The evening world., 1920-07-19
STOCK IN COMPANY
TAMMANY MEN
FORMED BOOMS
Report Hylan Favors Bus
Charter Like One Held by
Manhattan Transit.

Brisk dealing in stock of the Man
haitian Transit Company on the curb
to-day followed the publication of a
report that the company has a fran
chise which would permit the opera
ton of buses in any street in the
city and that there was a possible
connection between the franchise and
Mayor Hylan's recent announcement
that he favored a city-wdde bus sys-
tenn privately operated. Bids of so
cents share for the stock, which
has been a dead issue for three years
were freely made at the opening and
the price quickly rose until sales were
being made at rs cents.
The Manhattan Transit Company
was incorporated in 1902, after it had
acquired the charter of the General
Carriage Company. That charter au-
thorizes the company. to construct
and maintain a system of horse or
motor vehicles through any public
highway in any city Of the first clars
in the State, and is said to be the most
sweeping franchise of the sort ever
granted at Albany.
Joseph H. Hoadley was the moving
spirit in the company and among the
original stockholders were Charles f.
Murphy, the 'late John c. Sheehan,
the late Anthony N Brady, the late
Patrick II. McCarren and other Tam
many leaders. The price of the stock
at that time was from IS to IS a
share, but as nothing was done TO
exercise the companys rights il
slumped to below 81 four years ago.
Then It had sudden rise following
an announcement by Mr.. Hoadley
that the company was to begin city
wide operation of buses. 1t sold up
to 81 in 1916. but nothing came of the
reported operation of buses and the
stock has not been traded in for
two years.
| Last January John Miller. a small
stocltholder of No. 151 Henry Street,
Brooklyn. asked the Public Service
Commission TO investigate the COM
pany's affairs and 10 compel exercise
of it's franchise. James b. Walker,
secretary of the commission, said to-
day Miller's request had been denied
because the company, being inoper-
alive has no official existence within
the purview of the commission. He
tsaid II any official Of the company
had asked permission bos exercise the
company's franchise the commission
would have Investigated and acted but
that Mnler's complaint indicated con-
troversy among stockholders.
Judge William M. X. Olcott bought a
large block of the stock fifteen years
ego, and he said to-day he still has
liz. Judge Olcott said he had paid
1925 a share. Another large holder,
he said. was his friend, John VIM
dolph, one-time Water Commissioner,
City officials professed ignorance of
the existence of such a franchise as
that of Manhattan Transit. The Cor
poration Counsels office is now in
vestigating to determine the actual
rights of the company.
When Corporation Counsel O'Brien
was asked whether the company's
franchise would enable 1t to operate
buses Mr.. OBrien referred the mat
ter to the Mayor
This office said Mr.. O'Brien
will give no informatios on the bus
, situation or on the Manhattan Tran
sit franchise until Wednesday at the
public hearing in the City Hall"
I'm some quarters the revival Of talk
, about the franchise was regarded az
speculative propaganda.
The present officers Of the com.
= pany, according to the Manual, ART
Joseph II. Hoadley President: Mich.
olas Abel, Vice President and Gen.
eral Manager and o. b. Corbin, Sec,
rotary and Treasurer. The Director
; are G.. Il. Bouchie, J. II, Hoadley w
w. Walters, Frank LOOMS, j, A
Burke, G. p. Macready. f. X. Hill
Seyd Ravens, Mr.. Corbln and MI
Abel.