The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-01
HE STORY OF A STORY.
OW wan STREET CAME TO BELIEVE
IN RAPID Transit TRUST.

IN 4 RAPID TRANSIT TRUST
uyer Gave n Hint to Reporter, tho Re
portcr Got the stock Traders Excited by
Ills Questions and Doubt Flcd-Men Who
Know Won't Say Russell Sage Thinks Not
Nall street concluded yesterday to believe
= story started on Thursday to the effect
all the elevated and surface railroads In
the CITY, including those In Brooklyn. are
soon TO be consolidated and managed by one
big traction company. Just why 1t believed
the story Wall street couldn't tell except that
nobody In n position to know the truth would
either affirm or deny 1t. Those who knew
simply said
We can say nothing about the matter at
present"
Tho bankers and brokers and bulls and bears
considered such IN answer extremely signlf-
cant They recalled that heretofore when
similar stories had been circulated they had
bssn promptly denied by everybody "on the
inside" Furthermore. Wall street learned
yesterday morning that George j. Gould.
President OF the Manhattan Elevated Rail-
road. went to Philadelphia on Thursday. and
that +. a. Is. Wldener. one OF the directors Of
the metropolitan Street Halfway Company. left
q meeting OF those directors on Thursday af-
ternoon and returned to Philadelrhia as quick
" ns possible That was considered signh-
can't although IL was said at Mr.. Gould's Office
that he had gone to philadelphia TO play polo.
Wall street said ysste rday TINT the polo yarn
wouldn't do in the face OF Mr.. Widensrs hur-
risd departure for the Quaker City. notwlth-
standing tho fact that Mr.. Gould has been
playing polo in PHILADELPHIA all the week.
After all these Significant" happenings, MIR.
Gould came over from Philadelphia yesterday
morning and went back yesterday afternoon.
and while he was at his office he said he really
couIdn talk about the rumored consolidatlon.
Ordinarily, when Wall street believes such
cerned goes soaring. But. strange to relate.
none OF the stocks that should have been al
fected SCARED little bit. A, Sun reporter
tried to find out the origin of the port. Ac
= cording to the best information obtainable it
arose IN tho following manner:
There was a meeting Uf the Board OF Direc-
tors Of the M"trop olitan street Hallway Com
pany on Thursday afternoon. Mt which reso-
STOCKHOLDERS o. S5.GOO.COO worth OF treasury
shares of the stock After the meeting re-
one Of the lawyers for the company to md gu, out
what had been done Mr MACEDONIA told MIN
sbem IF Then the moe mildred
Are the proceeds from the sale OF this extra
tissue, OF stock TO be used in helping to pay for
Mr.. Mardonn is said to have replied: Now.
that's something you have to ask somebody
else about &" see Mr.. "idcner or Mr. Gould
The mention Of Mr.; Brady,,s name imm ne,
which Included BROOKLYN Rapid Transit.
Once Brooklyn Rand Transit and the prouer-
pases had been ted in the
mind, 1t was easy enough 10 imagine that the
Third avenue road must be in the deal. since
Manhattan aud the Third avenue. and the
Third avenue and the METROPOLITAN were sup
posed to be on fairly friendly terms.
Therefore the reporter. who does not work
for yellow Journal; started gut to ask some
him asking tho questions. and heard Mr..
Brady had said that. on account OF the sltun.
anything abe ut the matter and hat settled it.
All Wall street began talking about the con
.odation snt On the story and
the story started. and there was Just as much
reason for believing i to he true Yesterday as
dnna was asked about the matter by a Sun
reporter yesterday he said:
Il cant say ANYTHING aboutthe matter. I'm
waiting for telephone'messag nov and wher
get IT. may know more"
Mr. MncdGna may h hay knoWn more after
more, for publicntion; 81, the rerorter went to
See Mr., Brady Mr Brady sent word through
Russell SAGE said: Il don't believe there's
brokers representing the Metropolitan Street
Eailway Contrary made NE ne an ot,er for my
Eurone. had an agreement. with him not to
sell my stock without notifying him. and he
"s &c, do the the esr da Me- dad sb".
thought j. j. Morgan mad directed that the
offer he made 70 me.
besides all this it's absurd to believe that
one COMPANY can monopoliZe the rapid transit
tc pass some other company would be
garized. make hid for the business. and so
damage the controlling romp any that the lat
ter would have to buy out the new company
at practically its own price.
II don'tknow anything about this story. at
any rate. md l don't believe it's true.
haven't had any recent offer for my stock in
Manhattan"
In the face Of the non. commtttal state
ments OF such men az Mr. Brady. Mr.. Flower.
Mr.. Gould and Mr.. Macedonia Mr.. Sage's re-
marks didn't 20 In Wall street. once the peo-
ple down there had concluded to believe the
story was started Yesterday. afternoon to the
effect tina. a banking firm which was known
to hold n large block of Manhattan stock. had
disposed OF II 20 the Metronol'an magnatcs.
This story was taken to n member OF tho
banking firm Ivy n SUN reporter and the banker
fatly denied that his firm had sold even al are
o. Manhattan stock to ANYBODY connected with
the Metropolitan. Finally. Edward Iautcr-
bach denied that the Third avenue was In
anv such deal
This was the condition OF the consolidation
home last night. believing az firmly rs ever
that a comnans. with ANTHONY n Brady. VII
liam c. Whitney. Thomas b. RYAN. p. A. b.
Widener aud William Elkins Mt It's head. had
got control Of all the surfece and elevated
roads In Greater New York. and that II would
be only a n,atter NJ Il short time when persons
could ride from Coney Island to Yonkers for
a single fare.