New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-28
MAY TAKE PORT CHESTER
INTERBOROUGH EXPECTED TO GET
NEW SUBURBAN ROAD, TOO.
WALL. STREET PREDICTS GEORGE ]. GOULD
WILL BE ONE OF DOMINATING FAC
TORS OF SUBWAY COMPANY

embracing all the traction companies of the
metropolis in one combination the New-York
and Port Chester Railroad, it is expected. will
be factor. Railway financiers who have been
looking ahead to a merger of the city and
suburban roads already interested in the
Port Chester road as one which they believe
has future possibilities. A reporter of The
Tribune yesterday obtained information from
an authoritative source that several of the finan-
ciers who are largely interested in the Inter
borough Rapid Transit Company are also in
terested in the Port Chester company.
Work the construction of the Port Chester
road will not be begun until late next spring
1t will take about two years to build and equip
the road. About $16,000.O00 will be spent in the
work. The money is ready. but the company
has been delayed in securing it's rights of way.
For nearly the entire route between New-York
and Port Chester the company has bought land,
either by private purchase or in condemnation
proceedings, so as to- avoid the of public
roads or streets.
The road will be four track electrical rail
way. and the express trains will be run at
high rate of speed. as there will be no grade
crossings. At the New-York end of the line
there will he connection with the rapid transit
road at Bronx Park and connection with the
Wis-ave. bridge. Railway men say they think
there is n great future for the road, because of
along the line of the road in Westchester
County. That the road will be taken under the
control of the Interborough company is not
doubted by some of the men who Interested
in the company The merger may take place
before the Port Chester road is actually built.
and the power to run it's trains may be sup
piled from one of the great powerhOuses belong
ing to the Interborough company. Such plan
would reduce the cost of equipping the Port
Chester road and enable II to begin running
trains as soon the road is built.
The merger of the Manhattan elevated rail-
roads with the Interborough company. which is
to operate the subway. the terms of which were
printed in The Tribune yesterday morning, is
taken to be the first step in a general merger
of all the surface, subway and elevated rail-
roads of greater New-York steam and cleo
trio, into one company, and il is believed that
the Interborough will be the holding company
for all these companies.
GOULDS GET MORE THAN PER CENT.
The Interborough and Manhattan are long
haul roads. The surface traffic of Manhattan
and The Bronx is controlled absolutely by the
Interurban company, a holding company for
all of the Metropolitan street railway lines. The
absorption of the Interurban company, short
haul company. by the Interborough is consid-
cred to be only matter of time. In Brooklyn
the surface and elevated railways. and It's mer-
ger into the Interborough company would make
complete the control of all roads in greater
New York in company. Such final
of all properties is said to be certainty. to
BE- worked out In time.
II was stated yesterday that George J. Gould
and members of the Gould family had. by con-
sent to the lease to the Interborough company.
obtained a great deal more than the mere per
cent guarantee the stock they own. II is said
that under the new deal Mr. Gould will be one
of the dominating factors in the Interborough
company. and will have a great deal to say
about the conduct of the new corporation.
AS outlined in The Tribune on Sunday morn
ing, this merger of all the local railways in
greater NewYork is simply step toward get
ting the lines in position where they can be
utilized to the best advantage in the traffic plans
of the New-York Central and the Pennsylvania
railroads. The Tribune then stated that in a
general way all the local railways were being
grouped, and that men interested in the Penn
sylvanla Railroad and the New-York Central
were working in harmony with the Goulds and
other controlling powers in the local traction
situation. with the idea of grouping these local
roads to the best advantage. and buttressing
their hold the property, that control was
assured, and that the properties could be dis
tributed as seemed best when the time came
The Tribune also announced at the time that
the Interborough Company would probably be
the holding company under whose charter all
these roads would be grouped.
The New-York Central is about to undertake
improvements at its terminal in West Forty
seconds that will cost millions of dollars
Electricity will be substituted for steam The
Pennsylvania railroad is about to undertake the
construction OF a new tunnel under the North
River, and the erection of a terminal in West
Thirty -frst-st. that will cost many millions
more. When these improvements are COM
pleted the two roads will be confronted with the
problem of distributing passengers over greater
New-York after arriving at their terminals. To
this end the interests in control of the New
York Central and the Pennsylvania which are
in absolute harmony, have recently given a
great deal of attention TO local traction They
have quietly worked out plan whereby con-
troll of all these properties is to be centred in
hands friendly to these two great steam rail-
ways, and when the time comes these local roads
can be diverted to any use the greater roads
may consider advisable. Bringing all the prom
critics under one company simplihes the situa-
ton, and it will be found in the end that all the
local traction companies will be Controlled bv
one securities holding company. which in turn
will be dominated by New-York Central Penn
sylvania combination.
COMBINED EARNINGS EXPECTED
1t was ascertained yesterday that the lease Of
the Manhattan to the Interborough company
will not be followed by any immediate change in
the management of the elevated roads. For
about two years. at least. while the work of
completing and extending the subways is in
progress the elevated roads will be run as they
are now being run, without change of managing
officials and employees of the roads can be as
sured that there will be no changes in salaries
or other conditions.
Talk among hnanciers as to the value of the
guarantee to stockholders of Manhattan in the
lease to the Interborough has disclosed the be-
lief that the control OF the subway is sufficient
1t is figured that the subway is worth az least
S35 100000. When the trains in the subway be-