New-York tribune., 1896-01-19
OLD COMPANY IN DISGUISE.
THE REORGANIZATION OF THE LONG ISL
AND TRACTION.
THERE ARE THIRTEEN DIRECTORS. MOST OF
WHOM ARE NOT NEW IN THE MANAGEMENT
OF THE PROPERTY - CONSIDERABLE
LATITUDE ALLOWED BY AN Elias
TIC CLAUSE IN THE IN
CORBORATION,

CORPORATION
The reorganization OF the Long Island Traction
Company has been accomplished. despite intrigue
and Patrick H. Flynn The fact that the Virginia
CORPORATION would be succeeded by a New-fork
State CORPORATION called the Brooklyn Rapid Transit
Company was published in The Tribune yesterday
morning and yesterday the Incorporation OF the new
company was announced. IL will replace or dspace
the old company in the ownership OF the big Brooklyn
Heights Railroad Company's system Most OF the
incorporators and directors have been interested in
the Long Island Traction Company, and the new
blanket organization approximately Is 'he same old
thing over again. disguised by new name ana with
modern improvements here and there.
The Brooklyn Rapid Transit Company yesterday
filed it's articles OF Incorporation with the Secretary
Of State at Albany The capital is fixed at sa.c"Oc.
and 1t has paid preliminary action. State tax a
$4,000 The certificate OF Incorporation. which was
flied with the City Clerk also that the purposes
of the company 10 construct extend repair. i'm
prove equip and furnish the motive power for rail-
roads and other works. and aiding any corporation
individual in such construction. extension repair.
Improvement. equipment and furnishing Of motive
power" This clause seems TO give the new corpora
tion considerable latitude. and. under II. 1t would
be allowed to furnish electric power 70
elevated railroads
The new corporation is empowered to buy hold
and dispose OF the stocks bonds and other evidences
of Indebtedness of corporation domestic or for
eign and issue in exchange therefor its stock or
other obligations The s2O0000OO OF capitalization Is
to be in common stock each share OF stock being
quoted at sl0o The sum legally required. $500 is
the capital with which the new company will be-
gin business. The corporate life OF the company x
to be 800 years
Evidently the promoters and organizers OF the
new company are not superstious for there are
thirteen directors Four OF them have their ofnces
in the building. The directors for the first
year William c. Bryant, of No "a Broadway
Nan NNr
City: William F. Greed. OF No. West One-hundred-
| and -Third-st New-York City; Horace C. Duval, OF
No. Monroe Place; Frederick s. Flower. Otto
tanker Thomas Renwick and Floyd Vail. OF No o.
Broadway. New-York city; William w. GOODRICH,
OF No. 92t Presdent-st: John D. Kelly. OF NO 5io
Clermon Clinton l.. Rossiter, the President OF
the Brooklyn Heights Railroad Company whose
office is No lS Montague-st.; James n. Wallace OF
No "a wall-st New-York City, and Timothy ,.
the secretary of the SrSSxy Of He Is
Clermont-ave. Is one of the eleven who suoscr'oe~
Sheehan & Collin are counsel for the new conn
pany. Mr.. Collin says that the plan OF reorganza,
o o b sy Se ss w SUBJ
stantiay, be carried OUT. and that the reorsah'|A
T @ be pn S fs s of 100
shares OF Long Island Traction stock, who mas ,, ur
ms m ed dr pa old ns
$1,000 assessmen seven and one-haif sharss S anu rs
cepts Will receive in addition one share OF new new
stock on each loo shares OF old stock Inc hoiues
OF each 81 900 collateral trust note Will receive as
the stockhoier who went into the collateral trust
note plan. for each $1,000 OF par for which he SUD
scribed:
The reorganization company Will have ,, az sss
disposal for expenses of reorganization TOT pe'o'
mentS ana for other purposes: -.
In bonds liza ,,O
In cash.
The available assets Of the company nave oese
estimated as follows:
Guarantee fund Long Island Traction Company ., Gro sin
testimaed) ~N'
STOCK % OF pa, ns niooxm S queens 'o'"'' 100000
Stock OF the Brooklyn Heights Railroad 'o" ano oM
Right application toward bettermens OF Pi" ao oo
ceeds estate testlmated). o'"'S
And the bonds OF the company not ssuea
il =.
These assets the public auction sale OF
the Long Island Traction Company ana were poukvM
IN for the prominent Flower interests IL - douos
II all the old stockholders will be satsned oy tns
tails Of the reorganixed and renamed corpora'o"'