The evening world., 1902-03-20
LEASING OF OFMETROPOLITAN APPROVED,
WORMSERAT ONCE SEEKS INJUNCTION.
All the Surface Oar
Lines in Manhattan
and the Bronx to Be
Leased to the Inter-
urban Company for
999 Years Unless
the Courts Block
Scheme.

Every street-car line in the Dor
oughs OF Manhattan and the Broa,
passed into the hands Of new com
pany this afternoon. provided tha
injunctions obtained yesterday anC
to-day in the Supreme Court do moi
block the plan.
mediateIy after the storLhoId.
ers' meeting To-day. nt which thi.
plan was put through. lsido,
wormser. jr., through Anderson
PendIeton q Anderson. Med - sui,
sses as the holder of 1000 shsres
of Metropolitan stock. rinimtns
that the lease and merger pro-
posed IL unlawful.
The gist OF Mr. wormsers forty
seven typewriter pages OF com
plant is that the scheme of the Met
ropoiitan managers is one to divert
the earnings OF the Metropolitan com
pany and TO depreciate its stock for
their own benefit.
The stock. he alleges. now earns :
per cent, and he sees 10 per cent
ahead very shortly. and II is To get
this difference tina, the promoters
have hatched this scheme. pretending
that II was necessary to resort to II
to raise the needed funds for the i'm
provements projected.
The stockholders OF the 'ietropol-
itan Street Railway Company. which
owns or controls every milo Of car
line. every street-car -ranchise in the
two boroughs and an immense
amount of real estate, voted to lease
all its assets for 999 years TO the In
tururban Railway Company.
They also voted to issue mort
gage to the Morton Trust Company
for ss5 200. 900, secured by per cent
bonds maturing in 100 years.
To He Transferred Again.
Later the Metropolitan Securities
Company will get practical possession
OF the Interurban Company by own
ing the stock OF that concern. but
the technical ownership OF the Met.
ropolitan will still rest with the In
terurban.
All this did not come about without
n fight. The meeting was a stormy one.
The minority holders Of stock. most
prominent among whom was Isidor
wormser. OF the Wall street firm Of !. Il
q. wormser. protested vigorously and
refused TO vote.
They declared that they would take
the whole matter into the courts and
night the contamination Of the lease and
the issue OF the bonds.
Trouble Expected.
Trouble was expected despite the fact
that II was certain President Nreeland
had proxies for at least three -tourths
Of the company's stock In his posses
sion.
The tirm OF !. & 8. wormser has been
making an effort to get opposition
proxies. and only yesterday II. conte u
a. Co. got temporary Injunction pre-
venting ,he contamination OF the lease.
This. however. did not prevent the
stockholders from voting on the propo-
sition-
There was a formidable array OF coun-
sci on hand when the meeting began.
e Ellery Anderson represented IN"
wormsers. and / wormser was himself
present. other dissenting interests We're
represented by Treadw'll Cleveland.
scharps * scharps and Franklin Parks
Chandler 2 Hoston
p. a u. Widener was elected TO the
chair There were present proxies for
~. 40 shares out Of the total number
Of s2O.co
The frst proposition to come ~ was
the lease 10 the Interurban. and there
was row when III. terms of this lease
were demanded. II Was finally read and
the opposition contendei that It was
really sale. bu; 1t was forced to
vote just the same
Owns Only Three Cars.
Mr. Cleveland d.manIed to know the .
financial standing of the interurban .
Company
He said u had no financial stand I
ins, that u only owned three cars