New-York tribune., 1903-07-28
CLERKS AS CORPORAT0RS.
BANK PU~ UP $4,000.
Got II BacIas-Fight against BT0H''
Tntcrbor0ugh Continued.


Before the state Railroad Commission yester-
day the Union Railroad renewed its fight TO
prevent the construction Of another trolley road
in The Bronx by the Interbo-ough Street Rail-
way Company and Its efforts to prove that the
INCORPORATION CT the Iuterboroush company was
wash transaction that complied merely Wl'h
the letter of the law. and that the money uset'
in incorporation had been turned over 70 z
bank for its
w H Page, jr, represented the Union roau'
while George W. Wickershan. of Strong & Cao-
walader. witt ex-Senator Charles l. Guy ap-
reared for the applicant company. When the
commission adjourned ten days ago MI rage
promised at the next meeting to prove that the
incorporation OF the Tnterborough company haa
never been perfected ard that the S4OOOO-IO
per cent OF the capital stock-had not ben put
up in good faith.
William B. Bryant managing clerk with the
banking firm of Wood Havemeyer & kearneS'
now Wood & Havemeyer. testified that ne was
an Office boy at 50 a week when he signed the
certificate as one of the cOrporators OF the
Interborough company. in March. l9U2 Mr.
Wood asked him to sign. Mr.. Wood told Finn
the idea was TO build line Of street raI'f
in The Bronx and asked him to subscribe for
ten shares and to sign the articles OF incor-
poration.
He was present when the $4,000 in cash was
paid in and voted on the election OF trustees
Mr. Wood and Mr.. Kearney. 70 take charge OF
the money He did not see the money before
the meeting. Mr.. Wood produced $SSOOh and
Mr. FransiulIi. another Of the directors. S2,O1o
Eight Of the fifteen corporators were mem
bers or employees Of the Wood firm
Robert c. Wood. president OF the INTERIOR
ough company. replying to Mr.. Page said ne
got the $4,000 put up at the corporators
he baO NIX he SNDDOsod
Havemeyer gave him some bills. Mr. Fransiuili
gave one 81 OOO bill Mr. Havemeyer gave sew
enteen 1000 bills. Mr.. Wood handed In eigh
teen 1.OO0 bills. He did not remember who
handed in the others
Before the meeting Of Incorporation, Mr. Wood
said he understood his hrn-WoOd. Havemeyer
& Kearney-advanced the S4O,OOO. Mr. Page
declared the circumstance showed that the
money was brought from the bank to fulfil the
letter of the law and the moment the directors
meeting was it returned to the bank
The methods of the transaction he declared.
showed that the money was not paid in in good
faith
Mr. Wickersham responded that the money
never ceased to be the property Of the Inter
borough Company after it subscribed; that
checks from the account of the company had
been honored. and that the ansfer of the
money from one account in the bank to another
contention of the corporators that the $4,000
was advanced in good faith
Mr.. Page wanted 70 learn II the money came
from the Bank of North America
No formal written declaration OF trust had
been made Mr.. Wood said, when he and Mr.
Kearney were made trustees of the $40.OOn In
accordance with the res buttons passed al the
meeting they accepted the trust and deposited
rhe money in bank trustees. That was en-
March >, 1902 and on April IL the money was
deposited to the credit OF the Newburg com
pany che, ks against it were signed jointly by
William Kearney treasurer ard W. 5. Wood
president. The money expended for
purposes OF the Tnterborough Company
Elmer Allen a real estate des 'er and property
owner in Aqueduct-ave.. living in Fordham-ave..
was called by MIR. Page TO testify that there is
no demand lot a trolley road IN Aqueduct-ave
Cross-sx xamined ny Mr.. Guy, Mr.. Allen said he
had no knowledge that the facilities afforded
by the Union road were grossly Inadequate"
lie admitted crtticisins tie management Of the
road more ,han once but said it was improving
gradually He saw present necessity for ad-
ditional trolley roads although he believed the
present facilities should be improved by addi-
tional rolling stock
a petition OF protest against trolley system
in the avenue fled by the owners OF 4.lOO
feet in Decarur-ave The avenue is only 5000
feet in its entire length
Thomas l. Reynolds owner Of one lot In
Deca tur-ave. and entire block in the adJoin-
ing Webster-ave- asked TO be heard He is the
president OF real estate corporation He said
his experience showed him that the value OF real
estate Increased with increased railroad facili-
ties.
Enoch Brainerd. who said he rep, esented
Henry D. Purroy. objected to a line in Decatur
ave, but told the Commissioners he hoped
they would let the InterborouGh company build
its lines
is II not a fact?" Mr.. Guy asked that the
facilities afforded by the Union company are
grossly iraGeQuate?'
"Damnahly So" replied the witness. I am
cripple and I have suffered considera bly, because
OF the lack Of transportation
The Commissioners adjourned 70 meet again
to-day.
ASCENDED MOUNT MKINLEY.