New-York tribune., 1903-07-29
OTHER CLERKS HAD STOCK
One Testitfes Before Commission
That Wood Furnished Money.

Hearing on the application Of the New-York In
terborough Street Railway Company for a permit
to construct a railroad in The Bronx continued
yesterday before the State Railroad Commission.
sitting in the Fifth Avenue Hotel. w. H. Page,
jr., attorney for the Union Railway Company. ap-
peared in opposition and George ". Wickersham,
OF Strong & Cadwallader represented the appli-
cant company
When adjournment was taken on Monday Rob
ert c. Wood of the banking firm of Wood. Have
meyer & Kearney, president Of the Interborough
company, the witness stand. Mr.. Page
had asked him about the details of the $4,000 eX-
penditures which one side maintained was not
bona ide and the other side maintained was. The
commissioners had ruled that counsel was not en-
titled 10 the information
Mr.. Pages first question yesterday in re-
gard to the origin the $40 O001O per cent of the
capital stock-put up at the Incorporation OF the
company, which there was the same conten-
ton. Mr.. Wood said his firm advanced it to the
corporators. It agreed that the money
to be used for the purpose of the projected COM
pany.
Mr Wood explained that the $4,000 was deposited
by himself and Mr. Kearney, the trustees appointed
by the railroad company and that before any
drafts it honored it redeposited to
the credit of Mr. Kearney. treasurer of the rail-
road company. While the money in the Wood
Havemeyer bank interest allowed upon it.
Mr.. Page wanted to know if larger interest would
not have been allowed by trust company
the Manhattan company. in which it first de-
posited-but the commission ruled the question not
competent. 1t declined to alter the ruling. despite
ccunsel's argument that the facts OF the change
! of bank would prove his contention that 1t was
intended TO take the $4,000 out Of the Wood
Havemeyer business and that the trustees had
been guilty OF legal fraud.
Arguing in opposition to the ruling Mr.. Page
declared that he had presented a prima face case
of fraud Mr.. Wickersham announced his inability
to see it. and said: My friend and his clients do
just such things as they complain of doing. '
and Mr.. Page retorted. "Why, yes suppose We
break the law every day but they are only tech
meal violations. and not frauds"
The commissioners ruled the tn quoque arguments
out OF order, and made similar ruling when Mr..
Page tried to make the witness admit that the
rates of interest allowed by Wood, Havemeyer &
Kearny were smaller than the ipterest earned
by the $4,000 while it deposited with the
Manhattan company. Mr. Page released Mr.. Wood
and called James c. Hume. city surveyor and en-
gineer to show that the city has not yet taken
full title to Reservoir-ave. Mr.. Page read in evil
dence Chapter 4S0 Of the laws Of 1883. and argued
that the city owned the street for the purposes Of
the Jerome Park reservoir, and had no right to
grant a franchise for the operating OF railroad.
Donald c. Roberts, Clearing House clerk Tor
scrhers to the articles OF incorporation OF the IN
/ terborough company was the next Witness T1iS
fellow employe, William B bIyaI1Is W15o Ssu ii9
subscribed at Mr.. Woods request Mr WOOD asked
him to take ten shares and agreed TO put up the
Mr. Wood asked me to become one of the cor
poTators Roberts said when r & Pags s asKgd moer n
and told him would LEFT the rest 10 M, MN; 4,
the Wood Havemeyer & Kearny clerical force, gave
practically the same evidence
An adjournment was taken, as agreed upon Mon
day until September 2 Mr. Page secured the bong
adjournment to give his engineers time TO submit
terborough company to carry out the terms OF the
| franchise it secured from the city.