New-York tribune., 1900-03-20

into letting go of his holdings
METROPOLITAN MAY GET MANHATTAN.
The absorption Of the Third Avenue Railroad
Company gives the Metropolitan Street Railway
Company control Of the entire surface traction
field in this city. we'll as various lines in the
fast growing region beyond the Harlem River.
The next move. in the opinion Of we'll informed
observers. is likely to be the taking over of the
Manhattan Railway Company by the Metro
politan. operation which has long been re-
garded feasible and mutually advantageous.
Such a step would be doubly advantageous now
TO the Metropolitan, 1t is argued, since 1t is
about TO take over the Huckleberry road. the
patrons OF which, living in the Borough of the
Bronx and further north in Westchester County,
naturally travel by the elevated roads from the
Harlem River to the lower part Of the city.
making OF the eight cent transfer system
arranged between the Manhattan and the Third
Avenue about a year ago Then, too, the Man.
haitian is preparing for the electrical equipment
Of its system, and must therefore. either gen
crate the necessary electricity in power house
of its or buy It, and, according to state
ment made in the foregoing by Metropolitan
official. there be generated in that companys S
big power house at Ninety -sixth-st. and the
East River twenty thousand horse power in ex~
of the amount needed for operating the
Metropolitan and Third Avenue systems.
Moreover, the MannattanS management nav
not yet decided whether not to equip the ele-
waited lines with the multiple unit system, which
enables to be run either as trains or as
Individual cars. The adoption of this method of
electrical propulsion. 1t is pointed out would
make II possible, under a consolidation OF the
surface and elevated railway systems, to run
through for the long haul from Yonkers
TO the Battery, making the first part of the
journey on the street level, and the latter part
on the elevated railroad tracks.
After the general consolidation of traction
interests In this city would come the absorption
of the Brooklyn Rapid Transit Company by the
Metropolitan. Their interests financially
are Identical, for Anthony " Brady, the lead
ing figure in the Brooklyn Rapid Transit, is a
member Of the Whitney syndicate, which con-
trolls the Metropolitan Street Railway Com
pany, and now also the Third Avenue Railroad
Company Besides Mr.. Brady is president of
the Kings County Electric Light and Power
Company, consolidation of the electric COM
panies of Brooklyn, which is not really rival
Of the Brooklyn Union Gas Company the gas
combination Of Brooklyn since that corporation
is controlled by the Standard Oil interests, with
which the Whitney syndicate interests have
been in complete and open accord since the TAX
ing over Of the New-York Gas and Electric
Light. Heat and Power Company, their prop
erty. by the Consolidated Gas Company of this
city. Standard Oil corporation.
KEENE AND THIRD AVENUE.
Third Avenue stock has been advancing rap
IDLY Tor the last week or So the rise apparently
being due primarily to the working of
corner; but there have been wide differences
OF opinion to the prime mover IN the opera
ton.
James r. Keene February FL announced
that he the holder Of large amount of
htrH Axo. - xybtn t. hgc
hands on advances made by him to it's owner.
This a few days after the breaking off by
the Kuhn-Loeb syndicate OF their negotiations
for taking care of the Third Avenue floating
debt, and just at the time the Third Avenue
management opened their unsuccessful negotia-
tions with Ver1nilye & Co., Hallgarten & Co. and
Heidebach, Ickelheimer & Co. The stock re-
ferred to by Mr.. Keene was. according to the
common understanding. that of Henry Hart
Mr.. Harris holdings were in excess of 10000
shares. Of which 10000 shares pledged as
collateral for money advanced. Mr.. Hart, ac-
cording to his letter still is the owner Of this
block Of 10000 shares. Mr.. Keene, however
held large quantity OF Third Avenue stock
and rumors were persistent that in the steady
and serious decline of price ne heavy
loser, one theory being that the Whitney syn
dicate, with whom his relations the reverse
Of amicable had taken an active part in en-
deavoring to work his discontinue
Mr. Keene, however, denied that he had lost
money on the decline, and when the price of the
stock began to rise a few days ago. after hav
ing gone to about 90 1t believed by many
that he had planned a campaign OF squeezing
the shorts"
From President Vreeland's statement though,
1t may be that the advance was partly due to
extensive buying for control by the Whitney
syndicate. There is undoubtedly a very large
short interest in the Stock not an inconsiderable
part, it is said. representing short selling by
Western men not prominent operators in the
| local stock market. The total outstanding stock
of the Third Avenue 10000 shares UP to
last September. when II was vas increased by vote of
standing stock to S160O0O00 par value. Besides
Mr.. Hart's 10000 shares. already referred to. it
| ~ understood that other large amounts are tied
up through being deposited collateral for ad-
vances to enable stockholders to acquire the
amounts allotted to them OF the new stock issue
| of September and 1t is said that other blocks of
| the stock have been used collateral for some
| of the loans returned by Receiver Grant as ap-
| parently unsecured.
The Metropolitan interests having acquired a
controlling amount of the stock-in other words.
| having purchased more than eighty thousand
| shares-appear to be in position to dictate the
| price of Third Avenue stock for the next few
| days. The stock yesterday sold within a narrow
range until the last hour, when it suddenly
| jumped from II to S51h. closing at So net gain
| for the day of 16& per cent. When the road was
in the thick of its receivership troubles two or
| three weeks ago. II sold Aelow 30. It's record
| high price was 242 on February "a 1899.
vICISSITUDES OF THE PROPERTY.
The difficulties Of the Third Avenue Railroad
| Company became generally known recently
| to be still fresh in the public mind. Last
| July the stockholders unanimously voted TO in
| crease the capital stock of the company from
| $12.O0O,OOO to $40OOO,OOO for the purpose Of
| paying off the company's floating debt, in
| CURED in the acquisition Of other street rail-
ways, and for changing the motive power Of