The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-30
IN CONTROL OF METROPOLITAN
s,.,DIcATE BUYS OUT TEE KUHN,
LOEB HOLDINGS.
Standard gu Interests. with Ryan. Dolan.
whitney and wideners Said 60 Come
pose II. and Wall street Secs I'm tho
Deal a Future Combination OF All City
Lighting and Railroad Properties.

Lighting and RAILROAD kTSpersaes.
WALL Street heard yesterday that syn
.poate :, mposed Of William c. Whitney,
T IT," +, RYAN, p. A. B. widener. Thomas
no,,n and Standard Oil interests has p,ir-
shased Kuhn, Loeb Il Co.'S holdings In the
Ms,ronolitan Securities Company. The
news was confirmed In part last night by
Mr. Dolan, in Philadelphia, but no declined
~ denv or admit that he himself was one
Of the purchasers.
AN / can say" he said, when soon at his
Torresdale residence. els that the shares
rcre purchased by Thomas #. Ryan and
some OF his friends.'
Are you not included among tho friends
YOU refer tor
II can't say replied Mr.. Dolan.
well, are rot Mossrs. Widener, Elkins and
Whitney among the friends?'
Il can't say, tell you. I'm at the end
o, nv rope. just say that Mr.. Dolan said
That the shares were purchased by Mr..
RYAN and some Of his friends"
Mr.. Dolan refused to discuss the matter
sov further Nor would Mr.. Widener
admit that he was concerned In the deal.
Il has been well known, however, that Mr..
RYAN has leen allied with the Dolan- Wide
per.Elkins- Whitney combination in Metro.
lolitar'
AS Wall Street heard the story yesterday
t,. deal was carried out on Friday In q
Broadway bank with Standard Oil con-
nections. The transaction 10 construed
in the Street as the forerunner OF the ANAL
sanation OF the surface and underground
railroads Of the city with tho gas and cleo
trio companies, which was supposed to
have been the ultimate purpose in the
formation OF the Metropolitan Securities
Company. Tho stock is reported to have
been taken over several points above the
market price, which is 10. 1t has sold as
low as 1917 and as high as 1851
Confirmation OF the purchase was lack
hg before the market closed, and Wall
street, though keenly Interested, was sep l.
val as to It's truth w. X. Cleverley. cashier
Of the Seaboard National Bank. when asked
10 confirm the report that the deal had been
carried out in his bank, said he had heard
nothing OF any such transaction, and that
so far as his information went, no such deal
had gone through.
In other triart crs in the Street the news
Of the tran t!ci: was cordially received
It was pointed out that Jacob III. Sohin
and Otto H. Kahn Of Kuhn, Loeb 4 Co
have been out Of the city for week OF
more, Mr.. Schin at Bar Harbor and Mr.
Kahn at Saranac Lake. Mr.. Ryan has
also been out OF town for some days vii.
liam G. Whitney, who came down from
"a yesterday to sse the Futurity
run, M 10 information 10 give out about
the II iVr..
Tie POSITION Of Meas. poian. Widener
kkins. Whitney and Ryan as the CONTROL
ing faction OF the Metropolitan Securities
Company has been doubly strengthened
by the purchase. The company was in
corporated in tho winter Of 1903 with 4
capital of $50 OOO. 600, half Of which ha,
been paid in. Its generous charter, b.
sides permitting 1t to acquire the .ctlritis'
of corporations Of this and other States
organized for the purpose OF owning, CON
structing, operating OF leasing street sur
face or underground roads or bridges Of
tunnels, also allows 1t TO acquire corpora
tons engaged in furnishing electricity
for any lawful purpose or power in an!
form
The company is chartered for thousan'
wears. The immediate purpose ofits forma
ton was to provide for the present AM
future needs OF tho Metropolitan Stree
Railway Company, to the stockholders o
which the right was open 70 subscribe 70
s23, 100000 Of the sao,OOoyrro stock. Tn
stock of the company was underwater
by Kuhn. Loeb 4 Co., at par.
The Securities Company holds tho stool
and debentures Of the Interurban Street
Railway Company. which leased the Met
ropotan Street Railway Company ant
guaranteed per cent. dividends on 1t
stock, besides fixed charges. In return
for the stock the Securities Company argee'
to pay S23, OOO, 900 in cash into the treasur!
Of the Interurban Company.