The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-10

Trust Bonds was MekinB t"o "ep"o
ucan Voter Into Citizens Party Man
Proposal 10 Repeal the Charter Of the
Great Mercantile Trust 60. Brought
>o settlement with the Governor
ndollism represents number of sys-
,,ns. One system is eXemplified by the
connection of Governor Chairman Odel
with the United States Shipbuilding Com
many bond underwriting scheme While
t;oyernor Of the State he specialized in the
hind pool venture of these bonds. Alonzo
Cornell was the only blind pool Gov
ernor" before Governor Chairman Odell,
and he hasn't been heard of these twenty
wears. Governor Chairman Odell, while
Governor of the State. subscribed for the
bonds through James T. Boothroyd,
distant relative, who is connected with the
firm OF Alexander d Green. Governor
chairman Odell paid 90 for his subscrip-
lion and had 1888 OF the bonds allotted to
him. On Aug. IL, 1902, lie paid first in
ssllment of 500 900 for the bonds, and on
Jan. :. 1908, he paid the balance Of 500 200,
receiving in addition to the 1873 bonds
bonus of 500 shares OF the preferred and
boD shares Of the common stock.
The lind pool went to smash and Gov
ernor- Chairman Odell. on Aug. II. 1904,
brought suit in Newburg to recover
$4,000. with interest from Jan. Z. 1908.
His counsel said at the time that the suit
was brought in Newburg in order to get a
Quick trial. Nothing has been heard OF it
since and Governo Chairman Odell has
not been settled with.
Odellism is a system Of terrorism. among
other things. In the closing days Of the
legislature Governor Chairman Odell I'M
,ertook to use that body to pay of his
score against the United States Shipbuild-
ing bond people. He never fights in the
omen and this is another feature Of Odellism.
All last winter in pu bile interviews and In
private conversations he declared that
he would send some Of the United States
Shipbuilding bond people to jail by means
OF a special Grand Jury, sitting either in
New York or in some other county. and
that he would designate the Supreme Court
Justice before whom the alleged offenders
would be tried He has not yet carried
out these threats.
In March last Senator Edgar T. Bracket,
the Odell Senator from Saratoga Springs.
who with three other Odel Senat tors, Elon
r.. Brown Of Jefferson. Henry T. Amber
of CoIunabia and Esthaniel A. ElsberR
Of New York city voted against Senator
Platt's reelection to the United States
Senate, prepared a resolution to be intro
duced in the Senate calling for an investi-
cation of the United States Shipbuilding
bond syndicate but Governor-Ch Chairman
Odell called Bracket OF when he. the Gov
elnor learned that the Democratic Senators
had in their inside pockets an addition to
the Bracket resolution which instructed
the proposed Senate investigation COM
mittee "to inquire il any oflcer Of tho State
government by his conduct had iinpugned
the honor OF the State GoveTnor-Chair-
man Odell, when he learned Of this pro-
posed addition to the Bracket resolution,
refused to let Bracket 60 ahead. and so
the resolution never saw thu light OF day.
1t was said at the time and has been
reiterated since that despite any threats
pf special Grand Jury and the designation
bf special Judge eminent business men in
New York city stand ready to give their
Testimony before any special Grand Jury,
while other business men OF equal I'M
nortance declare that the outcome OF q
Special Grand Jury might be an indict-
fnent to be followed by the arrest OF promi-
hent Republicans on the charge OF criminal
tbel.
Everything else failing last spring to
bring about a settlement, Governor Chair
man Odell's personal friend, Senator Henry
=. Amber Of Columbia county, on March 81
introduced bill entitled An act to repeal
Chapter 500 OF the laws of 1898, entitled an act
10 incorporate the Fire Proof Warehousing
Company and the various acts amendatory
thereof" The bill was referred to the
judiciary Committee, of which Senator
Bracket ia chairman. On the same day
the same bill was introduced in the Assem-
bly, by Robert j. Fish. one OF Governor
Chairman Odell's stanchest friends in the
lower house Fish is from Madison county
and is chairman of the Assembly Judiciary
Committee, to which the bill was referred
The bill introduced by the Governor
Chairnan's personal friend. Senator Amber,
would have repealed the charter Of the
Merchantile Trust Company, in New York
dty. The point was that the Mercantile
Trust Company was the trustee OF the
bonds Of the United States Shipbuiding
Corporation. II knew nothing OF and had
nothing to do whatever with Governor
Chairman Odell's subscription to the under
writing Of United States Shipbuilding
bonds. The Mercantile Trust Compsn y
Was merely the trustee and was not at all
concerned with the GoNernor-tnRlrrnan
ventures or the adventures Of any man in
this United States Shipbuilding Company.
dreadful feature Of the bill introduced
hv Amber. the -Chairman's
friend. in the estimation Of business men
who know OF this matter, is that COM
Iany of the magnitude OF the Mercantile
Trust Company should he at the mercy
Of man like Odell or a man like Amber
The Mercantile Trust Company is regarded
as ono Of the great financial institutions
OF the country. It's stock is selling AT
N'mo for each 500 share. The bill of
W'"ll's friend Amber gave no reason what
over Why the charter of the Mercantile
inst Company should be repealed. The
nll| merely read a. follows:
section Chapter 500 ~ the Laws of 1868
Quilted An act 10 Incorporate the Fire
root Narehonslng Company, IN amended
Nv Chapter is5 Of the Laws Of 1859 and ny
Chapter l?I Of the Laws Of 1870 and by Chs per
rs ri tho Laws Of 1874 and by Chapter t?5
"' VI" Laws of 1880. is hereby repealed.
section . This act shall take effect inn
m"diately
Nh la, 4l.t 4 Ill