The Ordway new era., 1907-10-18
The KING OF
ALL FRAUDS
NEW YORK TURNS OUT GIGANTIC
SCHEME THAT CAUSES 9TH.
ERS TO FADE AWAY.
THE sum
ANTl0UATEO EQUINE STREET
CAR SYSTEM INFLATED AND
SOLD IN THE DARK.

New York.-Amazing as was the
story OF Anthony n Brady's Wall and
Cortlandt streets ferry railway deal
with the Metropolitan Securities Com.
pany, and the incidental loot Of nearly
81 100000. it will be dwarfed by eN
posures to come. In similar syndicate
operations the same coterie OF finan
ciers IN five transactions realized the
staggering total of s3S .3G5.O 600.
All the transactions were along ex
actly the same lines as the Wall and
Cortlandt street ferries deal. and the
loot was secured by plundering the
Metropolitan Street Railway Company.
The Twenty.eighth and Twenty-ninth
street car line never improved, and.
using the same horse cars which II
operated in 1896. was purchased by the
syndicate for s25.0O0 and turned over
| TO the Metropolitan for bonds and
stocks. which at the time OF the tran
saction had a par value of s3.O00.000
and a market value OF s5.55o,o00.
The Fulton street line. similarly pur
chased for 100000. was sold to thu
Metropolitan for securities OF pal
value OF 81 100000 and market value
of 81 .S50,000.
The Thirty.fourth street cross-town
line was purchased for 100000 and
sold to the Metropolitan for securities
of par value OF $1,000 900 and mar.
ket value Of s2,3o0.0oO.
The Pavonia line. constructed at
cost OF 81. 500, 900. was sold TO the same
company for securities OF II par valua
OF sl0O00.000 and market value 1
$lS.500.000.
| -, Int
line, constructed at n cost OF about
s45 900. brought securities OF par
value Of s6.O0O.O00 and a market valu,
OF $ll 100000.
On all the transactions the summary
reveals the amazing fact that the in
siders paid out s2,235.000 for roads
which they turned into the Metropoli
ton for securities OF a par value OF s22.
900 900 and Il market value OF il,lOO.'
600. Al the time these transactions
were taking place the stocks and bonds
had been marked up TO where there
was an average price OF $3.50 share
70 the stock and sl20 for the bonds,
nj A II was at these fancy figures that
the looters parcelled ont the stocks
and bonds to the public and made "a
quick realization in cash.
The men involved in the syndicate
were the same to whom Anthony N.
Brady referred to In his testimony be-
fore the public service commission on
Tuesday. II was the little coterie of
insiders that during the reconstruction
duys and until the present nave CON
trolled local traction interests. The
men are:
THOMAS F. RYAN.
| WILLIAM c. WHITNEY.
p. A. B. WlDENER.
THOMAS DOLAN.
WILLIAM l.. ELklNS.
Whitney and Elkins are dead. ther
holdings having passed 20 thelr estates
Taking the transactions i'll chrono'
logical order, the Twen,y-eighth and
Twen,y.ninth street lines take prece'
depce. On September 80, 1896. thls
line. bankrupt. defaulted on its bonds
and losing heavily, was sold ut auction
Iot the real estate exchange. No. II.
broadway. for $4,000. The sale was
Matched up and an agent named
Charles w. Truslow acted as pur
chaser. lie really represented tne
RYAN interests, and Edward Lanter'
lhnuch represented the sellers OF the
bankrupt road.
The same day. II Is matter oil rec
ord. this bankrupt line. purchased iof
sp5 600. was sold to the Metropolltan
street Railway Company for $1,ooo,ooo
lworth of stock and similar amount III
guaranteed FIVE per cent. bonds. IL 10
losing $50. 900 year.
The Fulton street line was purchased
in 1892 from Dady & ORourke, con
tractors. for 100000. AT that. they
we're allowed to make $lO0,ooo proht
Five hundred thousand in bonds ano
$500 900 in stock was paid for it by the
Metropolitan to this syndicate. The
lime owns only thirty.nine miles OF
track. 1t is still horse line and iossa
$4,000 a year.