New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-27

v,-v large block Of Manhattan stock For the
last ten days Manhattan has been continuously
The feature Of the stock market, advancing on
extremely heavy trading from 1921 Novem-
her Is to l5S on Monday of this week, Novem-
her ~ and closing yesterday, after the an
uouncenent of the lease had been made, al
1906
At the beginning the rise was attributed ia
pool operations, entered into with the purpose of
stimulating the general market which after a
decline Of many points. had become dull and
apatheiic. But as Manhattan kept climb
ing. the belief gained ground that the movement
represented buying for control by some other
interest and the New-York Central and the
Metropolitan were suggested the possible
purchasers or lessees.
These suggestions being denied authority,
the marlborough Rapid Transit Company was
mentioned as the probable lessee, and. despite
retcence in some quarters and denlals in others,
she Street came to believe more and more firmly
hat this explanation of the activity in Man
haitian would be found 10 be the correct one
leading consideration in its favor being the fact
that the Interborougn company had announced
no plans for obtaining the power which it would
need within q year or so, when its tunnels
should be completed and equipped for the opera
tion OF trains.
ONE POWER HOUSE FOR BOTH
The new power house of the Manhattan Rail
way Company at Seventy fourth and Seventy
fifth SITS. and the East River. is one of the most
extensive TO be found anywhere, and contains
the largest electrical machine ever built and II
is understood that this vast plant will be able
10 generate not only enough electricity for NOV
ing the trains OF the elevated system. but also
enough for the propulsion of the trains OF the
subway syseem The total length of the Man
haitian main line and branches is thirty-seVen
I'D one-half miles. After years of discussion OF
question OF substituting some other system
Of propulsion for steam, the directors of the
company in February, 1899. voted to leave il TO
President George J. Gould to decide between
the merits Of electricity and compressed air as
motive power
Mr.. Gould promptly decided in favor of cleo
tricity and preparations for effecting the
change from steam were soon set under way.
The power house and several sub-stations were
built. the work OF installing the third rail was
begun on the Second-ave. line, and carried
thence successfully 70 the Third, Sixth and
Ninth ave. lines: and on January Is of this year
the first regular electric train placed in
service. on the Second-ave. line At present the
second and Third lines and the short line
in Sixth-ave. arc operated wholly by electricity,
and several electric trains are run between the
Battery and Harlem by way of SiXth-ave
ADDITIONAL SINCh PLAN Ell
In March 1898 the capital stock of the Man
haitian was increased from S300o0000 TO S4S,
oploen the proceeds of S1O000000 Of the SIS
o00.ooo Of stock being applied to meeting
The cost of equipping the system with cleo
1rcity. That this estimate not sufficiently
large is seen from the official announcement
Of Yesterday that S7.2000o0 additional stock is
10 be issued, at par. both for the purpose of
completing improvements already planned" al
though it may he that these plans may include
new construction work in The Bronx
The PETERBOROUGH Rapid Transit Company,
which viii operate the combined subway and
elevated systems. was Incorporated at Albany
MAY Is, 1902, with 4 capital Of SD 100000,
which has since then been increased to $50
~n,Wn. IT formed in pursuance Of the law
enacted by the Legislature Of 1902 authorizing
John b McDoaald, the contractor for the
structiou work. to turn over To another cor
poration the underground roads upon their com
pletion by the Subway Construction Company
The underground lines which the PETERBOROUGH
company is TO operate were originally two in
number one Of them, to he fourteen miles in
length, extending from a point near Broadway
and Park Row to a point near the Kingsbridge
station Of the New-York and Putnam Railroad.
and the other seven miles long extending from
the main line at Broadway and hundred
n
besides q spur under Lenox ave. from One-hun-
dred-and- forty -seCond-st. to One-hundred-and-
hftleth-st. The funds for the construction of
these lines, about S|7oo0oo0 are advanced by
tho city of New-York.
no BONDED INDEBTEDNESS.
Inc marlborough company has bonded in
oeotednesS, its only obligation ahead of the
common stock being d payment of ::12 per cent
year on the S}7.o00,000 loaned by the city, and
The establishment of a sinking fund into which
per cent year is 10 be paid beginning five
years after the subway road begins operation
The lnterborough company is also to operate
The Brooklyn extension Of the underground
rapid transit system. and has itself furnished
most of the capital necessary for the construc-
lion OF this important addition 10 its system.
The lnterborough company and the Subway
CONSTRUCTION Company, the directorates of
which are nearly identical. will have com
bined capital Of S11OO00t0. and with the Man
haitian included, about S100.0O0000 of capital
VIII be represented in the properties the com
bined systems
The lease of the subway property from the
city 10 the PETERBOROUGH Rapid Transit Com
pany runs for fifty years. with the privilege of