New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-01
WILL COST MET. MEN
NEARER 100000
So Saws John D. CrimmIns, Who
Attended One Meeting at a
Cost of $250.0O0.
OTHERS MUST PAY MORE
Says He Really Doesn't Know
Why He Has to Give Up,
Except That His Law
yer Told Him To.

According to the official statement
given out concerning the settlement Of
the Metropolitan traction situation, ten
directors Of the Metropolitan Securities
Company contribute 81 800 600 toward
saynnent Of 100000 10 the receiver
Of the New York City Railway Com
many But according to John ID. Grim
MINIS one Of those contributing, it will
cost the ten directors closer to S10,opo,-
600 than 81 100000 before they are
through paying
Mr.. Crinamins's contribution will cut
q quarter of million dollars down TO
very small sum of money. but there are
some of the other directors. Thomas e
RYAN and Peter A. B. Widener, for ex-
annie. who will have TO pay three or
four times as much. That is about all
the satisfaction there is in the situa-
tion for Mr Crimmins. though that did
moi seem last night TO afford him much
satisfaction. He sat Enthusiastically
straight in his chair and pulled at his
bristling beard, as he said:
u attended one meeting of the Met
-.politan Securities board. lasting ten
minutes. l don't know what it would
have cost me If had gone TO more. but
my share is based on what occurred at
that meeting.
Can't Remember What Happened
MI Crimmins could not remember
what was The action taken that has now
cost him so much money. There was
some report by the executive commit
tee" he said Il don't know what 1t
was. There wasn't any debate on it,
end I voted for il with the rest. The
meeting did not last ten minutes, and
fortunately i did not go TO any other
wasn't very well-that was in Jan
nary. I9O4-and l was getting out Of
great many companies at that time.
resigned from the Metropolitan Securi-
ties Company a few months later
MI Crimmins reflected and pulled at
his beard. Some of the other directors
have had to pay three or four times as
much as / did," he said.
What was the reason the directors
consented to pay?' Mr.. Crimmins was
asked.
The lawyers said that it was the
easiest way out he replied. i didnt
ask a-v questions. My lawyers told
me what 20 do, and 1 signed the papers
and did ii"
Il suppose you know We haven't any
redres-," he added.
You Just go down into your pockets
and come up with S1,5O0Oo0 from your
private fortunes and chalk it up to profit
and loss?" was asked.
Out of Private Fortunes.
"One million five hundred thousand
dollars" said Mr.. Crimmins. sitting even
straighter and pulling his beard again.
The New York City Railway Company
gets S5.500,0o0 in gold notes. Yes. We
pay il out of our private fortunes"
The official statement says that the
Interborough Metropolitan Company
pays S4.Oo0,oo0 in the settlement selling
tts notes at par TO raise the money 1t
is understood that the metropolitan Sc
curities directors buy the notes
That isn't ALL" Mr. Crimmins con-
tinued. There are LAWYERS fees costs
Of settlement. charges of dozen kinds.
losses to be taken. The statement only
covers the beginning
Mr. Crimmins chewed his beard this
time i haven't read the papers," he
SAID i know too much about the case
II doesn't make very pleasant reading
for me. l was asked To go on the Met
ropolitan Securities board in 1903.
looked over the list and there were
lot CT fine men on it. / became a MEM
Der of the board and attended one meet
ing, and this is what / get for it,
don't care about reading about it
There were other directors, but We
are the ones who have TO pay. Some of
the Others are dead. and some were out
&C the jurisdiction of the court, and some
couldn't be served with the papers.
am glad IFS over. ! have been kept here
81 the hot weather long enough by it
What $40 Shares Cost.
1T is pretty big sum for the directors
TO put up. Does it mean that they are
making restitution
Mr.. CrimmIns bristled once more. Il
am not" he said. And / haven't heard
that anybody else made anything out of
the transaction. / had 40 shares of
Metropolitan Securities stock that / got
in trade l sold IL afterward at a loss
1nd ] am paying now more than fifty
times as much as i got for that stock"
s"Oh. yes he said. Il had traction
cACChs DAN sApA 50 AlDNB8s DA d SOpO Ntdlp
as I had had a other times 1t isn't as
though" he went on rather bitterly, Il
had been gambling in the stock, buying
and selling il. dealing in it on margins.
had 40 shares and attended one meet
ing of the board"
Well Mr.. Crimmins said at last
more philcsophicalIy, its che of the
things that happen to men who take part
in large financial affairs"
The directors OF the Metropolitan Sc
curities Company against whom suit
was brought by William w. Ladd. re-
ceiver of the New York City Railway
Company. were Thomas F. Ryan, p A
D. Widener, John ID. Crimmins, Thomas
p Fowler. Paul ID. Cravath. II. II. Vree-
land Thomas Dolan, Mortimer l. Schif,
Z W Saver and +. j. Berwind-