New-York tribune., 1902-02-06
FOR LEASING METROPOLITAN
REPORT OF PROJECTED HOLDING COMPANY WIDELY
CREDI7ED-TUNNEL ROAD LIKELY TO BE LEASED.


the same interests who dominate the Metro
politan Street Railway Company. The Consoli-
dated Tobacco Company has S3O.OOO.OOO stock
and its authorized bond issue amounts to
S15S. 100000. Its bonds were exchanged for the
common stocks of the American and Continental
Tobacco companies. The $52OOOO00 stock OF
the Metropolitan company, it is believed. how
ever, will not be exchanged for bonds of the
new traction holding company. but will be con-
yerted into species Of preferred stock. with
= per cent dividend guarantee 1t is altogether
probable. however, that the details of the plan
have not yet been settled.
y representative of Mr.. Whitney said yester-
day that the whole matter was still in the pre-
hminary stage; that several plans We're being
considered. all of them feasible. but that no
decision would be reached for several weeks, and
possibly not for two or three months.
CONFERENCE ON MONDAY.
According to trustworthy accounts an i'm
portant conference in reference to the forma-
ton OF the new company was held here on
Monday. but it did not. reported. settle the
terms of the deal" Thomas z. Ryan went to
Philadelphia late yesterday afternoon. TO be
present at the dinner given by 3Ir. Widener in
honor OF Mr.. AIorfan. but it was believed with
the further object of comforting with Messrs.
Widener, EIkins and DOlan; and il is Teasona-
bic to assume that further meetings will be
necessary before the last detail of the big prof.
ect shall have been perfected.
\ representative of the banking house OF
Kuhn. Loeb q Co. the firm mentioned the
underwriters of the new securities company,
rlS de this statement: The report is not true.
Nothing has been done yet'-laying special en-
phaSs on the word yet
1t is said that in addition to Kuhn. Loeb &
Co, the Morton Trust Company and the Ma
tonal Bank Of Commerce Will e interested in
the underwriting.
the Metropolitan Street Railway Company filed
with the Rapid Transit Commission the only
bid which was put in for constructing the tun-
mel with private capital This bid was made
conditional upon the granting OF lease in
perpetuity. As that condition did not meet the
approval or Governor Roosevelt, and as there
was more or less public criticism of the Metro
pOhtan'S proposition, the view being urged in
some quarters that the company was trying
TO drive a hard bargain and 10 get possession
of privileges of great value without rendering an
adequate return, the bid was Withdrawn on
April IL, 1899. But il is understood that the
Metropolitan management hold to-day, as they
held then, the belief that the underground road
can be worked pTOftaDly and to the advantage
OF the travelling public as a component part or
the Metropolitan system
Another development Of the not distant future
which was discussed yesterday in Wall Street
was the probable inclusion Of the big North
Jersey Street Railway Company in the new
holding company. Only a few days ago. il
should be noted, the news published that
the Metropolitan was interested in the plan for
completing the old North River tunnel through
which il is contemplated TO operate a trolley
service, connecting az either end of the tunnel
with the lines respectively OF the Metropolitan
and the North Jersey.
The story, too. of which so much was heard
a year ago. of plans OF the Whitney syndicate
Tor SSJa JaollSnlnS a great electric railway line
from this city to Boston. was revived yester-
day. A chain OF electric lines which would be
important links in such road. are now operat-
ed by the Connecticut Railway and Lighting
Company, which is controlled by the United Gas
and Improvement Company. of Philadelphia of
which Thomas Dolan is president, and there have
been recent assertions that the rev New-YOrk
and POrtchester Railroad would be found 70
be not indispOsed TO alignment with the Union
Railway Company. which is part of the Metro
pOlitan system.
COURSE OF THE STOCK.
Metropolitan had a wide opening yesterday
on the news from Philadelphia. $500 shares be-
ing sold at 1881 to Ia Subsequently the stock
declined on heavy proft-taking the close being
at HIS, net loss for the day of los points
Manhattan and Brooklyn Rapid Transit rose
and sank in sympathy with Metropolitan and
each closed with net decline of 81 per cent