New-York tribune., 1907-10-05
JEROME SEES WILCOX
Continued from first page.

construction other special account. Such a
system also would guarantee to the stockholders
the soundneSs of the corporation and the safety
of their investments. AS 1t would tend to pre-
vent the diversion of funds of the corporation TO
improper uses. there would be less likelihood of
bankruptcy"
Commissioner Wilcox said he had not gone
into the details of this question at all yet. I'VE
are trying now to determine the soundness of
the principles involved" said he.
William NJ. WINS and Chairman Wilcox spent
a good part of yesterday together going over
the books OF the Metropolitan system. and the
Metropolitan Securities Company in prepara-
tion for the hearings next week Anthony n.
Brady probably will be called early in the week
TO tell about the purchase of the franchises for
the Wall and Cortlandt Street Ferries Railway
Company, for which, it brought out on
Tuesday. the Metropolitan paid $500 6O7 10.
although the road existed only on paper.
Since that hearing considerable work has been
done by the commission in looking up that rail-
road concern and the value of the franchises
that proved so costly. Seemingly since the
road never was built. and, indeed since in
junction was obtained at time forbiddng
its being built. the franchises could not have
been worth several hundred thousand dollars.
Indeed, the opinion has been expressed in Wall
Street in connection with the transaction that
tIlt bIS price WAS pau not TOT any IduSlDie
value in the franchises. but because the Metro
politan management wanted to keep Brady out
Of Manhattan. and bought him off.
FERRIES COMPANY DEAL
Delving into the reports of the old State Rail-
road Commission by official of the commits
sion disclosed some facts about this company.
In the report which il made to the commission
for 1906 it appeared that out of a million dol
lars of capital stock. sixteen shares or $1.60O.
had been issued for cash. The rest, $99S.4OO.
had been issued for the rights. property and
franchises of the Fulton. Wall and Cortandt
Street Ferries Company.
The road for which this last-named company
was said to have a franchise was to extend
from the Fulton and Wall street ferries to the
Cortlandt and Liberty street ferries. with total
single track mileage of 2.tiSS. a note stated.
however. that the company had been restrained
from construction by injunction granted in
1895 which still in force.
In the balance sheet submitted by the Wall
and Cortlandt Street Ferries Railway Company
the assets are put at S2.CNo.OOO. consisting of
the cost of property franchises and rights held
by the company The liabilities given as cap
itaI stock. 81, ,OOOOOO. and mortgage. $1.OO0O00.
In it's report for 1899 it was stated that the
company had been Incorporated August 26.
1899. under the stock corporation law, take
possession of the property, rights and franchises
of the Fulton. Wall and Cortlandt Street Fer
ries Company. which had been organized on
June 20, 1885. and sold out under foreclosure
on August -. 1898.
In this same report. for 1899, Anthony y.
Brady is given president. Hugh J. Grant
treasurer and Nicholas ]. Brady as of the
directors. 1t is stated. also. that the injunction
restraining from construction had been issued in
an action begun by Martha Fitch The report
of the earlier company stated that it had
franchise. but that the road not in opera
tion. Edward Kearney president and
Charles E. Loew was director.
John B. Mcdonald will be examined early
next week. also. to tell about receipts of money
from the Metropolitan. Mr.. Quigg's ordeal is
not ended although probably he will not be
summoned again until Messrs. Brady and Nc
Donald have been examined