The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-21
BRADY KEPT
WORD AT COST
OF 100000
"DOublc Crossed" in Chatta-
noOga Deal, but Chung to
Verbal Agreement.
FINANCIER'S LOSSES
SHOWN IN TESTIMONY

ALBANY. Nov. oo.--An inspection to-
day OF the papers filed in the Surrogate's
office here in connection with the APP
praisal OF the estate of Anthony y.
Brady. together with the testimony taken
by Appraiser Charles VI. Friend. dis
closes that not all OF the securities ac-
quired by the financicr were gilt edge. but
that many OF the companies In which
he held thousands Of shares OF stock have
disappeared and the experts engaged In
the appraisal could find no record OF
them
The testimony also contains tributes
by Mr.. Brady's associates and acquatnt-
ances as TO his business methods. espe-
cially as to his habit of finishing anything
he started This referred particularly
to Mr. Bradys Chattanooga and Ten
nessee River Power Company. organized
by him to build power plan; in the
Chattarooga River at Halc's Rdr. TO pro-
vide power for the city Of Chattanooga.
Work on the construction Of 'he plant
was begun in 1907. at which time the
estimated cost was less than 100000.
and the plant was 20 be ready for business
IN two years The project has already
cost Mr.. Brady and his estate more than
$4,000. 00O. ard one ot the witnesses tes'i-
fed that when completed tn plant will
not he worth more than $500, 600.
His son. Nicholas +. Brady. has fifh
interes, In the plant. and the amount
charged against him for his share OF the
construction expense is sl.ss39ii
rI,uI An Kent,
Appraiser Friend fixed the value Of
Anthony y Brady's interest in the COM
pany at s3.2oo.oOO. I'm view Of testimony
that the company will make money IL II
gets a sufficient number % customers to
Use lis power. Mr.. Brady's purpose in
organizing the power company was
related Ivy Thomas T.. Murray vicc-presi-
dent OF the New York Edison Company.
an engineer who was familiar with tho
Chattanooga River project. He testified
that there can never be a proper return
on the investment because unforeseen diili-
culties were encountered in constructing
the dam. which trcbled the cost.
"Mr Brady ntd contracted to build
this plant, and he was = man who never
started anything he didn't nui>h, Said
Mr. Murray. Il don't think anybody else
in the world who started this plant
would have finished II but MIR Brady.
"one reason he went into the Chat-
tanooga MAS that verbally he had pur-
chased the plant Of the Chattanooga
Railroad and Light Company, and reopi"
with whom ne had made trrdnscments
double crossed him overnight and he had
to go ahead with that property with
out prospect OF business
The testimony shows that the cusineers
| for the construction Of the plant were
Davies & Jacobs. who built the North
and East River tunnels here. ard whose
original estimate OF the cost Of the plant
was $3.50. 900. John V. Davies, member
! OF the firm. testified that tho great dis
| crepancy between the estimate and tho
actual cost was due partly to the fact
! that the Government engineers VINO
super,ntended the work were constantly
requiring radical changes in the plans.
and because the rock bottom OF the river
was unsound.
| 1t was necessary to construct caissons
| thirty feet below the river floor and be-
fore the job was done the excavation was
ten times greater than was estimated. ar d
the concrete work fifty times as much.
! The work was stopped constantly by
! floods. every one OF which cost from
$50 900 to 100000.