New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-19


tions in other stock. This was the Electric
Storage Battery Company stock. in which, Mr.
Schley had heard. Messrs. widener and Dolan
largely concerned.
In this set of transactions there were three ac-
counts amounting to $1.O92, TAI "A. The first
IS. H. No 1" account This. Mr.. Schley
explained, was for stock transferred from Mr.
Whitney's holdings at his orders. From March
80 1899. TO December 20 the account totalled
$50 249 06. The first item was 500 Storage Bat
terry at 145. marked wv. C. W." indicating that
it had been transferred from Mr. Whitney's &C
count.
so it appears that Mr.. Whitney was trans
ferring Storage Battery stock. which had mar
ket value OF 165 to 1917 at the price OF 1872?
asked Mr.. Wins.
Yes" answered Mr. schley. 'the inference
being that he gave it some average price at
which he bought It, I don't know anything
about that
The second account was known as m. c." ac-
count, and while with interest It amounted to
SIG, 49S 1S between March 80 and December
20, 1899 1t represented. said Mr.. Schley, only
one days transactions This the purchase
of 1000 Storage Battery at 145, and of 1000
Storage Battery rights'-the right to take $50
shares at par.
The third account was metropolitan Street
Railway Company" kept under the orders of
Mr. Whitney and Mr.. Vreeland. 1t represented
transactions from December %. 1899, to April
% 1901, amounting to $94304 90. These trans
actions were purchases Of in all, 40 shares
of Electric Storage Battery Company stock, in
the open market. The prices paid ranged from
- 10 1000 shares at so.
AS Mr.. Schey left the witness stand he
stopped for moment TO survey sketch Of
himself done by a newspaper artist.
sCHLEY WANTS OWN PICTURE.
Good work" he commented. Give you $50
for it."
Fred c. Cocheu. of Brooklyn. who called him
self a promoter Of railroads. was the next wit
ness He told Of a syndicate composed of Pat
rick H. Flynn. Michael J. Coffey and James
Shevlin both dead, and John Keenan,, Of New
York, also dead, who with himself purchased the
Peoples Traction Company and the New York.
Westchester & Connecticut Traction Company,
roads acquired by the Metropolitan Securities
Company about the time the Brady road was
taken over The syndicate paid about $4,000
for the Peoples Traction Company, he said. and
about $4,000 $1,000 for the North Mount
Vernon Street Railway, which was bought in at
foreclosure proceedings. Nothing paid for
the Edenwald Street Railway; its franchises
We're turned over to the syndicate trustees
franchises were granted.
The syndicate eventually turned over its prop
critics to Robert S. Bussng, representing Will
lam c. Whitney. Negotiations for time were
carried on with Mr.. Whitney himself, later with
Mr.. Bussing and William II. Page jr, Mr.. Whit
ney's lawyer. The properties were acquired by
ar Whitney about 1872, after the syndicate
and Mr. Cocheu personally had procured many
valuable franchises in Westchester County, in
addition TO those acquired originally in 1893 or
1899
The Interurban company, Mr.. Cocheu went on,
was born in his office in Montague street Brook
lyn. when substitution of directors was made to
replace the syndicate's members in the direc-
torates Of the Peoples Traction Company the
New York westchester & Connecticut Traction
COMPANY and the North Mount Vernon Traction
Company Mr. Flynn was captain of the ship
William A Boland, Mr.. Cocheu then remem-
bered. was the man who submitted to the syndi-
cate the proposition OF acquiring the Peoples
Traction Company. and became one of the orig1-
nal seven. He had the contract at which the
company originally was taken over for $4,000
When it was transferred to Bussing It cost him,
with the other properties, $1,600,oOO OF that
81 600, 900 has been paid. and there is a dispute
as TO whether 100000 or 100000 still is owed
on the contract A check for 100000, drawn
Morton
to the Hamilton Trust Company Of Brooklyn,
with instructions to pay for the collateral as it
was surrendered and to pay the balance 20 p.
H Flynn The other 5000 900. Mr.. Cocheu said.
was to take care of claims liens of interests
that the Bussing side of the arrangement
thought best for them to be taken care Of
TELLS OF 100000 DEAL.
Mr. Cocheu knew that Flynn procured loan
Of 5000 900 through Kuhn, Loeb & Co on what
he considered the purchase price OF the property
this being the 100000 whose part in the pur-
chase price was I'm doubt, as he had explained
previously Flynn pledged the interest Of the
syndicate in the contract as collateral for that
loan, but Mt Cocheu a member OF the syn
dictate. never got any Of the money Flynn
never paid the loan.
The actual assets Of the syndicate at the time
the Interurban was formed to take them over,
Mr.. Cocheu said. consisted of "a road in opera
ton from the station at the city Of Mount Yer
non up through Lincoln avenue and out tow
ard White Plains for some distance; some
tracks laid from that at the junction of Lincoln
avenue and the Boston Road there toward Pei
ham or North Pelham; here and there at points
of vantage some 300 or l 800 feet, laid that
no other road could come in and cut us out.
We had that in many places throughout the
county of Westminster, exercising II that way,
but we had at all those places very serious
fights with sheriffs and deputy sheriffs.'
The only cars running were the North
Mount Vernon road-two or three. There was
a car barn, also-arl taken over in the foreclos-
ure proceedings for about $4,000, but with new
machinery and stronger power installed
The 100000 held back to pay claims. Mr..
Cocheu said went to satisfy claims to stock
rights which had been assigned in blank. The
Whitney end of the transaction also stood part
of this ernerse He remembered that Fra nI,yin