New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-19
EXPLAINS S134, 900 CHECK
e.. B. SCHLEY ON STAND.
Went to Square account of W. C..
Whitney 7cith Brokers.

Whitney 7cith Brokers.
That check for s1S4. 900 paid to Moore Schley
out Of the $685., 900 Brady transaction went to
square up an account carried by William Z.
Whitney with the brokerage firm. Thus out OF
the proceeds of the dividend" from the Wall
& Cortlandt Streets Ferries Railway Company
William c. Whitney realized 1926. 000 where his
fellows In the dividend" syndicate got only
s1l1.000.
These facts went into the records of the in
vestigation OF the Public Service Commission
yesterday when Grant B. Schley. head OF the
brokerage firm, was put on the witness stand.
But that was not the only account carried by
Mr.. Whitney with the brokers. Mr.. Schley.
under examination by William NJ. WINS, told OF
transferring thousands Of shares of Electric
Storage Battery stock from the account of Mr..
Whitney to the account Of the Metropolitan
Street Railway Company and delivering the
stock itself to Herbert II. Vreeland That stock,
acquired for Mr.. Whitney at from 165 TO 1877, he
resold TO the Metropolitan at 145. This was not
an unaccountabIe piece Of philanthropy how
ever for short time after Mr.. Whitney's stock
was transferred TO the street railroad company
a. 145 the bottom dropped out of the market,
fs that particular stock, at least. The com
pany then purchased many shares of this stock
81 from IS 10 so.
was carrying heavy line of this Electric Stor-
sge Battery Company's stock. He, unlike Mr.
Whitney. did not get out at anything like the
price paid for it. but was reported at that time
10 have been hit heavily in the slump. 1t was
understood then in financial circles that big
bonus given TO him by the street railway com
pany was TO help tide him some financial
strtngency caused by his losses in that crash
r. W MEADE ON STAND.
Richard W. Meade vice-president of the
Metropolitan Securities Company and president
of the New York Transportation Company and
the Fifth Avenue Coach Company. owned by
the transportation company, testified that a
large part of the stock Of that concern was
owned by tho Metropolitan Securities Company
though not a controlling interest. The carriage
concern in Central Park. also. was controlled
by the New York Transportation Company, so
that the streetcar lines the Fifth avenue stages
and the hacks in the park all belonged in the
Ryan system. incidentally, the stock in the
transportation company WAS purchased by the
Metropolitan Securities Company through Mr..
Ryan's sons the brokers. Nearly one hundred
thousand shares are held by the company-an
asset, OF course. Mr.. WINS is trying to find out
Just what the stock is worth-the transporta-
ton company doesn't pay divdends-to see how
much of an asset the stock really Is.
the interest yesterday, in spite of the fact that
he gave il in so matter Of fact fashion and il
so low a voice that # could hardly be heard
three feet from his chair. He is a sturdy
chunky man. heavy iowled, stolid and pheE-
matte launched far forward in his chair, ne
sat with arm thrown carelessly over a brass
railing and answered Mr.. Ivinss questions with
an expenditure Of few words. Sometimes. in
deed. shake Of his head would be the sole
answer TO several questions. Yet he was per-
fectly frank, and produced transcripts from his
books TO supplement his answers.
EXPLAINS CHECK FOR $4,000
That $4,000 checl came to his firm he said,
not from Anthony y. Brady but from William
g Whitney He had no interest whatever in
H. he went on. i: w.. passed TO Mr.. Whitney's
credit for an exact debit OF an account which
stood in the office and which was ordered by
Mr.. Whitney" declared Mr.. schley.
How long had that account stood in the
office" asked Mr.. WINS.
1T had stood in the office from about the
first week in November of the preceding fall. and
the amount represented the advance made at
that time with interest to date. That is the only
transaction 1 know Of"
ITO whose order was the check drawn"
That cannot tell; possibly never saw It
myself
The cashier took charge OF the check, said Mr.
schIey, and it went through in the regular
course of business.
He had known Mr.. Whitney for twenty years
ne said, in answer to further questions and had
known Thomas F. Ryan also for fifteen or
twenty years. He had acted as broker for
each Of them. and also had been broker for the
Metropolitan Traction Company and its sue
cessors. He had bought Third Avenue Rail-
road stock for the Metropolitan Street Railway
Company making daily reports on the state Of
affairs to Mr.. Vreeand. His purchases were
made at the direction Of Mr. Vreeland and Mr.
whitney
HOW STOCK WAS CARRIED
These purchases Of Third Avenue stock were
carried in H" account, Metropolitan Street
Railway Company. They began March 10 1900.
and when thu account was closed. on June 81,
1900. the total was S6,5S5. O70 SO. Check stubs
OF the Metropolitan. though, showed payments