New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-30
BIG TRACTION DEAL.
ROCKEFELLERS IN 1T.
Loeb s Co.'S Purchase of
Holdings in N. S. Co.

It was learned late yesterday afternoon ir Wall
Street that a syndicate composed of William c.
Whitney, Thomas F. Ryan. P a. B. Widener and
Thomas Doan. and capitalists connected with
Standard Oil interests, had taken over the en-
tire holdings OF Kuhn. Loeb Co. in the Metro
politGn Securities Company. Kuhn Loeb Co.
were the underwriters This company was formed
to hold the securities of the Interurban Street Rail-
way Company, which leases the Metropolitan
Street Railway Company. The securities company
also all the stock OF the Peoples Traction
Company and the New-York, Westchester and
Connecticut road When the Metropolitan Securi-
ties Company formed It reported that the
purpose was TO aid the anlalgamation of all the
traction, gas and electric companies in the city.
The news of the deal came out yesterday after
nearly every had left the financial district
The deal went through Friday at standard
Oil bank in Broadway the Seaboard
National At that bank officer said he knew of
such deal. Not member of Kuhn, Loeb * Co
was in the city. At the Morton Trust Company it
was said that MT. Ryan had not been in the city
Der of the firm was in town. At the Morton Trust
for several days.
It is understood that the deal was effected at
price several points above the current quotation
for Metropolitan Securities stock TN. The Rookie
fellers have large holdings In Consolidated Gas,
which controls the New-Y York Edison Company, the
principal electric power concern in the city. and
their connection with the deal is significant
1t is generally believed IN Wall Street that the
STANDARD Oil crowd has large holdings Of the
marlborough Company and just before the deal by
which the Manhattan became part of the INTERIOR
ough system, Mr. Rockefeller reported to have
acquired extensive amounts Of stock in both In
terborough and Manhattan. II he is pur-
chasing stock in Metropolitan Securities it readily
! might be assumed that he contemplates a combi-
nation OF the Interborough and Metropolitan. 1t
may be recalled that the trolley properties in
Queens passed recently into control. and 1t
has never been known definitely who the present
owners are Wall Street has been expecting to
hear of q deal in the metropolitan traction
companies almost any time, and not only Mr..
Whitney Mr.. Ryan but also Mr.. Widener,
have been in town more than usual this summer.
The Metropolitan Securities Company, which was
Incorporated February II, l5O2 has capital or
SG0JO0CU0, but only $50 Coo has been paid In. Be
sides leasing the Metropolitan Street Railway, its
charter allows 1t acquire securities OF corpora
tions of this any other State, which, to quote
which organized for the purpose of construct
ing, owning. operating leasing, street SURFACE
railroads elevated RAILROADS., rapid transit rail-
roads, underground railroads, tunnels bridges, tun
any character or description in the city of New
York its suburbs, in territory adjacent there
TO, and corpora tons engaged in furnishing or or
ganized furnish electricity for any lawful pur-
may be used upon, street railroads or other ran"
Further it IS allowed TO purchase. acquire. hold
and dispose Of the stock, bonds and other evil
dences Of Indebtedness of any corporation. domes-
tic or foreign, and issue in exchange therefor its
stock, bonds or other Obligations" The directors
are William H. Baldwin, jr.. Edward j. BerwiI1d
Haven, James II. Hyde, a. .. Juiard, Mortimer
L. Schih. H H. Vreeland, Thomas T. Ryan, r.
" Meade and 2. W. sayre.
evening at either his sheepshead Bay or town
house