The age-herald., 1902-02-16
New York Letter
BY JOHN MARTHoL.

New York, February 15.-Close on the heel of William c. Whitney's announce ment that he was about to retire from active business comes the toe of new enterprise finger marked by the manipu- lations of the same shrewd financier' IS it not Imaginable how a burst Of conn- dence from any of the great financial wire-pullers is followed by a stroke of lightning and a, clap of thunder. We are no sooner informed that the managing brain of the surface car business of this great city is hereafter to be retired and relegated to enjoyment and the news of it is sent half way round the world attended by graphic descriptions Of what that brain has done to banish the horse and substitute electricity, when we are informed it Is posing for spring, like a spider in a web of new combinations. Mr Whitney by this time attracts the attention of capitalists in London, Der lin and the Hague; and then, comes the announcement that a new securities com pany is to be formed to pool all the surface. overhead and underground pas senger transportation companies of this city.
 Competition in business will soon be- come phrase, the meaning Of which Will only be known to the student or terms' It is rapidly being crushed out In spirit and in fact. The rivalry of competing horse car lines was wiped out with the formation of the two systems, the Tnlrd avenue and the Metropolitan Traction companies. Then followed the ruin or the Third avenue and Its absorption py the Metropolitan. Jay Gould began the work of consolidation in local transportation when he leased the New York Elevated and the Metropolitan Elevated to the Manhattan. It was a shrewd move. A company started to operate two roaos, it having not as much as single rall or a single wheel. At first its stock went begging; today it booms. At the present moment the Manhattan controls the ele- vated structure and enjoys monopoly of the overhead transportation and the Metropolitan the surface transportation.
 But the people by taxation, by vote obligating the credit of the city determ- ined to find underground methods of se- curing transit more rapid than that fur nished by overhead or surface car. To that end the tunnel Is now being con- structed and by the terms of the con- tract between the city and the contract ing company the operation of the road for period of years is in the hands of the contracting company. This company will lease its rights to a new company now being organized by August Belmont
 Now comes the genuine surprise the masterly coup. Some more of the com munity of interests business. securi- ties company Is to be floated with dis tinct purpose It proposes to control the surface traction companies operated by the Metropolitan, the elevated roads op- erated by the Manhattan and the under ground to be operated by MT. Belmont's new company. What a prospect. This new company will see to 1t that the trav- cling public shall not patronize one mode of travel to the detriment of another. Schedules will be amicably and satisfac- torily arranged and if there Is "any kick coming it shall be strictly con fined to the travelling public. This is a great age and in city transportation William c. Whitney is its prophet
 The new administration is making rap i'd strides with reform measures. 1t has found places carelessly and foolishly managed, and 1t has begun to straighten