The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-02-20


bad feeling has existed between leading
insiders in Metropolitan and a prominent
speculatoT- This feeling has existed. 1t
is said. since the time the Third Avenue
Street line was taken out OF the late
Henry Harris control. 1t was suggested
that yesterdays raid was engineered by
the speculative interests which 50 ear
nestly opposed Metropolitan's control Of
Third Avenue.
A letter from William c. Whitney.
concerning the raid on the stock OF the
Metropolitan Street Railway Company
and the rumors OF mismanagement was
received today by The Times. The letter
follows:
The recent raid upon the securities
OF the Metropolitan Street Railway Com
pany was opened with statement pub
lished some days ago that ] had sold
5000 shares OF its stock I did not af-
firm or deny this story. deeming il OF no
consequence.
This has been followed by an ava
lanche OF lies alleging defalcation. mis-
management OF assets. and l see that the
inference TO be drawn was that I knew
OF something adverse to the property.
and was therefore selling. and | now see
that I was made 70 play a part in the
general scheme.
Il therefore ask sufficient space 20 say
that / have not within six months. at
Ieasc. sold a share Of Metropolitan stock
and I know of no reason for selling it"
Manifold extensions OF the Manhattan
Elevated Railroad lines, a New York
Central passenger and freight viaduct
down West Street 10 the Battery. as we'll
as subway extensions previously decided
upon are recommended by Chief En-
gineer Parsons in a report submitted
yesterday to the Rapid Transit Commits
al no al he
of the improvements suggested is be
tween S45. 0O0 600 and $50 COO 600 about
one-half Of which will fall on the city.
San Francisco was the feature OF the
railroad list. up p point at opening. and
advancing IA points above yesterdays
closing The offerings were small and
an advance OF per cent brought out
only 1900 shares.
New York Central officials state en-
phatically that all rumors that the com
pany is selling treasury stock on the
market are unfounded- No treasury
stock can be sold. except by vote OF the
stockholders. and no action has been
taken by stockholders since the vote in
April. 1902.
The question OF fnanciering the new
improvements for the New York Central
unless matters eveutuate more rapidI.
than IS now expected. The probabil-
ties are that the improvements will be
provided for b. an issue Of 3lz per cent
beads. .
OF all high priced stocks. New York
Central he's been the weakest since Jan
uary /. 1t has declined about 10 points
So much for the plans TO increase the
capital stock Of bonded debt.
Tho chairman Of Wisconsin Central
says Grand Trunk viii not buy his road.
Erie will make a big showing Of
earnings for January.
Considerable interest has been mani
Tested In local financial circles over
the report that the Louisville and Nash
Vile Railroad was about to authorize
the issue OF $50. 600. 900 In 4 per cent
bonds, ana that $Z2. 900 900 would be put
out at once. The issuance OF any such
amount Of bonds Is generally discred-
tied here, although fl is rega rded as
highly probable that announcement may
be made IN the near future Of an inten-
ton TO issue bonds 10 refund the 81
100000 Of 4 per cent collateral trust
bonds which are 70 be retired on April
/ next.
Another plAD reported TO be under con
sideration by the directors OF the Lou
isyille and Nashville is the putting of
the stock OF the Nashville, Chattanooga
and St. Louis on a per cent dividend
basis. The controlling interest in the
road is held by the Louisville and Nash
Vile. Tho property Is earning at the
rate OF between . and per cent, but
has not paid any dividend FOR years.
earnings having been applied to the ex-
tiDguishing Of a large floating debt.
This debt has been almost paid on, and