New-York tribune., 1902-02-16
M. S. RS BIG PLAN.
OTHER CITY TRANSPORTATION
LINES is TO COME-INCOR-
PORATION AT ALBANY.

wall Street apparently had not had time yes
teroay before the market opened to digest fully
the Metropolitan plan," set forth in such detail
IN the morning newspapers with the supple
mentary statement from President Vreeland, for
Metropolitan stock from the opening huctuated
In wide range. 1t was generally agreed that
the leasing of the Metropolitan Street Railway
Company to the Interurban Street Railway
Company, and the taking over of the latter by
the newly organized Metropolitan Securities
Company. with its charter permitting it to
acquire elevated and underground roads. tun-
nels and bridges, we'll as surface railways.
presaged the carrying into execution of prof.
ect of city transportation consolidation of great
extent; but the question heard in various
quarters. VIII the leasing of the Metropolitan
and the guaranteeing of per cent dividends on
its stock benefit it's stockholders? And the con-
tention was urged that the Metropolitan could
readily have foated bond issue large enough
to provide for the cost of electrical equipment
of it's ninety-odd miles of present horse railroad
its shareholders then being enabled to benefit
directly in the increased earnings expected as a
result of such improvement of the system. The
Metropolitan. it was said in answer, under its
charter was simply street railway operating
company, and could not purchase other rail-
ways While it true that it might have
issued bonds for needed Improvements. it would
when those improvements completed be in
no more favorable position to ability to pur-
chase other properties than at present. Mean
while the rapid transit subway road and the
North River tunnel would probably be nearing
completion To enable a virtual consolidation
of these properties with the Metropolitan sys-
tenn to be effected as might be opportune in the
future, and also to make possible the inclusion
of the Manhattan Railway Company and the
in 10
plan just made public had been devised.
Under that plan the Metropolitan would be
leased to the Interurban Street Railway Com
pany, which, it may be noted incidentally, al
though actually operating less than four miles
of line. owns franchises covering sixty more
miles of road in Westchester County. and the
building of trolley lines under those franchises
the roads to be operated under the same
management that of the Metropolitan's
"Huckleberry" road, would mean the giving to
Westchester County of long desired develop
ment and extension of transportation facilities.
1t will have been noticed that of the Securi-
ties company's capital about STOO0OoO is not
designated for any specific use. and that of the
proposed issue of 500. 900 900 per cent bonds
only about $54 600 900 are TO be reserved
tire and refund the funded debt of the Metro
pOlitan Street Railway system. Assuming that
the unaccounted for $11 900 900 bonds could be
sold at Co. conservative estimate. the Securi-
ties company would have available for invest
ment In tunnel or bridge properties, elevated or
underground or surface roads the sum of Sl4,-
600
Closing on Friday at 1895. Metropolitan stock
started yesterday on the Stock Exchange with
a sale Of 100 shares at 10. and went rapidly
up until it touched 11lH. Then came reaction
in the course Of which. with occasional rallies
the price declined to 1878. A substantial rally
then set In, which carried the stock to 171l2
and it closed at 111A, net advance for the day
of l g points. large part Of the buying tow
ard the close was attributed to covering OF
short contracts.
1t is common report in the Street that there
enormous short interest in Metropolitan.
and il is also the belief OF many that before
that stock finally settles down upon its ultimate
investment basis there may be seen notable
example OF the process known as squeezing
the shorts for the Street has not yet forgotten
how Metropolitan in the winter of 1S9S-'99 ad-
vanced in about five months more than 100
points to 269 March %, 1899, nor has Il for
gotten the rise in Third Avenue.
Albany Feb 15.-There were filed with the
Secretary of State to-day the papers OF in
corporation of the Metropolitan Securities Com
pany. The capital is $300O0000 and the COM
pany paid the State organization tax OF S15.-
600 The Interurban Street Railway Company
of New-York City. which is included in the con-
soidation plan. filed a certificate of increase Of
capital from 100000 to 500 100000 1t paid the
State $3.50 for the privilege of doing so.