New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-09
J. B. MCDONALD In NJ. S. R.
My BUILD NEW. SUBWAY.
He and associates Haze Bought
Interest in Metropolitan Securities.

II the Metropolitan Street Railway Company
| obtains the contract for the new subway a
route for which 1t proposed to the Rapid Transit
! Commission. John B. Mcdonald will build it.
This is made practically certain by information
which The Tribune obtained yesterday that Mr..
Mcdonald and his associates recently bought a
large interest in the Metropolitan Securities
Company. Mr.. Mcdonald, while unwilling to
speak at all Of his plans, does not deny this.
In thus allying himself with the Metropolitan
Street Railway interests the contractor who
built the subway aligns himself in opposition to
the company which is now operating the sub
way But, then his business Is to build subways.
not to operate them, and his work with the IN
terborough company was about at an end.
The Metropolitan Securities Company is a
holding company which controls the stock OF
the New-York City Railway Company, which In
turn leases the Metropolitan Street Railways
lines It is capitalized at $30.OO0,000. Only half
the value OF the stock subscribed for has been
paid into the treasury. there is large oppor-
tunity for the raising Of corporate funds for
big enterprise.
The application of the Metropolitan Street
Railway Company. which is before the Rapid
Transit Commission for decision, outlines
a north and south subway, in connection with
which the company has agreed to give trans
fers TO and from it's surface lines. II has a dis
tinct advantage in being able to handle readily
the 'lons haul" business and the distribution
of passengers The route is a loop from One
hundred and -thirty-eighth-st and Third-ave
around the Battery and up the West side TO the
Pennsylvania station. and across town 10 join
the main branch. From One-hundred- snd-thir-
ty-eighth-st II would down Lexiugton-ave.
past the Grand Central Station to Fifteenth
out under Union Square 10 Broadway; down
Broadway TO Chambers-st. in Chambers-st. TO
wiuiam-st down William-st. "a the Battery.
through Coenties Slip and South-st.. through
the Battery TO Greenwich-st., up that street.
West Broadway and Hudson-st and Eighth-ave.
to the Pennsylvania station. thence through
Thirty ATHEIST. to Lexlngton-ave.
In connection with the transfer facilities to
the surface lines this route offers excellent ad-
vantages. its sponsors hold. Many OF the Rapid
Transit Commissioners like It. embracing It
does a partial West Side route which the COM
pIete plan contemplates extending up Eighth
ave to e-hundred- -forty-f fth-st and
across the Harlem.
The commission recognizes the demand from
the various sections Of the city for new sub
ways and Is perfectly willing TO crafty this de-
mand by outlining new routes. The S50.OO0.OOO
debt limit however. interferes with this. and
while the route committee has under considera-
1ion the plans outlined by the Metropolitan
Street Railway. and the East Side subway and
the West Side subway. until an extension of this
debt limit Is obtained. progress be made
only in reaching a decision 10 the routes.
Meantime the commission has instructed its
counsel 70 devise bill to do away with or ex-
tend the debt limit, and this VIII doubtless be
sent to tia legislature at the first opportunity,
along with other rapid transit measures.