New-York tribune., 1908-04-17
GET IN ON SURE THING.
At Least Counsel Doubts Impro-
priety of Directors Specializing.

!, didn't appear improper for a director OF the
Metropolitan Street Railway Company. who knew
that the company going to tease the 'l'i' "
Avenue Railroad Company, 10 go into tine stree,
and purchase stock OF the Third Avenue on MS
own account to John B. Sanchfeld yesterday couh-
sci for Metropolitan. in the suit when t'nanuei
Well is bringing against the corporation TOT oal"
ages. Eugene Kremer, counsel for MI Neit' q
,,,ori.,, etockholder in the Metropolitan and who
contends that the lease of the Third Avenue was
Injurious to the Metropolitan. wanted TO sno" ule|
the directors officials of the corporation "eIeh
unmindful OF their interests at the time OF tie
lease He appeared to be shocked when MI Stahc"-
field questioned whether there were anything "iohs
or improper. II the directors dlo nuy U'e
Third Avenue stock in advance. and voiced MS re-
.ret that the change from Elmira to New horh
had caused such z deterioration In Mr. S1anchneiU
ideals But the Metropolitan's lawyer failed 10 peho
under = sense of weight Of moral turpituoe.
Tho 1i-tIe discussion about the ethics OF eetune
in. on time on a really sure thing came in the
examination of Herbert H Vreeland' the 1ol1l'ei
president of the Metropolitan. In producing hias9
of evidence from the records OF the con'pa"H' ~
ron,er said he intended to show that the real Oh
iect of the lease of the Third Avenue foao was -
ep,tle insiders to speculate SUCCESSFULLY
,rr yreeIand remembered approximately the time
uhon the Third Avenue stock was bought oy inc
Metropolitan. but not for the llfe OF nun eoN'u o
.u ,-Letber the responsibility of directing the
,,,r.lsee of stock rested with him. Then came MI
I.-e,,er with z newspaper clipping IN Whlch NiI-
yreeland was quoted as expressing HIS pI'o'
that the Metropolitan had secured cohtol OF lne NE
Third Avenue Does that refresh your memory
said Mr.. kremeT -, -.
The exnresideut showed his teeth to the report
orc as he snapped back: No newspaper arucle
ever published could refresh my recollecuoh Oh
.r,-trfnp," Still the reporters wrote down "nat
he said and sfterward compared notes win Inc
oo,r- srenographer to that they hdd MI NIse-
1ands opinon of the futility Of newspapers dS i''
aids TO memory down n ,.
BEFORE that and in spite OF Mr Stanchneio ou-
5.c+ion Nr krerner succeeded in showing that +
:. . v-i4er,er and William L. Elkins were lnf1uen-
,iaI in the councils Of the Metropolitan IN 1885, d.
+bo,,gb they we're not officers nor members OF the
hoard Of directors. On December } OF Elat 3eaI
+be hoard authorized the settlement of a suit
rro,,sht bv Peter E Sweeney against the hrrn OF
kemhle Widener & Ekins for $2,e9 Inc sl-Vo
was raid by the Metropolitan to sweeney. VINO
had original Iy asked for $5ooo for services IN con
ec,ion with the leasing of the Broadway End
seventh Avenue Railway to the Houston, West
street & Payonia Ferry Railway Company.
Mr. kremer tried pin down MI Nrceldhd 10
2, e1nlicir statement of his responsibility IN puf-
chasing stock and his general supervision OF Ine
various officials of the company. but NJ NIee-
land wouldn't be pinned down 10 anything more
definite than an admission that he performed the
d1-+ies ,bat naturally fell to him president
There Was 4 wrangle between counsel when MI
Kremer handed I'D the minutes showing that MI
yreeIand in 1900 had purchased stock IN the blec-
tric Storage Battery Company and the poard. o.
directors had approved his action. not before the
purchase. but afterward. Mr. krener Sald h7
wanted to show that certain members OF the podIu
of directors purchased stock not with the beneht
~ the company in view but for their own advan-
tage.
The case will be continued Monday. when Nj
Vreeland will be again in the witness chalr' Il MI
stanchfeld's engagements permit.