The Washington times. (Washington [D.C.]) 1901-1902, 1902-02-16

problems confronting its management,
that it had decided to provide for the
immediate and future financial require
ments Of the company by a mortgage of
$3.50, 000 coo.
A Wise Plan.
This announcement rather staggered
the Street. but thoughtful consideration
OF the matter is likely to lead to the
conclusion that the management has been
wise in planning for the development of
the company's system for many years
to come. Without doubt, this view of
the situation has influenced the managers
of the Metropolitan Street Railway Com
pany and the capitalists who have now
become associated with them for the
first time in formulating the plan for
extending and developing that system
which was made public this morning.
A Significant Move.
ANY one who imagines that the purpose
of that plan is simply to provide addi
tional capital for the Metropolitan Com
pany is, indeed, very short-sghted. The
selection of the Interurban Railway Com
pany as the lessee of the Metropolitan
system is obviously significant.
That company controls valuable fran
chises which it has only just begun to
utilize in the territory beyond that which
is now supplied with transportation IA
cilities by the Union Railway Company,
which is controlled by the Metropolitan
Company through its lease of the Third
Avenue Railroad
Capable of Expansion.
The creation of the metropolitan Sc
curities Company 10 take over the abso-
lutte control of the Interurban Railway
Company aEd 10 finance the Metro
politan Street Railway Company I'M
Questionably means more than the
accomplishment of those two propositions
That company is capable of enormous
expansion. both as to its capital and the
scope of its operations.
Moreover. II is to be noted that the in
corporators of the Securities Company are
men representing several of the largest
financial interests in the world, which
have not heretofore been connected in any
way with the development of the Metro |
politar system.
New Elements in Play.
This circumstance not only brings into I
the local traction situation elements of I
great strength but foreshadows develop !
ments even greater than those that are I
taking place.
The dealings in stocks today were upon ,
6 moderate scale, with the predominant |
interest in Metropolitan. That stock sup |
piled more than a fifth of the total trans
actions. AT the opening the market for it |
Tod -I,,, l,,-
selling soon depressed the price more
than three points.
On the curb the initial transactions !
were made in Metropolitan Securities, de- |
liverable when issued, at 110G120, and the |
figure last named was bid at the close OF
business. The rights to be given to Net |
ropolitan stockholders were also dealt in |
at 6G12, closing at the higher figure, and !
the final bid was 111a.
Advance in Manhattan.
There were moderate dealings in Man
haitian Railway at a net advance of more
than a point. Brooklyn Rapid Transit
was comparatively neglected, but after an
early decline recovered to the final price
of yesterday.
There was comparatively little doing
throughout the remainder of the list, ex-
cept in Amalgamated Copper which was
exceptionally strong, ana closed at the
best price, which showed net gain of pa
per cent. The buying of the stock APP
peared TO be largely to cover short ac-
counts.
Weak Bank Statement.
The weekly statement of averages of
the associated banks was disappointing
in that il showed loss of $3.50, 900 in law
full money, whereas an increase of over
$2,000,Oo0 was shown by the usual COM !
putation Of the known movements in
money for the week The increase of
nearly sl3,5O0000 in the loans also had a
temporarily depressing effect on the mar
ket.