The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-03
DEALING IN QUEER STOCK.
10000 SHARES OF 1T SOLD ON PHIL.
ADELPHIA'S STOCK EXCHANGE.
1t IL the stock or tho KIectro.Pneunatts
Transit Company, whose Charter HAS Boon
Vacated and MARKED ''Voidu IN the
Secretary OF stntc'a once in Trouton.

hEhhbht SoHphhSt SuhFtcT hNhA h1Den
Vacated and MARKED ''Void" In the
Secretary OF States once in Tronten.
PHILADELPHIA, Sept. 2.-William J. Kelly,
President OF tho Pneumatic Transit Company
OF Philadelphia, which has contracts with the
Government TO connect the Post Office suh.sta-
tions in New York city and elsewhere, author
lied n public announcement tonight that HE
company has no afiliation with the Electro
Pneumatic Transit Company-a concern whose
charter was vacated by the Governor Of New
Jersey in a proclamation dated May 4, 1897.
Mr.. Eclly says he makes the announcements
by a desire to protect the public from mis-
takes arising from q confusion OF. the two titles.
The Pneumatic Transit Company Of Phila-
delphia Is II solvent corporation with a limited
capital owned by n few business mon, with none
VI its stock in the market. 1t operates n Post
Office tube in Philadelphia, and secured con-
tracts with the Government to connect the
postal stations In New York and BROOKLYN. The
company is now busy manufacturing the New
York tubes ut its factory Mt Tioga and Men,
phis streets, near Frankford, which is running
night and day. Mr.. Kelly says his company
OWNS the pa ,enLs OF Henry Clay, who is now
associated with the company. but the Clay do
vice Is .npracticahle, and that the switches
and terminals in use in this city, and which
will be placed in the streets Of New York, are
manufactured under patents granted to b. @.
Batcholcr, tho engineer in charge OF the con-
s%truction OF pneumatic guns for the Govern.
ment at Sandy Hook proving station and In
San Francisco harbor.
Since Aug. 81 the shares of the Electro. Pneu-
matte Transit Company, Incorporated in the
State Of New Jersey in 1886, have been traded
In on the floor OF the Philadelphia Stock Ex-
change, the price rising from % cents to 81 o
share. The company has no corporate Office.
The transfer books are kept at the New Jersey
Corporation Guarantee Company's Office in
Camden. William w, Allen, an insurance agent
at 200 Walnut place, is President, and his son,
John Allen, is Treasurer. They refuse to give
q list OF the directors. In the office of the SEQ
rotary Of State al Trenton the charter Is stamped
officially Void"
The company owes the State of New Jersey
$1l 800 for arrears Of taxes. to which there 10 o
penalty added of nearly $1,000. Tho taxes are
owing back to January. 1887, with the excep-
ton Of the year 1890, in which they were paid.
The trust officer of the New Jersey Corpora
ton Guarantee Company, which registers the
stock. was asked to-day II he was aware that
the charter of the company had been declared
void" as shown by Official records az Trenton.
He said he had been informed by William w.
Office Of ". ". Aiien. John ana Alien d the treasures na sa:
admitted that the taxes had not been paid, but
sara IL was expected that they would be.
For the past six days moro than 10000 shares
OF the stock Of the company without q charter
hays passed through The Clearing House q thp
said to-day that the Exchange is mot response
bic for an unlisted security, that 1t In traded in
only on the application Of o member, and THAI
the can only take action upon OFF,
cial notification.
Shown On e y Ii hs' a fseas b Is hsssi rs 1= sasgssnss q q
e report Of a committee Of stockholders of the
meeting in Camden on April, %, 1899; y
showed that of a total capital Of $1,o00,0 600
only $500 had been paid into the treasury,
and this was applied to the liquidation OF a debt
port said the COMPANY had q debt of $4,000
and claimed alleged assets OF $1,000 OF tho
total issue OF shares the sworn report said that
$1,000 were In the treasury, and that $4,000
had been distributed among inside holders,
without consideration. including two blocks OF
1000 and 2,oOo to John Ponder, in the Mills
building, New York. -
financial newspaper, directed attention TO the
fact that this company had no connection with
the Pneumatic Transit Company OF Philadel-
phia, which operated the Post Office tube In this
city. and scored the Governing OF
the Stock Exchange, which nurses a tradition
that II Is the oldest exchange in the United
States, for permitting transactions in a security
OF this character on its floor.
The stock remained practically dead until re-
Gently, when Fred Chandler. a board member.
formerly OF the suspended house OF l.. II. Tay:
Tor & Co. appeared buying orders in II from %
it, 40 currently reported, for New York men.
The public began buying. and over 2O,oOO
shares have been traded in. The. impression
among stock brokers Is that some New Workers.
for IL here, the only place in which it can bs
dealt in.