New-York tribune., 1906-10-28
HEARST COIN IN POOLS
Estate Allied zath Financiers He
ReWIed, Is CHARGE.

That the Hearst estate. "of which w R. Hearst
is the direct beneficiary and the ultimate owner
mad for years participated in public franchise pools
ana syndicates in this city declared in a long
and circumstantial article published Yesterday In
The New York Herald" with the additional as
sertion that the estate had had close financial re-
!auons with THE men who being reviled
by Hearst and denounced as thieves and robbers
by the nominee and his newspapers"
The policy OF the Hearst newspapers It Is
charged. has been TO maintain silence concerning
syndicate deals in which the estate was interested
until after 1t had sold out at high prices, where
upon the papers would discover that these syndi-
cate operations were outrages upon the public. It
is also alleged that in 1895. when the Hearst papers
were zeaIously advocating the election of w. J.
Bryan to the Presidency, the Hearst estate which
had supplied the funds for the establishment OF
the Hearst newspapers. was engaged In buying
sterling bills in London. convert all its
available cash into gold in Bryan was elect
ed; and that II that campaign. when the financial
resources Of the country were being strained to
avert a panic, the Hearst estate q large and
persistent seller of United States bonds.
Referring to the syndicates with which the Hearst
estate Is alleged to have been identified Tho Her
aid' says, In partt
The recent operations OF the Hearst estate
In Wall Street in getting in the bad company
which the nominee condemns, it IS said. include
perhaps ten twelve OF the more important syn.
dicates
Those that were particularly mentioned yester-
oay were the MecrOpOUtan ITaCIlOn Company III
which the estate was for long time heavy
Etockholder the stock OF which was sold by the
estate at the top notch OF about 26o; the Tobacco
Trust which was formed by the Same Thomas 3.
Ryan who now rides IN the sightseeing automooiIe
OF the ''Plunderbund" IN Hearst cartoons; the
Kuhn-roeb syndicate which was formed Just after
the Third Avenue Railroad Company was wrecked,
which exceedingly profitable venture. ana
the Lexington Avenue syndicate. which was created
for the extension Of the Metropolitan Street Kali
way lines from 2d street to Harlem
These Eyndicates were all formed to make money.
They created to develop new systems OF trao-
ton on enormous capitalization. which has re-
suited in keeping down facilities in the way OF
additional cars order that dividends can be PAID
on the stock and interest on tho bonds. In this
way the Hearst estate prodted to the extent OF
millions Of dollars, while the Hearst newspapers
tSa Ts1s city Of q New ' YoT2 it is pointed
gsr.to1 thft b not T2Ta Dna of s
during the great fight ST. Sf the ang RFTRefSs Ss Me
pGEse Facts o6tsined by The Herald, Friday show
estate O0nsSn at n gyaaSss' ana IN
ssS which n had for their purpose the sale
stock to the public at higher prices and IN the
OsOa Sos 0a f 1ers sst .as he snd me SS In
the famous syndicate which sold bonds on ,s the
ha bdt t Vas dssy atsfy sa4nea
Furnished ds Sh fSnSs rsgueS s9 IN the Of the
great tobacco trust the Continental Tobacco Com
AS the associate or Wnltney ana Ityan,
Esarsts estate participated IN the underwritl5ng 5g
of that Continental Tobacco Company which was
arterward consolidated with the American Tobacco
Company: Again, Hearsts estate participated IN
ington avenue and Pavon!a Ferry division OF Cne
Metropolitan surface lines.
It was learned that the Hearst estate partici-
pated In numerous other syndicates formed in the
development of the Metropolitan traction lines. the
imitation Of capital in which has resulted in our
tailrnent Of proper facilities 10 the pubic, II ls
taken by the Hearst estate from tbs Metropolitan
Street Hallway syndicates meant increased charges
the present ira ction properties.
Hearst in the gUise OF Wall Street trtcxster
was also disclosed when 1t became known that
the partiopations IN the several syndicateS-nine
Of them have been uncovered-were taken out In
OF Edward II. Clark Clark has ONCE in the
Mills Building. in the Wall Street district. On the
directory Of that building his name appears along
with that Of Phoebe A Hearst. 1t is understood
that Clark IS the trustee and co-adyiser in the
poyment Of the Hearst millions.
The financial operations IN many cases were con-
persons firms 10 whom the syndicate managers
would be compelled 20 apply for the cash payment
when the participation fell due. Hearst and his
estate maintained accounts at these brokerage con-
fell due were charged TO these brokerage concerns,
which in turn. charged the payments TO the
count Of the Hearst estate
In reply 10 questions in regard to the activities
in Wall Street OF the Hearst estate addressed TO
W. r. Hearst and to Edward H. Clark, the latter
attorney for the Hearst estate in this city Mr.
Clark last night stated:
The Hearst estate IS wholly and absolutely the
property Of Mrs Phoebe a. Hearst. The entire
amount Of Senator George Hearst's property was
left to his widow. w. R. Hearst has not and
estate He has never had the slightest part di-
rectly or indirectly, IN the management of the
Hearst estate.