New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-24
NOT TO ISSUE THE STOCK
MIR. WHITNEY DENIES REPORTS ABOUT
METROPOLITAN-AN INVESTIGA-
TION MAY BE MADE-THIRD
AVENUE PLANS.
PLANS

Since the fact was definitely ests blished that the
Metropolitan Street Railway Company had bought
control OF the Third Avenue Railroad Company
there have been all of guesses in Wall Street
TO the probable plans of the new management
for taking OF the heavy floating debt of the
acquired system. The latest report appeared yes
terday afternoon in Dow. Jones Co.'S Wall
Street Journal" in the form Of this two line item;
Is TgmQred that Metrqpo.sa Ia o Is about to ask
stock
On the appearance Of this item Metropolitan sold
off in the stock market, and. according to Metro
politan representative, request was sent TO The
Wall Street Journal information the
source of the rumor. The being returned
that It had come from The Boston News Blu
reau"' this dispatch Immediately sent TO that
financial paper:
New-York March %. 1900.
learn tina! the stateme eI P9t out by Dow Jones
ot 9 ms 1e aaT 70 opany sr apon to ask
the STOCK Excnange TO list s2560oooo additional
for that COMPANY. demand the authority for that
statement. DE LANCEY NICOLL, Counsel
William {. whitney when seen last evening.
Some Is guessing, and GUESSING wrong. No
such decision as reported. issue 81 10000 or
$50 100000 has been decided upon"
De Lancey Nicou had this to say; The story
from S25 OOOOo0 S5 O00G 600 additional stock OF
the Metropolitan Street Railway would be issued is
absolutely false. I have seen Mr.. Whitney to-day,
and denies the report. 1t is odo. and may posi-
bly, be a coincidence. but the story comes from
Boston, did the report that receiver for Brook
Ign Rapid Transit would be appointed. II seems TO
that there is here fertile field for investiga-
ton and possibly the crlIing of facts worthy OF
presentation TO the Grand Jury along with the re-
quest for the indictment of some prominent bear
operators. II is all right, from Information and
belief to make a statement about property but
wilfuI misrepresentation is another thing II you
held shares of Metropolitan and heard that the
company was 10 issued millions Of new stock IT
might incline you sell II looks like bear raid,
and will be fully investigated
II seems to be agreed that there WIFI be an issue
of receivers certificates for the purpose OF COM
peting the Improvement OF the Forty-secOnd-st-
line, and generally agreed that the Metropolitan
Will take actual control Of its new property
for several weeks, if not months. time must
be allowed the standing master for examining and
passing upon claims against the Third Avenue
company. and the financing Of the floating debt
cannot be effected until II has been ascertained,
through the filing OF the masters report, what
the total Of that debt is. Meanwhile. as
already said, various speculations are heard az
TO the form the readiustment of the Third Ave
nue's obligations will take One rumor yesterday
had II that a proposition would be made for the
exchange Of Third Avenue stock for new issue
of Metropolitan stock the exchange 70 be made
on the basis of one share OF Metropolitan stock
for two shares of Third Avenue stock
A member of the Stockholders Advisory Com
mittee said he had heard of such a proposition.
lu+ felt su-e that II had not been seriously
sidered by majority interests
Stil another report which gained currency on
Thursday was that both the funded and unfunded
debts Of the Third Avenue company would De
taken up by a new issue Of bonds. which would
be secured by first mortgage on the railroads
property; but this plan declared Yesterday
be at least premature.
Operations in Third Avenue shares on the Stock
Exchange yesterday were the smallest Of any day
since the real condition OF the road became known
About 500 shares changed hands, the top quotation
baing 105Io the lowest 100 and the closing 1OSie
net loss for day of pa points Inc otheI IFac-
tiOns were in sympathy metropolitan osIlS
IL Manhattan ~ and Brooklyn RAPID transit II
Argument on the motion in the Application mace
bv the Lorain Steel Company, OF ONO, 70 inake
Hugh J Grant permanent receiver OF the r orIN
second Street Manhattanvnle and St Nicholas
Avenue Railroad which was 70 have been nedr9
Yesterday before Judge Lacombe. Of the Inltea
states Circuit Court adjourned until next
Friday This action taken at the request OF
Charles MacVeagh. attorney for the steel COMPANY.
who said that the interests who have lately
4ority OF the stock Of the Third Avenue, We're
anxious 10 get more time consider what acton
rhev will IA Ike in the matter The motion was CON
CURED in bv Edward LauterbaCh. John NJ. Bowers
and the other lawyers present did not oppose the
adjournment. -..,t-
The protective committee OF the minority StocA-
holders was however. allowed 10 join with the
[ T,orain Steel Company in the action