The sun., 1903-06-17

haitian Elevated. or have so invested We
money as TO best develop the transit iac'll-
ties of the island ISL
vatHd? wh;,n.r o,.uod ,hs co,,ro, or the
stock. so that the transit facilities oi all Ne"
York would he improved.
Mr.. Whitney was asked If he had any
interest in the Metropolitan Securities
Company, even 20 the extent of parlicipat
ing in the allotment, by Kuhn. Loeb Co.,
of the SG,6 10000 of the company, stock
He said he had only his proportion accord
ing to his Street Railway holdings
Augustus D. Juilliard and Thomas +.
Fowler We're the first TWO witnesses OF the
day. They are both directors of the Metro
politan Securities Company Mr. Juilliard
became interested in the company al the
suggestion of Mortimer Schif son of Jacob
II Schiff He subscribed for 1000 shares
of the stock of the Securities company
half for himself and half for an institution,
in which he was Interested. Mr., Fowler
subscribed for 100 shares
T. p. RYAN TELLS OF NEGOTIATION.
Thomas F. Ryan testified that he lived
in Low Bridge, Va, and that he had been
Interested in the Metropolitan Street Rail
wav Company and its predecessors for
many wears
O. Was the interest a controlling inetrest ?
Q. How large wa, the int"ress' Of YOU and
n,
say. Maybe 10 o. IL per cent,
-, @, When we're The negotiations reec9rding
the lease to the interurban concluded' - 4.
sG shoe I sohome 'T"r" nenry fell "a throuyh two
days before it was ratified. Mr. whitney
insisted that the whole s3r ooo. 900, should
Schff thought thnt the Metropolitan Street
Railway people ough to he satisfied with
Whateyer earnings there were and that the
M"trOpoltan StocEhold"r' should not have
the privilege Of subscribing 10 the Inter
urban stock, Neither Mr. Whitney nor Mr..
SchiT would give In for {, while, hnt Mr.. Schifr
/ y" eXigencies of the company. He knew
that I had been carrying, practically. the
sll 900, OOo of the floating debt for some time
TIE witness said that Mr.. SchiT must have
thought there was prospective value in
the stock. else he would have been quite
willing TO have all the subscriptions he
could get Mr. Ryan. asked if he thought
the stock had a prospective value, said
he thought it had.
"Well, said Mr. Stickney, you ought to
know. Do you know of any one who knows
more about the general management and
financing of a street railway than your
self,'
Yes. thousands, replied Mr. Ryan
IAUTERBAcH CALLED
On cross oss-examination Mr.. Ryan stated
that after the Wormsers had issued a cir
cular condernning the whole scheme Of the
called on him. and few days later Edward
Iauterbach called, evidently in the interest
of both sides"
This caused n laugh in which Mr.. Lauter-
bach Joined. Mr.. Ryan said that Mr. Lau-
terbach made a certain proposition 10 him,
but. on the objection of Mr.. Stickney, the
witness was not allowed to tell what the
proposition was.
Jacob H, Schiff and his partner. Louis A.
Heinzheimer, We're questioned about the
financing Of the 1nterurban and Metro
poltan Securities companies. Mr.. Schiff
was asked If, in getting the 1nterurban
company, he had had any dealings with
p. Y. Flynn. who was once interested in
Bro oklyn surface roads. He said that his
firm had lent 5000 900 to Mr. Flynn and took
his note, secured by his interest in the Inter-
urban company as collateral. The note
and the check for 5000, 900 were introduced
in evidence.
President Vreeland was the last witness,
but, after few questions, he was excused
until this morning.