New-York tribune., 1902-02-06

Although definite official confirmation could
be secured from any local source. the Philadel-
phia story of projected securities company to
hold control of the Metropolitan Street Rail-
way Company and ultimately also of the Man
haitian Railway Company and the Brooklyn
epid Transit Company was generally credited
yesterday in Wall Street. and collateral proof
not lacking TO lend strength to the belief
in it's sub stantial accuracy A feature not men
toned in the Philadelphia dispatch. but never
theless believed to be one of the most impor-
tant and vital parts of the big financial plan
being worked out involves the operation
of the Rapid Transit Subway railroad when
completed. it heing asserted good authority
that that system will be leased 10 the new
holding company and operated in combination
with the Metropolitan.
Leading Rapid Transit interests characterized
rubbish the report that their railway
would pass under Metropolitan management
but the Street was inclined to regard their de-
nial as technical" The view was taken that
a. remarked by The Tribune at the time.
the bill introduced at Albany fortnight ago
authorizing the contractor for the underground
railroads to transfer to "a corporation
existing" or one to be formed for the purpose
the right and duty of operating those roads fore
shadowed the turning of the Rapid Transit
lines to the Metropolitan-an outcome, indeed,
sons from the inception of the Rapid Transit
Subway construction.
A different view is held by General Manager
Bryan. of the Rapid Transit Subway Construc-
tion Company. who said to a Tribune reporter
yesterday: The bill introduced recently grant
ing the right to transfer the operating of the
tunnel was intended merely to permit the trans
fer in case Mr.. Mcdonald. the contractor. should
die"
WHAT THE METROPOLITAN OPERATES.
The Metropolitan Street Railway Company at
present operates 1856 miles of underground
trolley lines and about ninety-seven miles Of
other lines almost the whole Of which mile
age horses are used. Adding the 216 miles of
the Third Avenue Railroad system, the total
length Of the Metropolitan lines is 429 miles
The installation of the underground trolley
the ninety-seven miles of road not cleo
trically equipped could, it is believed be COM
pleted soon the construction of the tun-
mel roads could be finished, thus making it pos
sible to operate the entire surface railway sys-
tenn and the underground roads component
parts of a single transportation scheme. But
the electrical equipment of nearly hundred
miles of the Metropolitan tracks will cost a
great sum of money partial estimate of the
expense involved being made possible by ref
erence to the Tact that most of the proceeds Of
the ST000OO0 new stock issued at leo in May,
1900. used in the conversion of twenty
three miles of cable traction to underground
electric equipment.
The proceeds of the initial issue of stock of
the projected securities company. it is under
stood are to he applied TO meeting the cost of
transforming the Metropolitan lines not yet
electrically equipped. The amount of that issue
has been stated probably $30.000.000. which
at par would not much exceed the expense of
the contemplated improvements. OF that stock
according to report. $4,000. 900 will be offered
TO present stockholders of the Metropolitan
Street Railway Company. The new holding
company, it is said, will be modelled in general
outline after the Consolidated Tobacco Com
pany, which, it may be noted is controlled by