New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-14

TRANSIT'S STEADY GROWTH
THE KINGS COUNTY ELEVATED FOL.
LOWS IT'S OLD RIVAL.
PLANS FOR THE ABSORPTION MADE PUBLIC YES
TERDAY--THE DEAL REGARDED AS A GOOD

PLANS FOR THE ABSORPTION MADE PUBLIC YES
TERDAY-THE DEAL REGARDED AS A GOOD
THING FOR THE BIG COMPANY.
Plans for the acquisition OF the Kings County
Elevated Railroad by the Brooklyn Transit Com
pany were announced yesterday. They provide for
elaborate system of reorganization OF the IL
with the aid of the stock of the Rapid Transit
Company. Until the reorganization. which Will
take two three months. the Rapid Transit Com
pany will take no steps toward the actual acqui
sition OF the property Of the Kings County COM
pany. Then 1t is likely that lease will be ex-
ecuted. was done in the case of the Nassau
Railroad.
The plans for the reorganization as announced
yesterday are follows:
Security holders must deposit and pay assess
ments at the offlcs.of the Guaranty Trust Com
pany by May Is, after which no deposits Will be
received except such terms as the committee
imposes An underwriting syndicate has been
formed TO insure the success of this plan The new
company will then issue the following new securi-
ties: First mortgage per cent gold oonds que
1919, 100000: preferred stock per cent nom
cumulative Qs4s) s2.so0ooo; common stock. 5000
600 OF the new bonds only s50oO,oco will be issued
for reorganization. the remaining 100000 to be
held for future Improvements.
After reorganization the stock is TO be exchanged
lows os :' one Share e of Rapid for Two shares
the preferred stock of the new company, ana one
rs 6 oa Mapd Eevan D Elevated
road first mortgage bonds stock
The plan thus provides for the exchange or al
the common and preferred stock of the reorganized
company for 100000 in stock Of the Brooklyn
Rapid Transit Company. This is considered to be
q good investment for the Rapid Transit company
Colonel Williams said yesterday that as soon .c as
the reorganization had been completed ana the re-
ceiver discharged the r. would be taken formal al
new property provide for the installation o. cleo
tricty and the introduction OF express Trains
Ex-Governor r. p Flower said yesterday OF the
acquisition OF the Kings County Elevated Railway
by the Brooklyn Rapid Transit Company: MS
secures for the Brooklyn Rapid Transit COMPANY
ali the elevated roads in Brooklyn and all me
trolley lines save one. The officers, of the Rapid
Transit Company estimate that the saving III
operating expenses alone through consoid snca
Will be equal to per cent on the STOCK Slnue
April the earnings of the entire system have nave
shown an increase, average, or more, tnali
"a 900 a day as compared with last year. ana ~ iH
expected that with the summer trainc III I Lui'
swing the Increase will be more than SODo uay,
adding net earnings equal to or per cent on
the stock" -, a.. 49, r.orsap
ization OF the Kings County Elevated Rallway anu
its absorption by the Brooklyn Rapid Iransh Sot M
many stimulated transactions in the STOCK o. tne
RRanid transit Company the New-York stock
Exchange The stock which closed on W 60 Ia
day nj l27Ik advanced to 1874 and closed at l'V'
making the net gain for the day Z1s'