The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-02-16
FINANCIAL AND COMMERCIAL.
SATURDAY. Feb

week have been In the local traction mon
critics. On Tuesday the Brooklyn Rand
Transit Company announced. presumably
after protracted and careful consideration
OF the problems confronting its MANAGE
ment, that Il had decided TO provide for
the immediate and future financial 70.
quirements Of the company by a mort
gage for si50, 900, 600. This Announcement
rather staggered the Street. but thought
full consideration OF the matter is Hke,,.
to lead to the conclusion that the MANAGE.
ment has been wise in planning for the
development Of the company's system
for many years to come. The building
Of the underground rapid transit system
in the borough Of Manhattan, the decision
Of the Pennsylvania Railroad to construct
tunnels under both the North and East
rivers to improve its passenger terminal
facilities. the plans now well advanced
for the construction Of other tunnels under
both the North and East rivers and the
policy adopted by the New York Central
relative TO the handling OF Its enormous
suburban tranio indicate that the facilities
for transporting the population Of the
Greater New York are still In their infancy.
It seems wise, therefore, for every COR
poI dtiOn cukdktu III tub DubluCoS 10 per
feet as speedily as possible plans Of the
most comprehensive character.
without doubt, this view OF the situation
has ! f1uenced the managers OF the Metro
politan Street Railway Company and the
capitalists who have now become associated
with them for the first time In formulating
the plan for extending and developing that
system which was made public this morning.
Any one who imagines that the purpose OF
that plan Is simply to provide additional
capital for the Metropo litan company Is
indeed very shortsighted. The selection
Of the Interurban Railway Company as
the lessee OF the Metropolitan system is
obviously significant. That company con-
trolls valuable franchises. which 1t has only
just begun to utilize, in the territory beyond
that which is now supplied with transpor-
tation facilities by the Union Railway
Company, which Is controlled by the Metro
politan company through it's lease Of the
Third Avenue Railroad. The creation Of
the Metropolitan Securities Company to
take owe the absolute control Of the Inter
urban Railway Company INC to lnancs
the Metropolitan Street Railway Company
unqueetionably means moro than the 40
complishment Of those two propositions.
That company IL capable Of enormous
expansion, both as to its capital and the
scope Of It's operations. Moreover. It IL to
be noted that the incorporators OF the
securities ompany are men representing
several Of the largest financial interests In
the world which have not heretofore
been connected In any way with the devel-
opment OF the Metropolitan system.
This circumstance not only brings into
the local traction situation elements OF
great strength, but f~oreshsdowe develop
ments even greater than those that are
taking place. The fact should not be
overlooked that simultaneously with this
broadening Of interest In the traction eitua-
ton a measure Is being favorably con-
sidered by the State Legislature that will
enable the constructor Of the subway transit
system to sub-let his contract for operating
the underground lines This measure GER
tainly would not have been introduced
and supported without a clear idea that
IL would be utilized. Significance may
also be attached to the fact that both the
Metropolitan and the Brooklyn Rapid
Transit companies have at this time taken
steps TO unity their bonded obligations
and TO provide funds for the development
of their respective systems for man years
to come. Still another feature that should
not be overlooked in discussing this matter
Is that the progress that has been made
and it mas been very rapid during the last
few years-in handling passenger traffic in
the large centres Of population has been
due to developments in the electrical field.
The growing tendency in favor OF UNDER
ground roads and tunnels would not exist
- A. aa,,raratiyalv naw gVgfnDna
OF motive power based on the use OF cleo
tricity.
The dealings In stocks to-day were upon
a moderate scale, with the predominant
interest in Metropolitan Street Railway.
That stock supplied more than a NTH OF
the total transactions. At the opening
the market for il rallied more than a point,
but aggressive selling soon depressed
the price moro than 3 points. A super
fetal view Of this movement was that specn-
la,ive holders Of the stock sold because
the market for il did not advance materl-
ally upon the announcement OF the COM
pany's plans. Evidence obfainable only
on the floor OF the stock Exchange. how
ever. indicates that a vigorous e'1ort was
made to depress the price by professional
operators whose hostility to the Metro
politan company and its principal STOCK
holders Is a matter Of notoriety. The
courso Of the stock in the last hour sup
ported the theory that the stock sold 10
depress the price had been we'll taken Tor
The market for It rallied sharply 10 i1'',
and AZ n slight recession the stock closed
Il, higher than yesterday.
On the curb the initial transactions were
made in Metropolitan Securities, deliver
able when issued. at 1l0Gl2o, and the hc-
nre last named wa bid at the close OF busi-
ness. Tie rights to he given TO Metro
nolitan stockholders were also dealt IN
AT sdi2. closing at the higher figure, and
the final bid was ia. There were moder-
ate dealings in Manhattan Railway. at
n net advance Of more than a point. The
market for it was influenced by the excel
lent showing Of earnings for the quarter
ending Dec. 81. Brooklyn Rapid Transit
was comparatively neglected. but after
an early decline recovered to the final prics
OF Yesterday. There was comparatively
little doing throughout the remainder
of the list. except in Amalgamated Copper.
which was exceptionally strong and closed