New-York tribune., 1908-04-21
NO MET. INDICTMENTS
Continued from first page.

| grand jury said It was worthy OF condemna-
ton but did constitute crime.
| 1t also developed from other evidence that at
| a conference held by Mr.. Ryan, Paul ID. Cra-
| vath and H. H vreeland Mr.. Ryan talked about
the policy OF having the Metropolitan street
| Railway Company make contributions to poti-
! cal parties. This was in the fail Of 1908. Mr..
| Cravath gave it as his opinion that such a con-
tribution would be illegal, but said he ques-
| toned its advisabiiity an investment MI
Ryan however, thought differently, and then IL
was that the $4,000 and $4,000 contributions
| were made. This explains a check for s3i'-
4a2 5s which Mr.. WINS discovered while he was
conducting the Public Service investigation or
the Interborough- Metropolitan and which he
told Mr. Jerome and the grand jury needed "ex-
PLANTATION" The grand jury made the same
comment upon this il did upon the other
contribution for campaign expenses
RYAN DISPOSED OF BLOCK OF STOCK
The grand jury made no investigation Of Mr.
Ryan's action in disposing of his block or Met
ropoIitan Securities Company stock. as no
charge had been made in this connection.
Under the terms of the lease and syndicate
agreement OF February II, 1902, by which the
$50 600 600 stock issue of the Metropolitan Sc
curities Company was foated, Kuhn, Loeb &
Co who did the underwriting, stipulated that
they and their clients should have the privilege
Of subscribing for stock 10 the par Nalue Oh
Sc, ,400 900, while stockholders OF the Metropol-
itan Street Railway Company bought at par the
remainder of the stock issue
Later Kuhn, Loeb & CO. decided TO get rid OF
their stock and, IL generally SAID. forceo
William c. Whitney and Mr.. Ryan TO take it on
their hands. This they did in the summer OF
1908. From the testimony it appears that Mr.
Ryan succeeded in disposing of the entire biock
and that the stock through the Metropolitan
Securities Company, eventually found Its way
into the marlborough Metropolitan Company,
Just how this done is not made clear out
II IS thought il wa. accomplished at the forma-
ton of the marlborough Metropolitan Company
Despite the fact that all the living partici-
pants in the sale of the Wall Cortiandt
Street Ferries Company testified before the
grand jury some mystery still hangs around
that transaction. Mr.. Whitney. from the testl-
mony of others, had charge of the whole trans
action and left Messrs Ryan, Doian "idener
and others in the dark in regard 10 IT.
THE FERRIES COMPANY DEAL.
From the testimony the following seems 70
be the most correct account yet published Oh
the transaction:
Prior to 1900 at the request OF William c.
whitney Mr. Vreeland had let him have from
time 70 time variou. sums of Metropolitan
Street Railway Company money. to be used MT
Whitney explained. for political purposes. By
1900 these sums aggregated something over
$500. 600 In January of that year Mr. NreeIand
began to press Mr.. Whitney for the repayment
of these sums and # then that Mr.. Whitney
asked Messrs. Ryan Elkins, Widener and Dolan
10 let him have 100000 each--he TO put in
100000 aIso--to repay MT. Nreeland or the
Metropolitan Street Railway Company. They
zl p hty1S .
100000
Mr.. Ryan made his check payable 10 Mr.. Wild
cner. and Messrs Elkins Widener and Dolan
made theirs payable to Mr.. Whitney All Of
the checks were eventually indorsed 10 George
G. Huhne & Co. Of Philadelphia With the
proceeds and $500 shares Of Electric Storage
Battery Company stock. Huhne & Co. repaid the
metropolitan Street Railway. The affair stood
as il was then until 1902, Messrs. Ryan and
Brady having bought the Wall Cortlandt Streets
Ferries Railway Company in the mean time In
that year Mr.. Whitney recommended the pur-
chase Of the road and it's franchises for approx
imately s9S7000. Mr.. Cravath was asked If the
transaction was correct and replied that if Mr..
Whitney said it it must be.
Thomas F. Fowler was president Of the Met
ropolitan Street Railway Company at that time
md +. ". Sears treasurer. On Mr. Whitney's
assurance that the transaction correct. a
check for the amount was drawn and signed and
turned over TO Mr. Whitney.
OF the 1867 900, S5,0,91o went to pay the five
men who advanced the 100000 each TO repay
he Metropolitan Street Railway Company, |
S23T.pD devoted payment for the COM
9any- its franchises and forth, and S136 900 |
went to brokerage firm. There were some !
other incidental expenses. Mr.. Ryan had not |
qualified director Of the Metropolitan Street |
Railway this time and Mr.. Whitney never |
vas one
In regard 10 the destruction OF the books OF |
the Metropolitan Street Railway Company by |
d e Moorehead. constituting a crime 1t has |
been charged, the grand Jury said that any such |
crime was outlawed by the provision OF the |
Public Service act which gives immunity to Wit |
nesses testifyins before il.
Mr.. Wins did not present specific charges to !
the grand jury but subjects which might con
sttute crime and which should be investigated" |
NJ WINS wrote the grand jury that il he we're