New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-23
N.Y.C. AND r. r. r. CONTROL
GREAT LINES FIGURE IN LOCAL TRAC-
TION SITUATION.

The advance in the value Of the securities OF
the Manhattan Railway Company and the
strength of the other local traction stocks has
been the most interesting feature in Wall Street
in the last week Rumor has followed rumOr to
explain the sudden activity and enhanced value
of those stocks but out of 1t all nothing def
mite has come. 1t has been said that the Man
haitian was to be leased to the Interborough
Rapid Transit Company (the subway company.
that a substantial guarantee upon the Manhat-
tan stock to be given. and that other local
traction stocks were to benefit through traffic
arrangements
1t was stated yesterday by a fnancier who is
in position to know what is going on that the
last two months have been pregnant with in
terest for the local traction companies, but that
to-day the situation is still unsettled He made
the statement that the New-York Central Rail
road and the Pennsylvania Railroad. both of
which corporations have been mentioned freely
as figuring in the traction situation, have as
corporations taken no hand i'm the matter al
though he admitted that interests controlling
these properties were keenly interested in the
future of the local surface railway, subway
and elevated railway properties. and that event
uaIlv the New-York Central and the Pennsyl-
vania might become factors in the situation
The New-York Central has under considera-
ton and will undertake improvements upon
its Grand Central terminal that will involve
the expenditure of millions Of dollars. The ques-
! ton of distribution of passenger traffic after
reaching its terminal is an acute one Ine
!yFenusyIvania Railroad is just shput 10 start in
upon the construction of It's tunnel under the
North River. and the erection Of its mammoth
terminal in West Thirtyfourth-st. The SUD-
way lines are approaching completion. and those
engaged in their construction say that another
year will see trains running. The Manhattan
has lust about completed the electrical equip
ment of its lines with result that trains OF d
greater number of cars than formerly can De
run and under shorter headway- The PenhsEl-
vania Railroad now owns the Long Island Rail-
road a factor in transportation In BROOKLYN anu
Long Island generally. The Pennsylvania also
,brough the Widener-E -Elkins syndicate, controls
. largo interest, if not indeed. the dominant
,r+erest in the Metropolitan Street Railway
Cornpanv and has several representatives IN 'he
Loor5 oF directors of the Metropolitan securities
Company
RecartIv the question of handling passenger
+raN5c for distribution through the greater CITY
after arrival at the terminals of the New-1ork
Central and the Pennsylvania has become
one of moment. and interests controlling
these properties have studied the situation close
Iy Attention has been given not only to the
subway company ana Jne hdAAhItpil' OuN S1ASN
TO the Metropolitan and the Brooklyn Rapid
Transit Company. So far as is Kno"h ho ue
cision has been reached to what is best TO
A, The whole idea of the Pennsylvania New
YORK Central interests so far. it is stated has
baan 10 intrench themselves in these properties
10 such an extent that they would be assured Oh
control when plan should be formulated ana
ready for adoption. As a result, It is salo IN
terests identified with the New-4ork Central
and the Pennsylvania, acting IN cooperation
with the Goulds, have been adding materldIiS
to their holdings in the local fractions, with 'he
idea in time of bringing about a consolidation
amalgamation, traffic arrangement or agreement
of some kind which will be beneficial to all
Inst what shape this plan will take, it is de-
c,ared has not been determined upon yet; but
If is believed that the virtual control or an OF
the local traction properties is nov ceI1[eu ' ~
the hands of group of capitalists laNordoIe 70
tha PennsyIvania- - -New-YoTk Central interests
and that in the end the problem will be worked
ont satisfactorily to these TWO great properties;
Wbpther or not all of the local railways VIII
he turned over to the two great steam railways
-penains no be seen. 1t is Indicated however
tSnt tba Interborough company may. in the
end become a holding company Tor an tnese
companies. and that II VIII theh pc IouHI ", ~
be controlled by the JOINT FenAsS ~ am"
York Central interests. - -,
been due more to pool manipulation thah any. any,
tbine else 1t is said that a strong pool
exists in this stock: that the pool as
,ou.a,rad in a general way what go
ine on and believing that such negotiations
would in the end help Manhattan materially
s+o~+e5 in 10 push up the stock. The other 10
81 traction stocks were sympathetcally al
fected. but the rise has in the case OF none OF
tS tS stocIEs represented actual buying for con-
M ., - cortrol is now said TO be safely lodged
~ Eo Ia hands of those interests engaged in work
~ oTt the local traction situation In con1unc-
!tiS .t ritb the needs of the New-York Central
and the Pennsylvania -. - ,5
only 1900 shares of Manhattan 1,, were sOto "a
,tnydav and the stock, after selling up 10
Isl yg55X and down to 1jOl2. closed at l0l. un-
cbanped from Friday. Metropolitan SecuF-
80 lost / point and Metropolitan and Brook-
iSIn Ranid Transit each declined fractionally-