New-York tribune., 1902-02-15

;against expenditures made and 70 be made upon
porate purposes. and may be issued under tbs
reimbursement Of the funds to be provided there
The Board of Directors Of the Interurban Com
pany have given assurances that the present oper.
the Metropolitan system. and will direct the ex-
penditure Of the funds TO be provided as above
UNDER THE BUSINESS CORPORATIONS
LAW.
The Metropolitan Securities Company has been
organized under the provisions of the Business
Corporations law of this State. The amount of
its capital stock is SSO.OOOOOO. and the duration
of the corporation is to be one thousand years
The purposes of the company are stated to b.:
To subscribe for; purchase. invest in. hold own:
capital stock bonds mortgages debentures. notes
and other securities obligatlons contracts and evt
state OF New-Iork, or of any other state, includ-
ing corporations whicn own operate or lease. or
Wnlch are organized tor tue purpose OF CONSTRUCT
ing. Owning, operatins or leasing street Surfase
underground railroads. tunnels bridges, tunnel rail
roads. raliway terminals or ralireaIs OF any enaI-
suburbs in territory adjacent thereto, and cor
porations engased in furnishing or organized 70
furnish electricity for lawful purpose OF power
iE any form for use upon which may be used
upon. street railroads or other raliroadS ana cor
pora tions whose funds may be invested in
the shares of stock bonds or other securities of any
sCrbc{. 10 r.r.fsl in rssrarr of nv s11-b shares
stock. other securities OF corporations
any and all the rights. powers and privileges OF in
issue bonds and other Obligations and 10 secure the
same by pledginS or mortgagins the whole or any
pledge such bonds and other obligations for proper
at any time held by the company.
tbo'1SC fo 70 Pu[SSS & nfSSa - , so Of eSf a
nc nS, o'ii-9 LIi,i o''IyI -
issue in exchange therefor its stock, bonds other
obligations.
MAY BE BEHIND THE PLAN.
The company is to have eight directors. the
board for the first year consisting OF William
H. Baldwin jr.. Edward ]. Berwind. Paul d.
Cravath Thomas P. Fowler. George G. Haven.
James H. Hyde. Augustus D. JuHuard and Nor
timer L. Schin. None of these men has here
tofore been associated with the control OF the
Metropolitan Street Railway Company All are
well known IN the financial world, and their
presence on the board OF the new securities
company gives rise TO the assumption that
several powerful corporations and financial in
stitutions with which they are affiliated are
interesting themselves in the development OF
the transportation systems of the city of New
York.
1t was suggested in The Tribune several days
ago that the board of directors of the projected
holding company would probably include repre-
sentatives of the Pennsylvania Railroad Com
pany. which, when its plans of tunnel cOnstruC-
tion are carried to completion. will land millions
of passengers year from the West and South
and the nearby territory traversed by the Penn
sylvanie road. we'll from Long Island. at
it's great terminal station in this borough.
whence they must be distributed 10 their Tlti-
mate destination mainly through the agency
of the Metropoutans lines. William II. Baldwin.
jr.. is president OF the Long Island Railroad
Company. which is controlled by the Pennsyl-
vania- Messrs- BerWind and Fowler. respec-
lively president Of the Berwind-white Coal
Mining Company and president OF the New
York. Ontario and Western Railway Company.
and both directors of the Atchison. Topeka and
Santa Fe. are both classed also as in a sense
representing Pennsylvania Railroad interests
Mr. Fowler is also a trustee of the New-Yors
Life Insurance Company. Mr.. Baldwin Is di-
rector OF the Equitable Life Assurance Society.
of which James H Hyde. another director of the
Metropolitan Securities Company. is vice-presi-
dent. Messrs. Haven and Juilliard are trustees
of the Mutual Life Insurance Company. Mr.
Cravath is a member OF the law firm who are
counsel for Kuhn, Loeb & Co.. and Mr.. Sohir
is a member OF that banking firm
STATEMENT OF Mr. vREELAND
The meeting OF the Metropolitan's board of
directors lasted until 3 o'clock. and al its close
Mr. vreeland gave out in addition TO the cir
cular to the stockholders. the following state
ment. which he said he had prepared in order
give the public information as TO what the
Metropolitan Securities Company and the Inter
urban Company we're going 10 do. and TO set at
rest speculation as 10 the plans OF the Metro
politan Street Railway Company. He added
II will be from the comrunics ton 10 Met