New-York tribune., 1900-03-20

OF hs report to the court"
well the receiver computes the amount re-
quired as being fully S11 100000. In assuming
this responsibility isn't the Metropolitan COM
pany undertaking a burden which is likely un-
duly to tax its resources?"
mo. because the value OF a property like the
Third Avenue Railroad depends upon the credit
of its owners for financing 1t. Now, those
Third Avenue people got themselves into such
hole that they would have to pay or 8 per
cent for money while borrow ali we
want for per cent. This means an enormous
difference in estimating the value OF the prop
erty. At the time took over the Second
Avenue road IT practically dead, ana peo-
pie laughed at when we guaranteed per
cent on the Stock. Now look at the road to-
day, and tell me If our opinion OF it's earning
capacity untustifed
1T is the same with the Third Avenue road.
We did not go into this deal with our eyes
closed or without studying the matter from all
sides. Then, again, there are many ways IN
which money be saved in operating ex-
penses. For instance, we supply all the
power from our house at Ninety -sxth-st. and
East River. We have horse power capacity
there of 10000. while the horse power needed
TO run the two systems is only about 10000
Moreover, the duplex construction that would
have been imperative IN some parts of the city
had the two companies continued as separate
concerns will be obviated.'
This Tribunes informant could not say how
saoon the Metropolitan people would assume
the direction of the affairs Of the Third Avenue
company but he was able TO say explicitly that
one of the first moves in establishing the new
order of things would be TO bring about the dis
nissal of Mr. Grants receivership. Arrange
nents with this object IN view will be made with
the other stockholders" he said. but just how
IL will fae bafa we get q matter
for you to infer. We have got the stock, but the
company is in the hands of receiver
COMPLETE TRANSFER SYSTEM.
by taking over the Third Avenue company
and its subsidiaries" the same authority said.
in reply to further inquiries. the Metropolitan
will now control all the surface railroads OF
Manhattan and The Bronx. The public will
have the benefit, of comprehensive transfer
system. For the. past tgo or three years the
residents Of the Washington Heights section
have been praying for facilities that would
carry them down the West Side OF the city.
Now they will get what they have been clamor-
ing for. Whether or not we will take them
above the Harlem for single fare is a question
that has not yet been settled. The Metropoli-
tan company will have to consider carefully
SITS ability 10 convey passengers twenty miles
for fare"
agreement which the Third Avenue has with
the Elevated Railroad?'
THAT is another matter which has not been
decided upon. Our effort is to get all the short
haul traffic we can and shall not change
that policy. In fact, in FIVE years from now IL
IS likely that it would pay US TO station men
81 Harlem to give out nickels to some people
provided they travel by the elevated road In
stead Of taking our cars.
1T is said that the Standard OIL capitalists In
their desire 10 obtain monopoly in this city Of
selling electric lighting and power, have brought
ebout the DEAL the reporter intimated.
That is not so' the reply The only
men who have helped to develop the Metropoll-
tan companys properties to what they are to-
DAY are the four men who form the syndicate
which controls this company"
But William c. Whitney is interested with
The Standard Oil people in the New-York Gas
and Electric Light Heat and Power Company,
which obtains its supplies from the Metropolitan
power house." it was suggested.
THAT company has nothing to do with the
METROPOLITAN. There an idea some time ago
that use could be made of our ducts for the
purpose of carrying electricity for lighting and
heating purposes. but that was the idea not OF
bur people, but of others Railroad companies
have no power 10 use the streets except for
legitimate transportation purposes. 1t is true
he are selling to the company you mention q
large amount OF electricity, but we sell 1t to
them at our own power houses and we do not
convey ii to them. We have the right to sell
Electricity to you, let say, but not to take IT
10 your house. That is position with the
Eew-York Gas and Electric Light, Heat and
Power Company"
HENRY HART PLEASED.
The Third Avenue interests are well pleased
1t the new turn in the affairs of their property.
Henry Hart may be accepted their rep
tesentative. Mr.. Hart last night sent the fol-
lowing note TO President Vreeland:
New-York March 10, 1900.
b. H; Vreeland, President, Metropolitan Street
Ny dear Mr.. Ereeland 1 have but Just heard
that the Third Avenue Railway is to become a part
io congratulate you upon what consider vau.
tbie acquisition. l feel that the road has fallen
large holdings gives me viii be at ali times de-
fotea in cooperating with you in any plan that
the earnest hope that the present enlarged sys.
tenn may be managed with the same capability that
Eou have already demonstrated so forcbly, believe
he yours truly. H. HART.
Edward Lauterbach. former counsel to the
Third Avenue Company. said last night:
This simply shows that the Metropolitan people
know good thing when they see it. Under proper
Hs ii ever was, and look TO see # soon put back
pa US feet agan- IN II seems 10 me IN tnat & the stock
have taken The property is just as good as 1t ever
weeks ahd the hard things W that have been saif
about the road. One Of the pleasing features OF
believed heart and soul in the permanent value OF
The Third Avenue Railroad Company, still retains
control Of thirty thousand shares and Mr. Hart