New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-08
MANHATTAN PLEADS POVERTY
A REPLY TO THE PROPOSALS OF THE RAPID
TRANSIT COMMISSION

sTRINGENCY IN THE MONEY MARKET AND
TIE ABSENCE OF Mr. GOULD URGED As
GROUND FOR An EXTENSION or TINE
The special committee on extensions Of the Manhal
tan Company met yesterday and refused TO dvulge
any result Of It's deliberations. The meeting hah
been looked forward to for some time. and excited
intense interest for speculative in Wall street
IL served Yesterday as the pivot for another OF the
turns in the stock market which have doubtless
benefited some insiders" through the long conSdcIa
ton which has been going OF this matter ol
eminent importance TO New NoIk's travelling publ
Manhattan stock the Stock Exchange has been dun
all the week and the price has been dropping. on
Thursday the price rose from 100 Il to l32 L.,
and yesterday the quotation carried to l2I IS.
although there later reaction L l23 Il, net
gain for the day Of per cent. There was moro
life 10 the market for the stock LIB shares being
traded In.
The rise In Manhattan stimulated rumors IN Wall
Street the effect that the directors had finally
decided 70 return favorable answer to the PROPOSE
ton Of the Rapid Transit Commissioners, but Their"
official confirmation or denial OF The reports.
The Manhattan Committee OF Extensions held It's
meeting at the Office OF DrcAcl, Morgan & Co. The
session long and after it over It was
soon ascertaned that "starchambcr7 methods had
been decided upon. J. Picrpont Morgan. Russell
sage and other members Of the committee cmpha'I-
cslly refused TO give any Information regarding the
meeting They even declined to say whether any
definite action had bcon taken. 1t Is understood that
each member pledged himself personally not to
discuss the subject for the press.
II was learned, however, that a weighty document
had been sent by the Extension Committee 10 Com
missioner +. L. Bushe secretary OF the Rapid Transit
Commission. Mr. Bushe found al the house Of
Commissioner steinway, No. 20 Creamery Park. Mr..
steinway at first declined to make any statement
whatever. II was finally decided, however, to give
for publication the letter from the Extension Commit
tee TO the commissioners. which Is rs follows:
Manhattan Railway Company.
Presidents Office No. 100 broadway.
George J. Gould PRECEDENT.
To the RAPID Transit Railroad Commission.
Dear Sis Your letter OF the 2lst ult., ana me
Enclosed resolution. ..a-scd by your board June
tee on Extensions OF this company
The Manhattan Railway Committee IS deSirons or
meeting the Views of III" commission ana Of arranging
promptly for the construction OF the needed extern
the present monetary stringcncy and uncertainty IT
is unwilling 20 enter into fixed obligations for
large expenditures within short specified time when
the necessary financial arrangements therefor can
Iot be made I'm advance.
Mr.. Gould, the president Of the company. Is In
Europe and Is not expected 20 return before August.
and his presence Is desirable before negotiations OF
such magnitude and Importance shall b. closed.
We therefore respectfully ask that the company u"
granted sixty days additional time within which 10
make It's decision to the acceptance or the facilities
offered and a, the form OF the tax to be- imposed
in connection herewith.
Hoping that the reasOnableness Of this request will
b. recognized by your board / am very respectfully,
yours, behalf OF the Manhattan Railway Co.,
j. PIERPONT MORGAN.
Chairman Of Committee on Extension