New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-14
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| them was 10 the effect that consolidation or
| all the transportation lines in New-fork was
| imprac ticable, but further conversation showeo
| that In the minds Of nearly all there was the
feeling that 1t would require only few years
| for the opportunity to be ripe for the proposed
| amagamaton.
| THE RAPID TRANSIT COMPANY.
! The largest Of the passenger-carrying systems
| of Brooklyn is the Brooklyn Rapid Transit Com
| pany. which was organized In January lo'o' 10
| succeed to property OF the old Long Island
| Traction Company The syndio1t Is headed Dy
| Ex-Governor Flower and with him are associ-
| ated a number Of his close personal friends
| The assets OF the Transit Company Include the
| lease OF the Brooklyn City Railroad. the entire
| capital stocks Of the Brooklyn Heights Railroad
| 100000 and Brooklyn, Queens County ana
| Suburban Railway. S20O0OOO, and guarantee
| fund deposited to secure the performance by
| the Heights Company Of It's contract with the
| Brooklyn City. This guarantee fund was orig
inally $4OOOOOO and on August last 1t con-
| tanned securities estimated as worth S39'oVVV
The Brooklyn City Railroad Company Is heio
under a 999-year lease. guaranteeing all charges
and 10 per cent dividends on $l2.OOOooo OF
stock The lease is practically TO the BROOKLYN
Rapid Transit Company. In the reorSanizd'iol'
of the old Long Island Traction COMPANY ths
$50 600 0O0 stock was reduced to HZO.OooVoV any
there are $7.OO0.0O0 of gold per cent pohos
which do not mature until October i. loio
The mileage of the system is as follows;
Brooklyn Heights IA: Brooklyn City, ztt; pro-
Jected. SO; Brooklyn Queens County ana sup
urban 10: projected. 80. In November iast me
Transit Company acquired the Sea view ran
road, connecting Brighton with West Brghton'
and also the Sea Beach Railway. six miles con
Meeting Bay Ridge with Coney Island Ihere Is
also under consideration the requirement or me
Brooklyn and Brighton Beach steam ROAD Inc
officers OF the road are: President Clinton l..
Rossiter; vice president. Horace c. Du Vel;
secretary and treasurer. T. S. Williams.
At the annual meeting Of the Transit COM
pany. held yesterday, the following directors
and inspectors Of election were elected for the
ensuing year: Drectors-C. i. Rossiter. A. \.
Brady, Henry sebert, John G. Jenkins, T. F.
Jackson, D. H. Valentine w. c. Bryant $. l..
Keeney. John D. Kelley; John Englis. H. c. Du
Val. c. d. Meneely and T. S. Williams.
Inspectors OF eection-Ira A. Mccormack. V.
w. Wickes and Edward II. Grant.
The same directors and inspectors were chosen
for the Brooklyn Heights Railroad Company.
The Brooklyn City and Newtown Railroad. al
though Of the Oldest companies In the city.
having been chartered on May y. loOo. is
last 1t acquired lease of the Conev Island and
Brooklyn Railroad for 500 years 1t has a mile
age Of about seventeen miles. The mileage or
its new acquisition. the Brooklyn and Concy ISL
and road. is greater. being In all about twenty
five miles
THE SECOND LARGEST SYSTEM
The Kings County Traction Company Is the
second largest system among the surface rail-
roads in Brooklyn. In March, 1896. 1t pur-
chased the assets Of the Brooklyn Traction Com
pany. owning all the capital stock of the Allan
tic Avenue Railroad Company. The latter road
and the Brooklyn, Bath and West End lines
were leased In 1896 for 800 years to the Nassau
Electric Railroad Company. The Kings County
Traction Company does not operate any road
but merely receives the rental due from the
Nassau and distributes Il to the traction stock
holders The Kings County Traction Company
is more popularity known as the Nassau road.
u th4 LIMA du+nt
Canarsie landing. Thirty ninth-st. ferry. Sleeps
head Bay. Manhattan Beach and Fort Hamll-
ton. with about sixty-eght miles Of track. Its
lease Of the old Atlantic-ave. system gives II
sixty-four miles more. total Of 1872 miles.
It's president is Albert L. Johnson; secretary.
w. F. Ham, and treasurer, Tom L. Johnson.
Among the smaller surface roads in the outlying
districts is the Brooklyn Newtown. Jamaica
and Flushing Railroad. located largely in
Railway Company which was chartered in 1894
and which runs from the terminus Of the Kings
County Elevated Railroad to Jamaica Hemp
stead and Far Rockaway.
There are two elevated companies in Brook
yn-the Brooklyn Elevated and the Kings
County Elevated. Both are steam roads. and.
in the event Of q general consolidation. would
be equipped with electricity. The Brooklyn
Elevated Railroad. on account OF not making
March o. 1897. President Frederick Uhmann
was appointed receiver. Its reorganization was
begun in November last. The company owns a
total mileage Of over forty miles.
The Kings County Elevated is also in the
hands OF a receiver, but no feasible plan has
yet been presented for Its reorganization 1t
has twenty-five miles OF tracks running through
Fulton-st. TO the former city line.
These roads represent a capitalization as fol-
lows:
Brooklyn Rapid Transit Company. STOCK and
Brooklyn CITY and Newtown stock .......... 10000
King Count Ir.- Elevated OBSERVATION-DISCLOSURES. l2a2scS
Total ss3 CCacoo
- J-1,.nn % fho
Island and Gravesend Railroad and a prom
inent stakeholder in the Nassau Electric Com
pany. wos asked about the proposed consolida-
! ton he said:
Il don't believe there will be any immediate
consolidation Of the kind. although 1t may come
within few years. The rumor Is persistently
circulated. and is useful to certain railroad
people as 1t stimulates the price of certain
curities. Such a consolidation would involve
number OF freak problems For instance. il the
Nassau people should make traffic arrange
ment with the Fourth Avenue people in New
York 50 that Nassau cars crossing the Bridge
could go up Fourth-a".. II would be necessary
for the Nassau people TO re-eoup their for
an underground trolley motive power instead OF
the overhead system. That's a hard nut TO
crack at the outset, and there are others"
a stockholder of both the Brooklyn City and
Atlantic Avenue companies. to the extent Of
about 500 000 Of > per cent long-term gold bonds
in each company. said: The air Is full Of talk
about consolidation on a colossal scale. but the
old bondholdcrs will not allow substitution OF
or 3i5 per cent bonds for = per cent bonds
without a top notch bonus. Why should they?
There is no option on the bonds until they
ture My Atlantic Avenue bonds do not mature
till 1911 and my Brooklyn City bonds run
longer. OF course. II the organizers of the pro-
posed huge syndicate have cot the money to
pay the price, the consolidation will be feasible
But If they pay the price asked. they will he
compelled 10 wait for years before their receipts
would pay their fixed charges and leave a sur
plus. think this consolidation is coming. There
Is lots OF idle capital seeking investment, and II
would be feasible to get the money. but don't
look for q consolidation at once"
one two small suburban Queens County
surface lines are not taken irto account In the
foregoing table
The officers Of the Brooklyn City and New
town Railroad are supremely Indifferent 70 any
and all stories about railroad consolidation In
Brooklyn or In the city. They have one Of the