The Providence news. (Providence [R.I.]) 1891-1906, 1903-09-24
President and Three Directors
Quit Manhattan Transit Co.
BLAME LAID TO ]. \. H0ADlEY
VIII Ask for an Investigation Of the Com
pany's AftaIrs-Stock 6rsatIy Deprecated

New York. Sept. a-Disgusted with the
company. one OF the concerns promoted
by J. II. Hoadley, the president and three
OF the directors have resigned. after ex-
pressing the opinion that Mr. Hoadley's
methods make the upbuilding OF the bust
ness OF the company impossible. II is
understood that petition is being signed
which calls for an investigation
Those who have retired from the Man
hattsi4 Transit company are Charles s.
Drum mond. president. w. j. Arkell.
Jaues Brady and the Earl OF Kintore.
the last named being a lord i'm waiting
TO King Edward VII Mr.. Drummond
will sail for England next Saturday He
lays most of his troubles at the door OF
Mr.. HCadey.
1T Is largely a question OF opinion"
said MIR. Drummond TO reporter that
has brt ught about these designations.
believed that certain things should be
done ir carrying on the business. Not
being permitted to conduct the business
as 1 thought IL should be conducted,
refused to resume responsibility any
longer. II must not be inferred that
am attacking the company
"On the contrary, still believe that
Its possibilities are splendid. But i came
to New York TO run the business OF the
company on a business basis. and | re-
fused to lend my name to a plan to run
IL for stock jobbing purposes.
MONEY DID NOT COME.
II met Mr.. Hoadley in London less
than two years ago. He showed me the
open field In New York and promised if
i would come here and assist I'm build
Ing up the business that there would be
no lack OF money. A company was To
be formed with a capital of $4,000. 900. and
that capital was to be increased when
the demands of the business warranted
IT, / was promised that at least $1,000
900 would be invested in the company,
during the first year. and that half as
much more would be put into vehicles
10 accommodate the traffic OF this city
After listening to Mr.. Hoadey. / ac-
cepted his offer, and I also persuaded
New York company. We each invested
considerable money. but about that | shall
not speak. for, though have lost money
In the venture ] did so with my eyes
open. and make no complaint What |
object TO is the series of broken prom
ises.
Il came TO New York enthusiastic. I
could see that all that was required was
to get the vehicles into. the streets. and
the business would come to us as fast
as we could accommodate II. And II was
SO. we ulu put n rev NeniCleS into the
streets. and every one has been kept busy.
while the demand for more has been un-
ceasing. ! laid out routes for several
lines T buses. but not one line is in
operation.
Il could not get the money for the busi-
ness. Instead OF the $4,000 600 which
was promised to work with. $500. 900 has
been paid in and 100000 OF assets have
been created by taking over the New
England Vehicle company and the Gen
eral Carriage company.
HoADLEY is IN CANADA.
which to broaden the business OF the
company. Even the small amount OF
capital paid In was loaned at interest ana
not dollar Of the promised millions APP
Mr.. Brady and Mr. Arkell, Mr.. Hoadley
was I'm Canada. and we telegraphed to
him TO return to New York for a con-
ference. He refused to 10 do So and as
the situation was intolerable we decided
to resign"
w. j. Arkell confirmed last night all
that had been said by Mr.. Drummond.
considerable sum of money. and IL is
all gone. But of that | make no com
plaint i had no business south of Four
teenth street. They are too smart for
Several years ago group OF club
members in this city obtained a charter
for tile purpose or operating cabs. car
T1aReS ana carts IN New 1oTk ne CndT-
ter was so broad as to be of great value.
and finally II was created the General
Carriage company OF New Jersey. which
was promoted by J. II. Hoadley. The
General Carriage company had a capital
OF $40. .000 0o0 but II failed To prosper.
Then came the Manhattan Transit COM
pany, which took IL over. much capital
being made out OF the names of Lord
Kintore and Mr.. Diurnmond. Its stock
has been selling on the curb for about
81 80 a share. its par value being $50.