New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-15

course OF business at different periods on
the New-YoTk stock Exchange and these loans
Deen u at all times with . per 10 c e
cent margin they have beer. recently and are
now projected while no one Of these loans has
c. Whitney.
W. C. Whitney is quoted as saying in regard
to Mr.. Killing:
President Johnston has shown what sort of per
son this man is who, has tried to raid the State
Trust Company's stock. / do not care to add any
the statement that beneted perggonay BY the
10000 o., loan to Moore & schley is absolutely un;
true The statements made by Mr. Johnston and
Mr. kiburn are sufficient to explain our position.
H. H. VreeIand, president of the Metropolitan
Street Railway Company which is mentioned in
Mr.. Kings arraignment as having received a
loan of 100000. declined to discuss the matter.
He said Mr.. Kings assertions did not interest
him in any way.
Il am not connected with the trust company"
he added. Il am quite sure of one thing, how
ever. and that is that the directors of the State
Trust Company perfectly well able to take
care Of themselves and of the company. The
matter Of the value of the collateral it accepts
for loans is the companys own affair"
Messrs. Brady, Ryan and Smith had nothing
to say for publication.
Charles P. Bacon, counsel for Mr.. King, is
quoted saying:
On May 10, 1899, the Electric Vehicle Company
from SiOooo,06o to si2o0O'O00, and on May Is the
empoye of Mr. RYAN 70 on y shaTe of
preferred stock of the New-York Electric Vehicle
Eeetrc co% na y s SOCKS OF Ns"10rA gas anu
The loan has not been paid unless it has been
done since the filing of our petition with Governor
Roosevelt More than ta the 6f a for b x
was ADDED to the loan The stock IS uRderstooi
generally those familiar with the affairs Of the
shares BY Messrs whitney Ryan, Wldener ana
Brady, the first three Of whom are directors Of the
Now, the point which wish to make is that
a bank and borrow on them to borrow the face
value of certificate check especially If 1t be
secured OF the securities held by the State Trust
Company, $4,000 shares held security belonged to
the industrial companies There were few rail
road shares held as securities.
forty thousand of the Industrial shares have been
taken out, Anthony n: Brady, whose connection
orally clean borrowed s75S,OOO giving as security
and five thousand preferred shares Of the same
company.
lions of the banking laws Had there been but one
or two the case would appear of little consequence:
oversight However in addition LII IN to those already
by shG Ryan rs on
ne books until recently were carried two notes for
time ago and for which i25 bonds of $1,000 face
are now practically worthless.
OHS VINO pTOIeSSeu 10 KNOW attempted yeSter-
day to explain the 100000 check transaction
in Mr.. Payn's loan as follows:
In regard TO that Payn loan the facts are simply
these: The state Trust Company did loan money to
Mr.. Payn as 1t had perfect right to dc. Mr.. Payn
put up good security, and among the other papers
was check for 100000 that drawn by the
Metropolitan Street Railway Company on the State
Trust Company and certified by the trust company.
Several weeks ago, before the complaint of Mr..
King was made to the Governor, it reported to
the Metropolitan Street Railway Company that the
check was being held collateral against the loan
and the company promptly reported the trust
company that this check not to be held as COL
lateral but to be applied as part payment of the
loan 1t was SO applied and the rest of the loan is
secured by good stocks held collateral.
There was special meeting of the State Trust
company officers on Saturday, after which it
was announced that four new trustees had been
elected They are ]. B. Duke, William JAY
Charles 2. Warren and Harry Payne Whitney
Two of these are TO fill places left for some time
untitled, the other two to fill vacancies caused
by the retirement of Willis S. Paine and
Thomas A. Mcintyre Mr.. Paine it is said, re-
tired to become the head of another company.