New-York tribune., 1899-07-01
TRANSIT UNION RUMORS.
GENERALLY CREDITED IN WALL STREET
NO AUTHORITATIVE DENIALS.
PRESIDENT VREELAND OF THE MElho-
POIITAN SAYS THAT SUCH COMBl-
NATION is ENTIRELY FEASIBLE
RUSSELL SAGES VIEWS.

The report that a union Of interests Of the No
ropolitan Street Railway Company, the Manhat-
I tan Railway Company and the Brooklyn Kappa
Transit Company was probably close at mana
was discussed everywhere in Wall Street yester-
dav. and was generally accepted as correct. the
only doubt expressed being to the likelihood OF
BROOKLYN Rapid Transit becoming at the outset
a party to the merger Russell Sage did not
credit the story but Mr.. Sage, although dlrec-
tor Of the Manhattan, is reported downtown to
be not as intimately acquainted with the plans
Of the Manhattan management as he once was
Apart from Mr. Sage no interest connected with
any Of the three corporations interposed yester-
day an authoritative denial that negotiations
looking to the consolidation Of those companies
were under way and practically concluded
There are reasons patent to all why combina-
ton between the Metropolitan and Manhattan
systems would be of mutual advantage to the
two companies. The Metropolitan's north-and-
south surface lines parallel the elevated roads
and with the equipment Of each successive line
with the underground-trolley system the tide OF
travel has ebbed further from the elevated lines
and flowed in correspondngy larger volume TO-
the surface roads with the completion of the
improvements planned for the Manhattan, its
sorb the through traffic, part of which now goes
, to the surface roads, and would as well attract
new business by making it easier for persons to
reach the far northern part Of the city, and the
surface lines of the Metropolitan. handling the
short haul traffic. would supplement the ser
vice of the Manhattan. Both companies Intend
IN sell for general commercial use the electricity
in excess Of their actual needs generated at their
on hp vat
River The New-York Gas and Electric Light
Heat and Power Company. which is closely affil-
lated with the Metropolitan Street Railway Com
many owns all except one OF the electric light
companies of :he Borough OF Manhattan. the ex-
ception being the United Electric Light and
Power Company the control OF which recently
passed 10 an interest not yet absolutely ident-
fed but currently believed to be the Conson-
dated Gas Company which in turn is controlled
nv Standard Oil interests. The Brooklyn Rapid
Transit Company now controls all the trans
nortation lines surface and elevated. OF the
borough except those OF the Coney Island and
Rrookyn Railroad Company-the Smith-st.'
Franklin-ave and De Kalb-ave. lines.
ELECTRIC LIGHT INTERESTS IN BROOKLYN.
The electric light interests Of Brooklyn are
consolidated I'm the Kings County Electric l"ght
and Power Company. which bears a relation 10
the Brooklyn Rapid Transit Comi any similar
to that existing between the Newly ork Gas ana
Electric Light Heat and Power Company and
the Metropolitan Street Railway Company
Tbus n consolidation of the Metropolitan, the
Manhattan and the Brooklyn Raj id Transit IL
is argued III Wall Street would mean not only
an amica bic and profitable division OF the long
haul" and short haul" business in this borough,
Of no
terminus and the Third Avenue Elevated Rail-
reads City Hall terminus. so that trains may
run from Coney Island to Harlem. and the link
ing Of the Brooklyn Rapid Transits surface
tracks with the Metropolitan's tracks at the
CITY Hall here 0or Brooklyn will in time have
the underground troey)-and not only that
but IN addition it would mean a virtual monop-
DIV of the electric light heat and power business
OF the boroughs with its resultant possibilities
of Increased profits from economies which might
he nut in force as well from the raising OF
rates which might be thought expedient.
There remains the Third Avenue Railroad
Company. which is changing 20 electricity the
motive power of its various lines, and which,
like the Metropolitan and the Manhattan eX-
poets to have surplus power TO sell The Trlp-
une's information yesterday was that the Ihlru
Avenue was not going into the consolidation for
the present at least, and its view was con-
nrned by Edward Lauterbach, counsel ana
director Of that company. But there are perl
sistent reports that Metropolitan interests now
hold a large part-amounting to control accoru-
ing 70 some observers-of the stock of the Third
Avenue company: and II is felt to be question
Of a relatively short time before the Third Ave
nue. will become part Of the Greater Metro
politan" system.
Russell Sage quoted yesterday as saying
In regard to the consolidation report:
There is nothing in the rumor 1t is simply
8 rehash OF an attempt made by the Metro
nolitan three years ago to obtain my stock and
the stock Of Mr. George Gould I'm the Manhat-
tan company. Mr. Gould and had agreed not
TO dispose Of separate interests without not1-
fying one another. and when was approached
al that time Mr.. Gould was In England on MS
Yacht Under my agreement with him, refused
the offer made by the representatives OF the
Netropolitan Street Railway Company. | think
that Mr.. J. Pierpont Morgan was behind the
movement three years ago and | told Mr.
Gould so when he came back from abroad.
In answer to a further question, whether the
whitney syndicate might not be trying again
70 secure control Of the Manhattan, Mr.. Sage
said:
"There have been no negotiations whatever
beyond the fact that have been approached by
brokers representing the Metropolitan street
Railway Company. Such a monopoly of the
railroad interests OF this city might promise
cheaper fares but would place little confidence
in those promises. There Is too much capital in
this country to permit any set OF railroad men
TO control all the railroad interests in this city
Such gigantic monopoly would only invite
new companies into the field. What for in
stance would prevent George Gould, after such
a combination. from selling out ell Of his stock
and starting a new railroad, which would do In
calculabe damage to the combination until 1t
was bought at an exorbi;ant price do not
say that Mr. Could or any other prominent cap