The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-02

securities Company, and Tunnels I'm
der Both Rivers win Eventually Con.
meet the Interior OF New Jersey
with Distant Points on Long Island.
Officers Of the United States Mortgage
and Trust Company refused yesterday
to name the interests for which they are
acting in taking over many trolley systems
on Long Island, but it is believed In Wall
Street that the transaction was concluded
In August Belnont's interests and that
1t is one step toward the consc Ii lation Of all
the traction systems, underground, surface
and overhead of Greater New York and
vicinity. 1t is also believed that the final
Judgement Of control of all these properties
will be found in the hands of the Metropoli-
tan Securities Company, which is at present
dominated by Pennsylvania Railroad and
Whitney-Ryan interests.
For some time past plans regarding the
various traction properties in or near New
York have been progressing in such man
ner that their final amalgamation would
be comparatively simple matter. The
first step ia this direction was the formation
Of the Metropolitan Securities Company,
which secured control Of the Interurban
Street Railway Company, which had pre-
viously secured control Of the Metropolitan
Street Railway Company, the Third Ave
nue. Railroad and the Union Railroad of
The Bronx.
Following this, the Interborough Rapid
Transit Company was formed by August
Belmont to build and manage the subway,
and this company later leased the Manhattan
Elevated Railway for 900 years 1t will
be remembered in this connection that Mr..
Whitney was ready to construct the tun-
nels, but withdrew, announcing that there
had been too much talk regarding the pro-
dominance Of Metropolitan Street Railway
interests in local transit matters. Shortly
thereafter the marlborough Company
began the work.
In similar way number of the smaller
systems on Long Island were brought to-
gether by the New York and Queens County
Railway, which was dominated by William
r. Shelmerdine Of Philadelphia, and il
is the transfer of this company to the United
States Mortgage and Trust Company which
has revived interest In the ultimate dis
position Of the transit systems. personal
friend Of Mr.. Shelmerdine made this states
ment yesterday regarding tho rather mys-
FERROUS sale of the Queens County property:
Some tine ago Mr.. Shelmerdine received
an offer for his stock in the company, which
was much more than majority of the 80 $50
shares outstanding, which was perfectly
satisfactory to him. Similar offers were
made to and accepted by interests con-
nected with Mr.. Shelmerdine. and the stock
was turned over to the United States Mort
gage and Trust Company.
Mr.. Shelmerdine called a special meet
ing Of the board OF directoTS.of the railroad
company on Tuesday last, which, for lack
Of O quorum, was adjourned until yester-
day. The meeting was held yesterday
afternoon, and at it Mr. Shelmerdine's
friends resigned as directors of the road,
and he himself resigned, both as director
and as presidei oil the company. They
were succeeded by persons who were ap-
parently clerks acting In a temporary
capacity, and at this moment We neither
know who is the actual president of the
company, who ia In coiltrCl Of the company,
nor for whom the United States Mortgage
ard Trust Company liz acting.
From certain indications, however, I am
found TO have secured control of this and
other Long Island properties; but l also
think that vi, ims tely it will be found that
this oontrnl will be shared with the Penn
sylvania Railrosd people, in spite Of what
may be technical denial of such interest
william II. Baldwin, Jr., Of the Long Island
Railroad II should be borne in mind that
MIR. Baldwin, a Pennsylvania and Long
Island Railroad man, is also q director OF
the United States Mortgage and Trus,
Company"
1t was also pointed out by this gentle
man that Mr.. Walter G. Oakman, president
of the Guaranty Trust Company and
friend of Pennsylvania interests, is di-
rector Of the Brooklyn h. pid Transit sys-
TEN, much of whose stock Wall Street
believes has been taken over at recent
low levels by Pennsylvania people. Al
though Mr.. Belmont has denied at times
any intention of purchasing a control Of
the Brooklyn Rapid Transit Company, II lie
thought that ultimately it will be found
in harmony with his and Metropolitan
Securities interests.
Among the various small roads OF Long
Island which are mentioned as having
been brought into tie transaction carried
through by the trust company are tho
Brooklyn. Bay View Landing, Freeport
and Mineola Transportation Company,
which has valuable rights Of way along
the line OF the Brooklyn waterworks;
the Bay Side and North Shore Transporta-
ton Company recently incorporated, and
the South Side Traction Company, which
mas obtained rights of way east and w0st
OF P,tchogue. There are also included
the Long Island Traction Company, which
Ia engaged In getting franchises between
Riverhead and Orient Point, having already
secured such rights between the former
place and Mineola, and another company
which is en- leavoring TO push line be"
tween Huntington and Amityville. The
Cross Country Railroad of Long Island,
which was incorporates short y 10 ago
to build fifteen miles OF track touching al
Flushing, Wilat's Point, College Point end
jamaica, is also mentioned IL incluO'd IN
the transaction
IL was pOinted out yesterday TINT con
nection with Marriott; l. Isli nd from theh,
various roads would easily be- made 10y tie
completion OF the old Steinway tunnel,
which was begun under the l.: 81 Rive
nearly eleven yenls ago. The work Mt tn,
time endod with dynamite explosion
which killed lumber OF men and did grei
dana ge, but the tunnel can easily be pushed
through TO Nj nh%tt n.
As bearing on the ultimate consolidation
of all these /, faction compn les 1t sbonld be-
remembered tn Pennsylvania Railroad
men are h terested IN the New Jersey trao-
ton system CENTRIC III Jersey City and also
in the tunnels which IRE projected under
the North River. one to Christopher street
and the Other 20 Cortlf ndt treet The for
mer Is near to completion. The Coytlandt
street tunnel will have ts Jersey outlet AZ
the PennsylyaI r. n ad str ton. Through