New-York tribune., 1907-08-28
SOME TALL JUGGLING.
Story of Hoo Millions We're Tossed
Back and Forth.

Charges of wonderful high financing ana re-
markable figure Juggling were brought OUT III
the application Of William A. Boland for per
manent injunction restraining the Metropolitan Sc
curities Company from auctioning off cor'rd''
sale in which he says he has one-eieh'h III
terest.
The details of the story were told by Van SIN
deren Lindsey. the attorney for Mr.. Boiand SUM
married.. his of the affair shows how q
number of Brooklyn men. among them pohhciaii'
who powerful ten years ago. formed syndi-
cate to acquire the franchises for the your street
railroads In Westchester. and how subsequently
they sold to agent of William Z "hi'-
ney for &. 5000 I.ndsleys story goes on 10
show that 81 10000 paid In cash: that later
a member OF the syndicate unknown 10 the others
went TO the Securities company and attempted 10
obtain the payment of the 100000 still DUE that he
was told to 20 to Kuhn, Loeb & Co. and make out
his personal note putting up collateral the
original contract OF sale: that he did this and re-
ceived $4,000, the company had promised that
he would: that. it Is alleged. the franchises which
the contract Of sale represented were entered in
the inventory Of assets OF the Securities company
at a value of $50 10000 that suits were subsequent
ly started have the banking house transaction
declared null and void: that the company set up
d plea that there ground of action in any
of these suits in that the vendors had failed to
comply with the terms OF the contract Of sale that
company offered for sale at public auction
the contract of sale representing the franchises.
which, It is said. listed at a valuation OF s3o
o0 co., with the statement that the contract
OF sale worth less than 800
Never before in the history of Wall Street fnan-
ciers say. has corporation taken over Its own
contract Of sale deposited elsewhere as collateral.
and subsequently sworn that value OF less than
800 was attached to the very contract the fran
chtse involved which II the report Is true. had
previously been inventoried value Of sSoco"o
The deal dates back 10 1895 In that year Will
lam II. Clarke. formerly Corporation Counsel:
Magistrate Matthew p. Breen and third person
II Of -Na pannf
pany II was at that time that William C Whit
ney began merge the traction companies IN
Manhattan and The Bronx.
A syndicate consisting of William A. Boland.
contractor: James sheviin. Democratic leader:
the late Senator Michael ]. Corey. the late Senator
John Mccarthy and Patrick H Flynn. who once
held the franchise OF the Nassau Electric Railroad
Company, formed with the idea OF getting
control OF the franchise Of the Peoples Traction
Company and those of the Westchester lines This
was done before February 4. 1901 The syndicate
then ready sell to Mr.. Whitney. should
he refuse to buy at an enormous figure TO compete
against him. After nearly years negotiation the
franchises sold to Robert :. Bussng. then
recognized as the Whitney agent. 81 $4,000 One
million dollars paid in cash. and the 10000.
It is alleged agreed TO be paid later. Even the
million dollars in cash meant golden harvest to
the syndicate.
However II became involved In other deals,
which used up all the money that could lay
hands and. badly in need OF money. Patrick H.
! Flynn who deputed by the syndicate to raise
funds for OF its undertakings It is said at
tempted to collect the 10000 alleged be due
the contract sale. Then followed the alleged
transaction with Kuhn. Loeb & Co. II tho
afternoon of the day that Mr. Flynn left the offices
! OF Kuhn. Loeb & Co with 10000 In his pockets.
according the story told by Mr.. Lindsey. that
| by transaction that firm turned to the
| Metropolitan Securities Company its col
| lateral. the contract of sale deposited by Mr..
| Flynn. 1t not long before Mr. Boland heard
! OF Mr. Flynn's action and declaring that he had a
one-eighth interest In the contract OF sale. inst-
tuted a suit in the Supreme Court, demanding his
share In the contract. The suit is still pending.
| In 1896 Mr.. Lindsey says. Mr.. Flynn made gen.
| eraI assignment to Frank d. Creamer. 1t the
hope OF the syndicate. is said. by this
! cIared null and void and recover the entire
| 10000 Mr.. Creamer started suit with this pur-
| pose in view. The Metropolitan set up demurrer.
| The the Appellate Division. which.
| two months ago. overruled the demurrer.
| Mr. Lindsey that recently the company ad-
| vertised that would sell at public auction on
| this notice with a sworn statement that the value
of the less than 500. Mr.. Boland sent
a representative it is said. to the company to ofrer
| 500 for the contract of sale. The offer en-
phatically declined
| Inquiries which Mr.. Lindsey had made, he said
Yesterday satisfied him that the franchises repre-
| sented by the contract OF sale which the Metro
| poIitan swore were worth less than 800 had been
| inventoried by the company at SSooOo.W