The times. [volume] (Richmond, Va.) 1890-1903, 1902-11-27
Manhattan ROAD
HAS been LEASED q !
ln.er.Borough Company Secures.
itfor s99 Years.
TERMS OF The AGREEMENT.
Angus, Belmont and George Gould
Each Make Authorized Statements
as TO the Big Deal-In Effect
Next April.
.fBy Associated Press.

BY Associated PreSs.
NEW YORK, November 26.-Ihe ofil-@
cial announcement was made to-day that
the Manhattan Elevated Railway Com
many would be leased to the Inter
Borough Company. which is to operate
the subway now being built, to take Ell
feet April /, 1868.
The rental from April /. 1903 to Janu-s
airy /. 1906. will be the net earnings OF
the Manhattan Company, not exceeding
seven per cent.
After January l. 1906, the rental will be
seven percent fat, on Manhattan stock,
guaranteed by the Inter-Borough Com
pany. The Manhattan Railway Com
pany will increase its stock to $4,000 GOO
for the purpose of completing improve
ments. This is an increase OF about
100000.
The Manhattan stockholders will be
given the new stock at par provision IS
to be made in the lease for the ultimate
increase of Manhattan stock to the total
amount of $4,000 GOO. The lease is to
be for a period Of a99 years
OTHER PROVISIONS.
The official announcement made by the
two companies says:
THE other details of the lease will be
those customarily adopted in similar
cases.
The lease will provide security sat
isafctory TO the Manhattan Company for
the payment of the dividend rental.
..,The Board of Directors of both COM
panies at their meetings. approved the
general proposition, and have authorized
their officers to prepare, under the ADVICE
of counsel a lease which. VIII have 70
be submitted to the board and to a meet
ing Of the stockholders for approval.
August Belmont, of the Inter-Borough
Company, made the. following sldteiueAe
this evening:
THE directors of the Inter-Borough
Rapid Transit Company. have this day,
after previous long elaboration and IN
vestigation. determined for reasons which
appear to them important, and cons
trolling as affecting the interests not
only Of the stockholders of the company,
but of the city. and of the travelling pub
lie leased the ManhattaH system OF eie-
waited roads for a period Of 1893 years on
the terms given out this evening.
RAPID TRANSPORTATION.
"It is belived that this plan when per-
fected will work ont a prompt and sat
| isfactory system ofsinter-borough transit
| both lessor and lessee being thereby en-
gagged in a common effort to stimulate
Increase and develop facilities for trans
portation, rather than, as would have
| been the case if the properties had re-
NAMED separate. being engaged largely
! in the effort to divert traffic to one from
| the8other
at is not intended by this arrange
ment that any of the plans for the de-
| yeIopment Of the marlborough system
shall be interrupted or departed from.
| In The meanwhile however. before the
4 extensions can be completed, two
| systems will work in harmony Nor is
it intended to dispense with any add
J lions which are desirable for the Man
haitian property.
Tits impossible in any brief statement
10 give in detail the advantages which.
4 as the negotiations for a lease have pro-
crossed have appealed to those who will
! he IRA ctically identified with the manage
(: ment of the united system, but these ad-
4 yantages affect both the economy of op-
/ GRAFTON and convenience of public traffic.
IN PUBLIC'S INTEREST.
!! ..As / have said, however, in coming
1 TO the conclusion arrived at. 1t has been
4 considered by the directors of the inter-
i Borough Company that they were not
! alone charged with the duty Of caring
i for the best interests of the stockholders,
| bur also that they are carrying the re-
!. sponsibility of the management and de-
/ yelopn,ent of quasi-mUniclpal enter
/ mise. and they have come to this de-
] cision with the conviction that they were
ac..ps for the best interests of the city
and the travelling public both for the
/ present and the future"
WHAT GOULD SAYS
George J. Gould, president of the Man
| haitian Company. followed Mr.. Belmonts
/ statement with the following:
| IT have seen the interview with Mr..
Belmont. and SO far as the Manhattan
system is concerned. we agree with him
that =. union Of the two properties will
i bring about conspicuously satisfactory
/ solution of the raptd transit problem OF
/ the metronolis while at the same time
j the advantage of a fixed guarantee by a
coruorat ton of the character of the Inter
Borough Rapid Transit Company will he
4 arnreciated and accented by the stock
i holders of this company. a large COM
pany of whom have of course as ne
go.iations have progressed LOOKING to
t this lease, approved of the proposed
PLAN