The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-02-08
METROPOLITAN'S VAST PLANS
SAID TO INCLUDE Control OF
RAPID TRANSIT HEREABOUTS.
The Underground. the Elevated. the Brook
Ign and North Jersey Lines May All He
brought Under One Management-De-
tails Of New Financing Company.

Il Is now expected hat some Official
announcement as to the plans Of the Metro
politan Street Railway interests for the
formation Of a securities company to finance
their projects will be made early next
week. II was reported yesterday in Wall
Street that the name of the new company
will be the Manhattan Securities Company,
It's primary purpose being to finance the
unfunded debt Of the Metropolitan and to
meet the company's new capital require
ments.
That it's scope may extend further and
that it will be organized 80 as to permit
II ultimately to take over the Rapid Transit
Subway. the Manhattan Elevated Railway
and the Brooklyn Rapid Transit Company
IL believed in many quarters in the financial
district. Another idea Is that the Metro
politan Street Railway Company is pre-
pairing TO obtain control Of several northern
New Jersey traction companies and will
help TO back the enterprise of finishing
the old tunnel under the Hudson River, to
complete which the Jersey City and New
York Railway Company has been incor-
porated.
This is the way the status OF the new
Metropolitan Securities Company was
HKuftu III ndi ptftct yCElCIddys
For immediate purposes the new COM
pany Is to raise $50, 600 900. OF which about
$40. 900, 900 is to be provided by people
identified with the new company, while
$40, OOO, 700 will come from Metropolitan
stockholders, who are TO be allowed TO take
40 shares in the new company for each
100 shares Of metropolitan which they now
own, or, in the event that stockholders
should not take their allotment, the same
amount will be furnished by the under
writing syndicate.
The $50. OOO, 900 thus obtained Is TO be
used in taking care Of the u~nfunded debt
OF the Metropolitan company and in con-
verting about eighty miles OF horse car
lines into mechanical traction. The new
company. will guarantee 7 per cent. on
Metropolitan stock. 1t is expected it will
receive from the Metropolitan company
some Of the assets Of hat company, which
will be used as the basis of additional inan-
cling.
Apropos Of the belief thai one scheme of
the Metropolitan interests is TO obtain
control of the North Jersey traction COM
panies the announcement OF the Metro
politan Street Railway Company a few
days ago of its intention to connect its
system with the terminal of the Hudson
River Tunnel, which the Jersey City and
New York Railway Company will finish,
was interesting.
The news published in THE Sun yesterday
that the terminal station of the tunnel is
to occupy the block bounded by Green
wich, Hudson, Christopher and West Tenth
streets has since been confirmed by further
investigation among property owners on
the site.
The only additional information obtained
Yesterday was that part or the whole of
the block front on the east side of Green
witch street between Morton M Barrow
will he acquired for the right OF way. be-
sides strips In the block immediately south
and in the block Immediately east of the
Appraisers Stores, as stated yesterday.
Several speculative purchases of nearby
property have been made by operators
on the strength Of early information as
TO the contemplated location Of the terminal.
Daniel b. Freedman, a real estate oparator,
has bought 5if and 5i8 Hudson street,
between Christopher and Tenth, through
Horace S. Ely d Co.. and Alvan W. Perry.
and these brokers announces that they have
sold 533 and 52s Hudson street TO other