New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-31
NAY CONSOLIDATE LINES.
WHAT DEAL NAY MEAN.
METROPOLITAN Securities Purchase
Made Several Weeks Ago.
[BY TELEGRAPH TO THE TRIpUNE.l


Philadelphia Aug. SO.-Thomas Dolan. who was
mentioned as one of the syndicate which pur
chased. announced In The Tribune to-day, the
entire holdings of the Metropolitan Securities Com
pany, the holding company OF the Metropolitan
Street Railway Company from Kuhn, Loeb & Co..
confirmed the report of the purchase to-day. He
said that the sale had been consummated more
than three weeks ago.
The report only leaked out in financial circles
after business hours Friday, and named. besides
Mr. Dolan. in the make up of the syndica te known
the Whitney-Ryan party, William c. Whitney,
Thomas F. Ryan, P. A. B. Widener and certain
Standard Oil interests. The deal, 1t is said. IS
thought to be the first step in the long rumored
consolidation of all the traction lines Of NewYork
surface. underground and elevated
Mr. Dolan would neither confirm deny that
he was one Of the syndicate. He said: Thomas
f. Ryan and a few of his friends bought the entire
holdings Of Kuhn. Loeb & Co. in the Metropolitan
Securities Company but further than that 1 don't
to talk about it,"
Mr.. Dolan would divuIge the price paid for
the securities saying that he didn't think that
cut any figure" It said. however. that they
brought several points above the market. Metro
pohtan Securities selling at n.
No information could be gained just how deeply
the Union Gas Improvement was interested IN the
deal Mr.. Dolan said the mere suggestion Of one
great loop being effected by union of the lines
of this city with those of New-York was absurd.
81 don't where anything could be gained by
such that he said.
In this important traction deal the Standard Oil
capitalists It is said here have interest. The
Wall Street banking house which to the aid
Of the Metropolitan Street Railway in February,
1902 and agreed to provide $3O0OO0O for various
quirements of the big local system is prac-
caly out of it's affairs In addition. the syndicate
Of capitalists known the Whitney-Ryan party
once more in the saddle.
The purchase of the large holdings of Kuhn,
Loeb & Co. in the Metropolitan Securities Com
pany by w c. Whitney, T. F. Ryan and others,
as told in The Tribune yesterday, with its posi-
bilities. was a favorite topic of discussion among
NEWCOMERS yesterday. Members of the firm Of
Kuhn, Loeb & Co. still out of town, as
were the chief officers of the Securities and
Metropolitan Street Railway companies. Will
lam c. Whitney spent the day at his Gravesend
home. He sent word to inquirers that he had
nothing to say regarding the purchase.
AS told yesterday. it is generally believed that
the passing Of the control of the great traction
company is the forerunner Of a close working
alliance. if not actual merger, with the Inter
borough Rapid Transit Company. If this is
made, it Will mean that the transportation of the
city of New-York will be in the control of one
syndicate The marlborough Rapid Transit
Company now controls and operates the Man
haitian Railway Company, and will also operate
the underground system, which will soon be
completed. 1t is also believed that the same in
terests now control the trolley lines of Queens