New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-22
NJ. s. R. LEASE IN COURT
VIGOROUSLY ATTACKED BY TREAD
WELL CLEVELAND FOR THE
CONTENTS
COUNSEL FOR THE METROPOLITAN De
FEND THE ARRANGEMENT WITH
INTERCRBAN COMPANY.

defendant company 10 the Interurban Street Rail-
way Company We're the motion calendar OF the
Supreme Court yesterday morning before Justice
GlIlers-eeve- The Two actions are similar ana
after consultation among all the counsel engaged
in them if was arranged that the cases be heard
together Justice GLdersleeve then adjourned the
hearing until o'clock
There were present n court al that hour William
D. Guthrie. Paul D. Cravath. Edward Lauter5ach
and ex-Judge Charles ?. Brown. representing the
Metropolitan and Lnterurban interests; Treadweu
Cleveland, representing the Contents; E. ElIery
Anderson. VINO appeared in behalf of Isidor Worm
ser. tr.. and William C.. De Witt. Of Brooklyn
another representative OF the dissenting srockhCLd-
. ers. George Alfred Lamb in and out Of the
courtroom several times in the course Of the argu-
/ menr which occupied the time Of the court until
o'clock, the speakers being Nessrs Cleveland Guth-
RE, De Witt Brown ana Anderson in the order
named At the close of the hearing Justice Glider
sleeve reserved his decision. and directed that all
the papers. including briefs should be submitted
TO him by Tuesday
The argument was opened by Mr. Cleveland.
VINO gave short history Of the injunction pro-
ceedings uD To the present time. He said that the
tease Schelue had been launched upon the Metro
pohtan stockholders by the directors Of the road
Ike thunderbolt out Of clear sky. Here is a
company worth untold Millions he declared
seeking 10 barter away its stock and franchises
/ 10 concern Of whose responsibility know
nothing Until yesterday doubt # bur few per
sons ever heard of the Interurhau Company. Ac-
coTalHg 10 the circular issued in the deal the
Metropolitan needs 100000 That is easy. Why
I don they go out and get it, They had to have
another company. so they took this little Inter-
/ urban Company and increased its capital stock
Mt cleveland then Tecited and commented upon
/ the principal points Of the agreement between the
/ metropolitan Street Railway Company and the IN
/ terur1an Company. DausiuE and then 10 re-
mark that he had come into the case only a day
/ or SO previously. ana that he would be glad
/ have Mr.. Guthrie correct him # he should fall
into error in his statement of the case Nj Cleve-
Teri T-T
severity. coutending among other things that the
Interuraan Company was merely a blind" TO
enable the Metropolitan Securities Company TO get
hold of the Metropolitan road. and that the guar
aEjee OF Metropolitan stock was vaIueIess. while
on The other lauC the earnings OF the Metropolitan
babe fair TO De far in excess Of the per cent
yearly dividend 10 which il was proposed 10 re-
strict The shareholders.
This q bold. remarkable plan Nj Cleveland
said sarcastica--y. by which q small band OF Wall
Street ana Pine Street gentlemen nope 10 get hold
OF an enormously wealthy property Why does the
Metropolitan wish 90 sel2 Are there any serious
judgments against IL No. on the other hand It
has A2o4"o II unp-edsed securities in its strong
box II the road needs money. why are not those
securities pIedged2
In order 10 finance this proposition. the shrewd
very Observation-Disclosures do not have 20 put up a
dollar except for lawyers Gees and printing The
Morton Trust Company is brought IN. The Metro
poA-an company places 100000 worth Of seclri-
ties with the Morton Trust Company for the Inter
uroan Com9a-y. II is a singular thing that -1is
80 90 - i.4N- Up 'E some one man " 10 was
- 80 .-- ---se Oh 2 y -. against the tsiuvh-
81, We soutead tRat i is not within the power OF
-s -nrl i1---,t t-A-E2al 10 execute this lease Il
, - a. "-sA % 1l-t-e no persona charges,
800 ~ t'e y one mai can not De couutenaE-cel-
~ ----.-'- anu ---, ----
49, 49, -, ~ .l-S 20 AT E-eFeianu declared
We're without foundation, and that in his charges
go ~ q - ai' tN.eiil gone OUTSIDE
almost all ~ me -l-s IN 49, ne aaS' ma
UNION irfs--ra-'-- - 80 - ,r7t lr4pt-s were
criticised sharply NJ. CleFelaud.s structures upon
-7 ---, So III me -i'a-'l-- plan under discus
- Il e.ei- were any animal -Taiurs TO Dee
-. s- No. - - L-r t--si thetF .'"yers t5r
- - --- gl5T -eAnt IN accordance with the
-. re.e,,,g 80 --'i re li Geo 20 o-t.lAe
H---- --c -'17t ~ Nlr'-
tr--. ---, ~. 80 ..4'i- --r -hrj-'i9.-
49, ,r 80 60 e. .--1s d. u sld..a-l-t.s
s-- .-.eEr --a4 otrl --st year a 2ehcit "
adverse 20 ne. ,Itr.e-- "a. ~ , an -e $50.
by SO much Mr. Nree-auds affidavit also showed
s5I'-- ~ ~ ~ o..-s De lot '-'eEt- ys4'7 q
petition from he Undetermined road T-r5a- NJ
circumstances and also in view OF the fact rha-
eighty miles OF horse iIw4y remained Il, Ire
the directors % be best FOR the whole BODY Of the
stockholders rnar an arr. rg4rrar- sro-4 he ~,a9a
such as was coUrarTTDI sr-G In Inc go ~ m IN
rerLrtar olrluarv. the stock which WIS gy-rr.F
bv rhe Afetr0uoi-ar SECURITIES C6rr-a-,, tn geii
the Thirg-aya stock vrof7I1 have f...r 70 gag-4-
nee n as so many +hlrrseri s,,a-as -r-,I.5 -
without r-linG-Is loss To -afsa airrSr az, tt,-li
ing Inc stool, or Inv iesrIfUry hnrTs r-a -,rr.,.
needed for r.r-arr7.-.s Wiz me min -, -
rha NIar-1n0Iirs1 system b--al,- ag1I -. ~ 80
dividend re,lr.ireru-rs yy5rIs nave --eaTr me nj
t2H n E4-le OF ne stock causing loss and hard