New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-02
UNDER NEW CONTROL.
I. Il. T. Co. BeIieUed to Haze Queens
and Nassau Trolley System.
SUBWAY AND ELEVATED FEEDER


The report that control of the trolley system Of
Queens and Nassau counties had passed into new
hands virtually confirmed yesterday. but no
official statement could be obtained as to the
identity of the purchaser. 1t is understood from
good sources however. that 1t is the marlborough
Rapid Transit Company which has acquired these
properties, designing to use them as feeders for
the subway system when completed. and for the
Manhattan Railway, which it leases and operates
AS long ago March it reported that the
marlborough company, of which August Belmont
Is president had obtained control of the New-York
and Queens County Railway. and had for some
time previously owned the franchise of the New
York and Long Island Company which was au-
thorzed to construct tunnel under the East River
from the Queens County Court house, in Long ISL
and City to FOrty-second-st.. in this borough.
This tunnel franchise carries with H. il is said full
municipal privileges and property consents both
sides Of the river. and is perpetual A beginning
was made on tunnel under this franchise some
years ago, but work abandoned in 1892 when
an explosion of dynamite occurred in the shaft
In May a representative of the New-Yorl
and Queens County company submitted the
RAPID Transit Commission, at hearing in this
city, plans calling for tunnel from Borden-ave.
Long Island city, to connect with the subway at
Forty-Second-st. ard Fourth-ave He said that his
company was ready to lease and operate the tunnel
whenever it was completed. It was proposed ne
added 70 have the tunnel join the terminal of the
Long Island Railroad Company in Long Island
city.
Forty-second-st.. from Park-ave to Seventh-aye
Is a part OF the subway route laid down by the
Rapid Transit Commission. By the acquisition OF
the New-York and Queens County Railway the In
terborough would secure for its underground and
elevated roads important share of the traffic
of populous district of long Island. for the New
York and Queens Countys system extends from
Long Island City to Flushing jamaica College
Point Bayside Mdnhasset. Newtown Hollis
Queens and Far Rockaway. The total length of
the system is little under hundred miles
1t was learned yesterday that w. II. SheImerd.ne
president OF the New-York and Queens County
Company. had called meeting of the directors toy
last Tuesday, but that quorum present then
and the meeting was adjourned until Friday. when
the whole board of directors and the executive
officers resigned.
The outstanding stock OF the company is s3.1J50o1
of which President SheImerdne has owned much
more than majority Recently he had a salts
factory offer TOT his holdings and sold them; but
1t IS understood that he does not know who the
purchaser is. he turned the certificates L.
the United States Mortgage and Trust Company.
interest OF the purchasers No statement could be
got from officers Of the United States Mortgage
and Trust Company Yesterday. William II. Bald
Nm jr, president OF the Long Island Railroad
C0Inpany' Is quoted as denyinS a report that that
Company, the Northport Traction Company and
Island had purchased the New-Y6~k ana oueen5
County road August Belmont was said to be at
Deal Beach, y. j., yesterday and In his absence
no one in his office would say anything about the
The United States Mortgage ana Trust Company.
which is Mutual Life institution, numbers among
its directors three directors OF the PETERBOROUGH
Rapid Transit Company-George ". Young. presi-
dent OF the trust company: William II. Baldwin ir
president Of the Long island Railroad Company.
and Cornelius Vanderbilt. But if these two cor
poratiOns are thus related. their relations with the
Long Island Railroad Company and the Metro
politan Securities Company the former Of which
Is owned by the Pennsylvania Railroad Company,
which has also important representation In the
latter. are as evident; so that it is said in Wall
Street. if IL is the Interborough Rapid Transit
Company which has taken over the trolley system
OF Queens and Nassau counties, that opera ton
SHOULD not be regarded evidence Of hostility tow
ard either the Long Island Railroad Company or
the Metropolitan Securities Company, and in sub
sanitation of this view the testimony given in the
Hormser few weeks ago is recalled. to the
effect that the formation of the Metropolitan Sc
curlues Company had had one of its objects the
combination with the Metropolitan Street Railway
company OF other lines in New-York City and itF
vicinity and. II necessary, the acquisition Of inter
tunnels. $50
President Belmont OF the Interborough company
pang. $3.50