The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-02-16
METROPOLITAN WANTS TUNNEL
nut THAT rs ALL IN TEE
FUTURE, Mr.. VREELAND SAYS.

Meantime the Metropolitan Six VIII o
Operate e5s Miles OF street Railway
From the battery TO Greenwich,
Conn. Bids for the New stocks.
ALnANY. Feb. i6.-The Metropolitan Sc
curities Company Of New York. which Is
TO take over the Metropolitan Street Rail-
way, was Incorporated to-day by the Secre-
tary Of State, with a capital Of $50, 900 900.
A certificate Of increase OF capital stock
OF the Interurban Street Railway Com
pany Of New York city. from $500. 900 to
Is signed by Forsyth Wickes, chairman.
and William j. Hannigan. Secretary Of the
meeting Of stockholders Of the company
at which the increase was authorized.
The securities company paid a tax to
the State on organization Of BIS 900, and the
Interurban Street Railway Company paid
se,750 on the increase Of its capital from
$500, 900 TO $780, 900 900.
II. Fl. vreeland. President Of the Metro
politan Street Railway Company, did some
further talking yesterday regarding the
plan under which the Metropolitan Sc
~curities Company is to control by sole
ownership of stock the Interurban Street
Railway Company. to which latter COM
pany the Metropolitan Street Railway Com
pany is to be leasei.
There have been,' said Mr.. Vreoland.
"a half dozen men who have stood to-
gether ever since the project Of CONSOLE
dating all the street railways in this city
was preached. They are Meesrs. Whitney.
widener, Elkins, Dolan, Ryan and my
self. We have carried out 30 far every
detail Of the original plan, although l must
confess that there have beer times when
none Of us could conceive that the opera
tons Of the Metropolitan Traction Com
pany would become 30 tremendous as
they are to-day. With the requirement
by the Metropolitan Securities Company
OF the inter-urban railroads, the original
half dozen men that | mentioned will be
soon operating 675 miles OF street rail-
ways, from the Battery to Greenwich, Conn.
The company. however, will not operate in
conjunction with the Young syndicate OF
Connecticut.
Mr.. Vreeland made this statement as
to the possibility OF the Metropolitan in
terests gaining control Of the subway lines:
THAT ia all in the future. II is just in
the same state that our plans were when
we were anxious TO get the Third avenue
mo HI GOullH 'll Ahi'ts ~ Wv
Monday that we acquired the stock OF
the Third Avenue Railroad / really did not
know until the stock market closed that
we had taken that road. When the plan
was first broached to acquire the Fourth
avenue road. people laughed at us and
said: You never can wrest that from
the Vanderbilts.' But we got IL, and that
is Just the situation to-day with the tunnel
project vr.o,.nd,, stst.mspt served to
strengthen the impression prevailing in
many quarters hat the Metropolitan inter-
ests have far-reaohing plans for developing
the traction facilities Of the greater city.
There was some comment on the fact that
the Brooklyn Rapid Transit stockholders
and those OF the Metropolitan Company
are TO meet on the same day-March 20
but this was not thought to be anything
more than coincidence, There was a good
deal of interest in Wall Street in the initial
dealings In the Broad street curb market
in the stock Of the Metropolitan Securities
Company when issued, as well as in Metro
politan subscription rights. Tn first sale
of the Securities stock was 100 shares at
no. Later another 100 shares sold at 1ls
and a third 100 at 100. The rights started
at Q and advanced rapidly, closing at IL. the
On the New York Stock Exchange the
stock of the Metropolitan Street Railway
Company had an erratic course, but finally
closed strong. 1t opened at 40 and ran
up 10 ny soon after the opening. IL
then smashed down to 1917, but rallied
and rose TO i7iL just before the close,
the last sale being made at l7l1t, or ia
points above the closing price OF Friday.