The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-11
enough tosaxplnir what 1T does mean
sby these and siif.ilnr statements III pre-
slpus articles. The Times ispntcl,
will have pleasure intrcprintlng Its ro.
ASOrIIE,U .IJIsCi.tJkVtIsE.''

will have pleasure inFrcprinting Its ro.
2s1l,lrl;s. tla
ANOTHER aIIsCi.OsIjI,E,
Many outsiders li,lve been wondering
and asking Whats$tlie matter with tile
street carr companies OF New York;
1T has seemed to5them that IL tic street
chr business is profitable III my city
OF the Union, IL sliould bes profitable
In New York. But tho revelations be-
fore the Public Service corpnration
are shedding light II develops tint
In 1902 Anthony. nj. Grady sod4to Will
liam G. whitney, for $sbo.ooO, a fran
cl,isc for the Wall md Cortlandt Streets
trolley line In New York, which Mr..
Whitney sold to the Metropolitan SCI
curities Company for sOs5.5o71?
Mind you, this was no railway at all,
but merely franchise, with an In
junction hanging over ~. With the
check to Brady came a letter from the
conpany's lawyers telling him to keep
s250,O0o and to divide the remaining
s71s,5OT.19 BY sending his personal
check, In amounts designated iii the
letter, to the following:
Peter a. b. Widener s1ll,65:.7S.
Thomas Dolnn, $tl1.652.7s.
William L. Islkins. silL6527s.
William G. whitney, Sill, 65c.Ts.
Thomas Il, Ryan. s111,652.7s.
Moore & schley. bankers, $1sA,o.S.os.
These checks were made out as d.
rected and sent to Mr.. Whitney. All
that the books of the Metropolitan Sc
.curities Company show is that fran
chise to build n railroad-which has
never been bui1t-was bought from Mr..
Brady for sa65,5o71e.
Messrs. Widener and Dolan and the
representative Of the Elkhs estate
deny that they proflted by this deal,
declaring that the checks which they
received were in payment 'of loans
made to Mr.. Whitney But the deal
itself is matter OF record. and goes to
show how the street railway lines in
New York were loaded down with
watcrcd securities When Mr.. Ryan
and Mr.. Belmont organized the traction
merger they added slos,oooOoo to the
capitalization.
Some of the high-handed methods OF
these captains of finance are recalled
by the Philadelphia Ledger. The story
is published In another column, and +,
is interesting and Instructive. At tht
time that the lease Of the Metropolitan,
Street Railway Company was made to
the Interurban. when the latter COM
pany owned but four miles of railway
and few franchises, p. A. b. .Widener
was present with @ pocketful of proxies
and presided over the meeting. He
had the control IN his own hands, ana
he used his big stick Numerically TO
beat the minority into subsection.
When one of the stockholders asked
questions about the lease, Mr.. Widener
announced that he could vote for 1t
first and discuss it afterwards. He de.
clined to entertain any motion from the
minority, and abruptly declared that
| the polls Were closed
lit is an extraordinary perversion,'
Stiiu S1oSG1ilOI I1uSNeS, III HIS faQnlra bic
speech at the Jamestown Exposition
yesterday, ito suppose that the owner
of 81 per cent. of a corporation is free
to wreak his pleasure In its man
agement. The officer or director occu-
pies a position of trust not for the
majority. but for the entire body OF
stockholders; and while he may execute
the policy which the majority desire, /,
must be policy consistent with good
faith and fair dealing for all.''
| The watering of securities to enrich
promoters. the robbery of stockholders
and tile utter disregard of the rights
and interests of the minority-.lt Is
| these ana other abuses and defiance
/ of the moral law and the law of thu
land that have caused the popular up.
rising against corporations, and til,
public are determined that they shall
4 reform.
! AS means Of regulating the auto
mobilc,sa New York man proposes tina.
4 some ingenious mechanic devise an an
\ pliance to be attached to automobile
which will ring a gong or bell an,
4 display a red danger signal when TIL
tsneed exceeds the established limit, an,
which will continue the ringing an,
] the display of the signal 50 long d