rector of Old Trinity, in Broadway
at Wall street, which always has a larere Easter
offering, said yesterday that the contributions
this • •«- bad not been counted. At Si
George's, in Stuyvesanf Square, the Easter col
lection was $3,000 This Is regularly u=ed for
the seaside work of the church at Rockaway.
Lone : - md
The Fifth Avenue Presbyterian Church, of
which the Rev. Dr. J. Ross Stevenson Is pastor,
also had larper contributions on Sunday than
last year. This church makes a practice <-,f riot
publishing the amounts of contributions, but it
was said yesterday that the offering was 'Very
satisfactory" At th» Broadway Tabernacle,
at Broadway and West B«th street, the collec
tion was $5,700, several hundred dollars more
than last year. The sums will be used for the
city mission work of these churches.
Dr. Lelgrhton Parks asked for $15,000 at St.
Bartholomew's, in Madison avenue. The offer
ing has not been counted, but it is expected !t
will exceed this amount.
W. P. COOKE SUES FOR DIVORCE
Alleges That His Wife. Grace MacGowan
Cooke. Has Deserted Him.
[By TelfßT-il-h to The Tribune. ]
Chattanoopa, Ter.n., April 20 -William P. Cooke.
husband of Grace XtacG^wan Cooke. filed a suit to
day asklnK for an absolute divorce on the charge
of desertion. The husband declares that he has
been left alone for over three years while his wife
has been following hfr literary pursuits, In which
he says -she has been successful, commercially
b nd artistically." The alleged desertion Is said to
have taken place at about the time of the appear
ance of Mrs. Cooke's book "The Return," a story
of th« S*a Islands.
i!r « • rJptOB Fir, lair's "Hall
con Hall" when the v> * bun I and ts
. • • • had manua
. oi - ! John F.
.
-'' ■ ■ '
for a 1 *
WHERE TO TAKE LUNCH
\ni (1 .. ... fhe Hishest Types of American tVlnea.
if T Dewc &?—••« 138 Fulton 6:., New lorn.
NO MET. INDICTMENTS
REPORT BY GRAM) JURY.
Big Campaign Gifts Shown —
utes' Made Public.
New light was shed yesterday upon traction
affair? in this city when the special ranr! Jury
which hap been Invest gating Manhattan finan
cial institutions, with the consent of Justice
Dowllng, of th« Supremo Court, took what ■_-.
said to be an unprecedented action by making
public its minutes, Upon its own request the
one thousand pages of testimony taken during
its Investigation of the affairs of the Metropol
itan Street Railway Company, just ended, wer«
filed as a part of the public record In these
pag-es is incorporated -the testimony of Thomas
F. Ryan. H H. Vreeland and others who helped
to make traction history here.
The minutes show several large contributions
inaile by "the Metropolitan Street "Railway
pany to Tammany Hall and the Republican
party. They show that in the fall of 19"3 the
company put twenty $1,000 bills In an envelope
and sent it by Lemuel Ely Quig? to Benjamin
B. Odell as a campaign contribution, and that
on the same day. and probably the same hour.
another messeng-er was sent with an envelop* 1
containing- $16 ■'■ to Tammany Hall for a sim
ilar purpose, thus apparently "playing it safe."
a? was remarked yesterday. The testimony
also sh^ds much light upon the Wall & Cort
landt Street Ferries Railway Company deal
From the testimony of Mr. Ryan himself and
ether traction men it apparently develops for
the first time that Mr., Ryan disposed of the
entire bio of Metropolitan S-iCurlties Company
stock, par value $5,400,000. which Kuhn, I-"
.... Co. forced him and William C. Whitney to
take from them in 1903, and that this stock sub
sequently found Its way Into the treasury of
the Interborough-Metropolitan Company.
METROPOLITAN OFFICIALS ! I EIATED
The special grand jury made a presentment on
the Metropolitan Street Railway Company. In
this presentment, which was handed to Justice
Dowllng in the afternoon, the errand Jury stated
that after a thorough investigation it had been
unable to find any evidences of crime against
any of the officials of the com] i • and no evi
dence upon which to base indictments. Nor
could it find any evidence of wrongdoing in the
sale of the Wall & Cortiandt Street Ferries
Company.
■ rs *=a:i they u a ; el
• -•.-.. -h' inesty tn
the dealings of off ti rectors of cor
.-. ■■ si tut - New York, with the
P pi ■ fa single gr a this spite the
witnesses in n -,•.•.
st it utions v • ' -
nt recited ti -' the
•; DQ b: the zrind Jury. ' tments found
• ties along which it had worked
The jury made no '■ n ?ndationa ' - •■ :
■ g let itior g; that the S
■ •" Banks waa better qualified than it to
make such recon
_ . v the s .-- reas t left It to the Pub
, ■ to i
gislat ion tn regard 1
g surl
I g thanked 1 i ' ' their
work and praised both :f: f and 1
ired terms. H*» shook r. . 0 each
Juror after dismissing the jury
With the presentment were filed as ex: Ibita
the mil utes of the gnu i \ir In conn I
v ta Street Railv ay Inquiry,
ise the Jury desired them made pub; ' i
f the great • terest and in ex
planation of th" cor. It had reached."
Tn€ k . er charges were
JEROME CONSIDERED VINDICATED
Tn*> jrran-1 Jurors mvestigated eacb barge
Bepara t( ' erdlct upon each was that
there « as n i e^ Mence of
. • ecotne ■ cd. I K>wn
. - . . irts BuiW -
tion of Disti t Attoi ■ ' "
■ . affali § and a • . ■ "■
■ . ■ ■; oflßctals.
The testimony In the Metropolitan Street Rail
way Company Investigation brought out the fact
that in October and November of 1002 H. H.
Vr^land advanced to William C. Whitney
checks for $50,000 and $10,000 for the Interur
ban company to be used for -political purposes."
upon Mr. Whitney's request. How the latter
disposed of this money Mr. Vreeland did not
know, but presumed it was given to political
parties or a political party for campaign ex
penses.
In commenting upon this transaction the
Continued ob second page.
CABRERA NEAR DEATH.
Assassin's Bomb Blow* Off Guate
malan President's Finger.
Another attempt was made yesterday to kill
President Estrada Cabrera, of Guatemala, at
Guatemala City, the capital of the republic. Dr.
Ramon Bengoechea. Guatemalan Consul General
in this city, received the following cab!* dis
patch telling of the attempted assassination:
x, President Manuel Estrada fahrera was
entering th* palace to receive in public audi
ennce William Helnke. the American Minister.
there occurred a series of explosion? Fortu
nately his excellency escaped with only the loss
of a finger Complete order and tranquillity
prevail in ail the country.
President Cabrera has in th<* last year b«°n
the object of several similar attacks, presuma
bly on the part of political enemies, from all of
which he has heretofore escaped unhurt.
The most carefully planned " th°?e attempts
at assassination occurred on April '^.liff*.
when a mine -was exploded close to the Chief
Executive's arriasre General Ore'.lana. chief of
staff of the Guatemalan army, was killed by that
explosion, as were the horses attached to the
Presidential carriage.
t wai
■ - . •■ employ*
that the rk was that ol
SURGEON SAVES COWBOY.
Give* Blood tn Bronco Bust r Over
come ; ' ■
■
night at 1 ' the life of
• -
■ In the d
nam House. He had b<
- . •
Dr. H. C. Thatcher, house surgeon of the
fourth medical division, underwent the opera
tion performed, by Dr. A. L. Slocum. L>r.
Thatcher and the cowboy were placed side by
-. : - The incision was made in the surgeon's
right an and the patient's left arm. Bren
nan rallied immediately, and has a fair chance
of recovery, the surgeons say.
MOTORS HIT TROLLEY.
Fourteen Persons Injured in Bath
Beach Collision.
Shortly before 8 o'clock last night a Brooklyn
Rapid Transit Company motor train, on the
Bath Beach division, coming from Coney Island.
crashed into a 30th street ferry trolley at S6th
street and Bay 10th street. Bath Beach; Brook
lyn, and fourteen persona were injured One of
them received a compound fracture of the sku.l
and may die. The caus» of the accident was
caid to be a misunderstanding of the r ed sig
nals which are placed on the four tracks of the
two roads.
Ambulances from the Coney Island Hospital.
the Norwegian and the Kings County hospitals
were summoned, and sorn- of the more seriously
injured wore moved to the hospitals. Policemen
and firemen aided In taking: several from under
the overturned car. The motorman and con
ductor of the motor train, and the flagmen were
locked up pending an investigation.
A similar accident occurred at the same
Place last summer during the Coney Island sea
son.
George <'■ ' ~ - '■ " lh "
signal to the n I
ahead Patrtek O'Dont I ' ■
that the tr ■ sy car disregard*
' ' '
three
Mrs. Alice Hughes, ■•' No. 567 52d street, the
most seriously injured, was pinned under the
wreckage, and it was necessary to rai»e the
car w ith jacks before she could be removed.
TRA A. M'CORMACK IN RUNAWAY
Ira A. McCormack, head Of the electrical de
partment of the New York Central Railroad: Er
nest Harrvtt and <1. & Wright were driving »n
a double suited waenn to the Harlem Railroad sta
tion in White Plains yesterday when the tram
was frightened by an automobile ami ran away.
overturning the wagon and throwing out the three
m-->n ami William a Step!. ens. the driver.
Mr McCormack suffered a fracture)] rib. cuts and
bruises Stephens waa cut over the eve and bruised
in the side an.l ankle. Mr. Wright's collarbone ••■
broken and Mr. Barrett suffered a scalp wound
and -. sprained wrist.
TO PHILADELPHIA EVERY HOUR
„„ rh* ho ,._ in ] hour* Pee N<-w Jersey Central
t?h*dule on P*S- '= ties THAT BIND TWO
GREAT CiTIE3. T Advt.
PRICE TIIREK ( KNTS.
BIAJ OH MET. CHARGES
COMPANY. THROTTLED."
Sot Looted or Watered, He Says in
Com prehensile Statement.
In defending th* former manarir and di
radon of thn Metropolitan Street Railway Com
pany Tin -F. Ryan dented Ia« r.i sht5 ht that the
company had been overcapitalized, that enor
mous profits had b~-n made by rtnsfders
throush construction ■trad and otherwise, or
that in the purchase of the Wai! & p>rtlas«s
Street Railway the -insiders.- himself. P. A D.
Wldener. William C Whitr.ey. TW DoUa
and William A. Elk'.ns. had appropriated 51H.
000 each for their own personal uses.
-The company was not ln«ted." asserted Mr.
Ryan; "it was throttled." The failure of th*
3 - face lines, Mr. Ryan said, was due to the.
foaming conditions, -mainly the result of state
interference.":
f?ork ha nvf cen?r t ron?" a -little more than thr«
C^ Bon8 ond _ En .rmo: ; - Increases In ««£«» «J^
franchise tax alone baring almost couwea *- c
frn's burden of taxation - - _.«««
TWrd-Th#. extraordteanr '™z~^n o! *v<>*.
t-affi.-. r^su!tir.« in str^atly btcmsed COSI rt "^"T
at on ar<! ma:nter:an< c, «n<l at.'--> Irs an abnormal
hur-i^n of aerldew <-;a:rr.i» this item alone amourt
0 " y " AT - " aU "' Mr " " =t ° f t
Fourth— The mmpoiitiori cf mitrmyj finr«. tu!i:
wlrh t'-e aid of the city's credit. '-
T>;».si» causes have reduced the net »*rnir.z» «»
♦ »!«. sv<=tem fully JikOßft,*W » year, or more than 1>
per cent upon the companj'a c<ipiial stoc!i.
Mr. Ryan ?aid that at no time in the his
.... company did the combined stock
holdings of himself. Messrs. Whitney. Do;a.t.
Elklns ar.d Widener amount to a quarter of the
total stock '..-sue. He sa:<i the company's pres
en outstanding capitalization of J32L.000.W*)
represented actual ca.-'n taTestmeota o k N«>
24«>.«»«\ He emphatically denied that either he.
Mr. Vreeland or any other of the financiers al
ready mentioned ever had a dollar"? worth off
Interest in any construction contract, and In
detail he refuted many such char???.
REASON FOR HIS LOXG SILENCE.
Mr. Ryan said that when h» appeared before
the grand Jury he told that body that he hai
prepare! a "succinct statement" covering tha
chief features of the history and present situa
tion of the Metropolitan Street Railway Com
pany to the ""best of his kr.o-arie'iz" arr-i recol
lection" with the intention of makteg it pubtte
at once. "I did not so publish it." said Mr.
Ryan, "because I was informed thai the ques
tion was to be brought under official brrestiga-;
tion and was advised that it was improper for
m° to do ?r> then.
-If I had realized." continued Mr. Ryan witii
a touch of bitterness, "the e^rer.t ~? the rr.'.=rep
re entatirn ? and vilification to -which I haw
r-*en subjected during the last five months. I
doubt if I could have b«en rt«»terr"*l from mak
ing the publication. But. a? I told the srrand
jury. I hai not done s.^ for the reason «*te*
I t'r'e^ submitted th» statement to them an-i
a?W the privilese of placing it before the pub
lic "
H- then ?iv. out the statement After char
a^terizinß the "current" charges 3Z3tr.3t tna
directors and fomer management o« Otm corr<
pa"y as false, this statement ?"*»? l- tr> tha <P*f"
tio'n of th>' "■ , Va '.vcralU7«ion. The history of
its capitalizari-n fmm 1^" to IS9B fonotrs:
1-, ts<t rv- n-rr^noiitaa Trvi^n Company of
naJd '•'to thm treasury in cash »"■'*:*•. „!~
SSeniiy tihe oa P -tal doubled and *»«* %S,,
c^hfpalTm 4 SnSTSIe It iS «oc* at 9 .as
rtnllv le^tir-uiTA It «» a new rentore, ar..i sue-
StoSomT™ obtained with ftimculqrerwi gpon
the terms *~*'*d. i' 1 - I®2 the Metropoßtan Trac
tkm Smpany of N-w Torh «' teort with an
g, u ,, nr * z< ,,^ ,-a"p;-aI *>t J3P.W9.OfIC. It boa«!it all at the
«tr>ek of. the i Metropotftan Traction Compa.-.y- n.
v« j» r «v paying J"^> a share la ! .ts own stock.
amounSmpinTrie arere-are to DIOW.W. and soM
»h« rerr-iir"'^ V '*'*' '**> tor ca?h at ?*r. Result:
T^J^rtraVis^e..-^.0.,^. representing r3.m
of cash pair! in.
In ■.-■- Stroet Railway Com
pany was formed as an operating company ar.d
acquired from the Metropolitan Traction Com
pany certain stocks, the list of which Mr. Ryan
g-ave th° grar.d Jury, as follows:
r-fcambfrs Ptr-*t Ferry Company JSCO,f.«>
Houston. W>»t Street i Parocia Ferry Coca- -,_
Er V V-.vi--' RxlVr^d '• «n*P iri L ?SSS
p^r\^::U--^j:^:----::::- : *%$%
-.
TjuJ «I«.30».0«l
Mr. Ryan explain* in hi? statement that thes»
stocks ha.l boen bought by the traction com
pany from time to time dlre.-t'y from the <-Tiari
na j owners, and were sold by It to th« Metro
politan Street Railway for tie same par amount
of the tatter's stock, -which hi turn was pur in
the treasury of the traction company; "result
heir.z." ?a:d he, "so far as outstanding shares
v.*t-* concerned, no chansre; tot.^l capital issued.
J30.000.000> representing JIS.OOO.C**) of paid In
cash ■" Mr. Ryan then gives the history of the
company through the >-ar? ISO* IS&7. ISOS ani
l^'.O as follon ?:
R -
■
-• ■ ■
■ •
-
In the following year, after S7.CKTO.OOO of ne-r
stock had b^-^n sold to shareholders at ISO.
the result was: Total capita] Issued. J52.00»\
f.OO. representin? |44^<HMXKI of ca?h paid in.
"To the cash paid in." says Mr Ryan, "should
be added interest for the period durtn?: which
it yielded n^> return in the form of dividend*
upon the «tock which represented it. This from
ISsJ to I"9< amounted to $5,040,000. thus ma*
in? the total cash Investment $«».240.0m0. But
from this s;:m should be subtractrd $*»OW.WH>.
representing debenttirea distributed pr» rata
amor? the shareholder.-*. This leaves $43.?t<>.
004 of actual tasii investment, r^presentias $i-.-
OAO.OOO of ?t«>cU now outstanding, or JS3 13 v-t
share of Jlt>o eachi."
DENIES "INSIDERS" PROFITS
Taking lI P the subject °f alleged profit* to
"insiders.*' Mr. Ryan says: "The common accu
sation H that many millions were made by at-.
sld<Ts through construction contracts ana t>th
erwlse Neither Mr. Whitney. Mr. Ryan. ilr.
Dolan. Mr. Wtdener. Mr. EDtfns nor Mr. Yr-e
land ever had a dollar of interest in any con
struction contract «>f either the Metropolitan
Traction. Metropolitan Street Railway, or arty
subsidiary company ct-nnecti'd with the s>s
lrrr»." lr> r<?rar.i to the cost of the Lexinir:. r»
avenue franchise?, property consents. ecmstrßC-i
lion and so f>rth. Mr. Ryan sat* that, "al
though critics ha.l estimated such costs at $2.-