The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-08-23
TRACTION people.

OF $4,000 as against surplus OF $500
for the CORES ponding quarter OF 1897. Il
was pointed out that this loss OF the
Manhattan was because of the competi-
ton of the Metropolitan Traction. which
company's cars were carrying people all
over Manhattan Island by an extremely
reasonable system of transfers.
The loss was directly due. 1t was given
out. to the completion OF the Madison
avenue Amsterdam avenue and the Fifth
street lines transferred from one side of
the city to the other and. of course.
was taking the bushes away from the
elevated. This being TIE outlook Of the
present. what would IL be on the compile
ton of the Sixth and Eighth avenue lines
and the substitution of underground cleo
tricity Tor the cable on Columbus avenue?
A week ago Manhattan sold for lO7.
Last Friday on the publication of the
statement. there was slump which con
tinued during the brief operating hours
Of Saturday. cut short by the legal half
holiday. Washington E. Connor sold the
stock for 1O4 Yesterday the lowest point
touched was s9is. The closing was lOols
Two or three years ago an irresponsible
agent went to the Goulds and Russell
Sage and asked for a thirty day option
on a controlling interest at las. Again. al
a later period. the request for an option
was renewed. but this time the price was
l25. Again 1t was refused. 1t was sus-
pected that the offer was in behalf of the
Metropolitan.
The offer now made for a controlling in
Ierest-ths offer which will be accepted
because, on account of the coming OF
age of Frank Gould, II can be accepted
and the stock delivered in a block, is al
what will be as good as 49, That may
mean reorganization as well as consoli-
dalton and part payment in the stock
of the consolidated company.
II is well understood that the financing
Of this great deal will be done by j.
P Morgan. Mr. Margan was once a d.
rector and large stockhoIder OF the Man
haitian Elevated. He could not agree
with the Gould ad Sage interests, and
retired as a director.
Mr.. Morgan issued a statement yester-
day in which ne said the interests RE
represented do not hold a share of the
Manhattan stock, nor do they intend 10
acquire any. 1t is said William Rookie
Teller has joined his forces with those of
Mr.. Morgan in financing the coming con-
solidatio.
OF course the General Electric is in
terested in the mighty consolidation, for
it will grab the big contract of furnish
ing electric power to the Manhattan roads
This stock stood at ~ yesterday, but is
likely to go higher when the news acts
on it, as it is likely to do lat er.
It IS hard 10 get at the manipulaters of
Manhattan stock aside from Broker Con-
nor. Former Observation-Disclosures VIII
liam F. Sheehan is said to be bulling II
with the idea OF buying heavily at the
lowest possible price. Mr.. Sheehan Is sup
posed to nave the confidence of the Metro
politan Tractio people.
An important meeting was held yester-
day in the Mutual Life building, attend
ed by the great magnates OF the Metro
politan Traction Company. Among those
present were Thomas F. Ryan. represent
ing. besides himself. William c. Whitney,
United States Senator Elkins, Peter B.
A. Widner and representatives of the
traction brokerage firm Of Lee, Living
ston & Co. The principle topics of the
magnates was theslump in Manhattan
stocks and its financial significance in
Once consolidation is accomplished the
transfer points of the Metropolitan will
be greatly decreased in number and pas
sengens who do not like It may deposit
a nickel in the other pocket of the COM
pany by taking an elevated train
Russell Sage was very much alive yes
terday to the situation. He made state
ment for publication, which meant much
or little according to how thoroughly the
reader OF it was posted as to the condi-
ton of affairs He said:
4 desire to deny the statement recently
current that have been trading in Man
haitian. My holdings at present are 1900
shares, the same as they have been fer
fifteen years.
l have not traded in and out thousand
shares of stocks in six months.
do not know what any of the Goulds
are doing in the stock. but have under
stood that, as a recent bull move in the
securities was unsuccessful. those in
charge have broken the stock for the
purpose Of buying back at a lower level
Frank Gould becomes of age next
month, when thesecurities trusted under
Jay Goud's will will be divided.
This will place a large quantity OF the
Gould holdings in such a position that
they can be marketed without the CON
sent of trustees.
It is possible that some stocks have
been sold with the knowledge Of this
fact"
The matter OF consolidation of Manhat-
tan with the METROPOLITAN Traction was
brought TO Mr.. Sage's consideration yes
+o-dou q ftaruoon He eaD+ ont fhfs zs,or4
by mis- secretary: Il cannot say anything
about the deal at all. I refuse to deny or
affirm that the L" IS about TO pass into
the hands OF the Metropolitan"
Frank Gould will be controlled in this
transaction by his sister Helen, and she
listens closely to and generally acts on
the counsel Of Russell Sage. Edwin Gould
al the Countess Castellane are prone to
follow the sound judgment Of Helen IN
matters financial, and Howard always
sides with his sister 70 avoid an argu-
INIT. George Jay Could does not agree
with the verdict OF the family. but he viii
have to act on the judgment OF the major
ity. Should he fail 20 90 so by any posi-
biIty Il is quite likely that the goods can
be delivered into the hands Of the Trsc-
ton people w!thou. his consent or ap-
proval.
Frank Jay Gould vas a child Then tls
father died. He IS MS sister He!en's de-
voted brother. She rules hinl, and IN every
thing. especially fl finance. her opinion
is good enough for him. Frank came into
public view az once. and that as a dog
fnzucier He established a kennel Of
wo-ld-beating St Bernards a. Lyndhurst I
ste C,orl1F summer Mace ~ Tryfrzfor-or /