New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-16
A NEW SURETY COMPANY.
coM1No HERE FROM PENNSYLVANIA TO COM
PETE FOR THE BONDING BUSINESS IN
THE ENLARGED CITY.

.cour,So HERE FROM PENNSYLVANIA TO con-
PETE FOR THE BONDING BUSINESS IN
THE ENLARGED CITY.
The arrangements are nearly perfected for the
entrance into the New-York financial field or sun
another surety company-the Surety Contract com
panv OF Pennsylvania. 1t has been reported that
John c. Sheehan 1. the promoter Of the new enter
prise but Mt. Sheehan last night denied that al
though he said he held some OF the stock. 1t Is
further understood that the new company may Dc
an active competitor with the United states floei-
ity and Guaranty Company, OF Baltimore-ln tho
management OF the AFFAIRS OF which company IN
this city Andrew Freedman. a close friend OF Rich
ard Croker. and Randolph Guggenheimer Presi-
dent-elcct OF tho Council will be promlnen-for
the class OF semi political business heretofore
transacted by the Fidelity and Deposit Company
OF Maryland Of which son OF Senator Platt Is
local representative The company. It Is said. VIII
rs prepared TO bond employees OF tho consolidated
city and guarantee contracts for public work SUCH
as street improvements. and also has IN view the
guaranteeing OF the contract for the building Of
part OF tho underground rapid transit system In
which n syna!cate headed BY John c. Sheehan Is
said TO BE Interested
Il had been reported that :ho presidency OF tho
new company had been offered TO Charles {. DICK
inson y!ce-preslGent OF the Colonial Trust Com
many and Mr. Dickinson yesterday confirmed the
statement Some OF the capitalists said to be IN
;ercsted IN the project arc Brent Good Wi
s,on H. Brown, Thomas A. Mcintyre. j. a Jun
ard George ". Young. Emerson McM4IIin Iheo-
dore H. Price and Henry +. Dorenus' OF ms e'y'
Senator Quay and ex-senator Cameron. OF Penn
.vlyanis and Charles T. Yerkes. Of Chicago with
tho nrrn OF Browne & sheehan. Of No. l5s broad
WAY IS counsel FOR the company. To q tribune
reporter. who asked him yesterday wheh inc ne"
company would probably start n ouh4ness mere
az Judge Edward Browne. Nr. sheohans partner
said IN substances
far she
.,,v am simply ono OF four counsel retained by mo
,,-.c,o-, 20 look into various legal points con
nscted with tho establishment OF tho corporation
u, to. ne nya'rs Of tic company IN Pennsy vania
slncs lts corporation Tho company was msstTth
poratoa IN H. hs ony three Of The kind ever granted
IN thai State II had other powers In sdaitlo h 10
H7r isot Of building roads in various parts OF inc
state-but such a r.ght OF c S' .mert sorne
,,ne IN Harrisburg looking into no compAhy ,
aiyalrs the reEu.i Of my Investigations oe'nS en-
..,-,. ooices OF tho company were at nrst at
Meadyi!e renn and lattery have ocen " Tor Tho
deipha The eap@I on IN PennsyIvania was
nadcduate 10 the requirements OF mat sat- s
%ew-Sork com med. and. accordingly HHs "ect.
,rc~easeh 20 $4,000 one q the counsel mas mp'
yc, given his opinion upon the s1ec, oop and then
,ha compauy VIII open It's ofices-- probany ~ , ue
Postal Telegraph Buding-%n me ;g1S he enter
rise Men OF financial weight are behlnd H.; s h
an abundance OF capital Is asslrea ne,r va
~ ed are not Int ercsted In we coHtpS'y
hm v" being one Of The counsel should NOT Zee,
49, 49,, revise the list for you. The mention Oh
-, s..ban's name may have arisen from the CIR
cumstance OF some OF the leFai Prs"i MN heynS
haor irtrusied TO the firm OF Browne oheehsn.
am entirely satisfied. though that NJ. c ~ o.
IL not Interested. either Directly OF '''o'e'"'' "
The Colonial Trust Company acts a: Do ~,
,or the subscriptions TO the capital STOCK OF sito
a"retv Contract Company: but the TWO corpora
lion. ara not related In any way