New-York tribune., 1904-08-11
Ms. R. MYSTERY UNS0LVED
MANY PUMORS CURRENT.
Plans Which May BE HOrhing O"'
-Jerseu Tr0NeY Deal Ocned.-

With the Metropolitan mystery still unsoiNeo'
dealings in the Metropolitan issues continue
yesterday on a heavy scale, Metropolitan street
Railway after early strength. declining OF
profit taking and closing only IS per cent higher
than or Tuesday. while Metropolitan SecurlItS >
which had advanced only fractionaily on Iues-
day. made net gain Of 5I2 points. on the cu'p
Iuterboroueh Rapid Transit closed at 13Sia olu'
i39I3 asked. against 13i% bid and l34>s asked
on the preceding day.
Thomas 2. Ryan went the Democratic Pill
grimage to Rosomount Yesterday. and August
Belmont also was at Judge Parler's home. hav-
il e gone down from Saratoga. Mr.. Ryan mas
steadily refused to comment on the rumors al
fectine the Metropolitan and Interborou8h prop
Q, ties while Mr.. Belmonts last public utter
ance on the subject. week or so ago, was a
denial of a rumor that control of one company
by the other had been, about to be. Sc
cured. Mr. Belmonts denial positive and
was given in candid way. and Wall Street, al
though made cynical by long experience of The
delusiveness of technical denials," has been
inclined to give a full measure Of ciederce 70
his words The course of Metropolitan in the
market. however has given proof amounting
to demonstration that some plan beneficial TO
that system is being worked out. and from the
corresponding strength and activity of In
terborough the inference has been drawn
that the deal, whatever it's nature may prove
to be. will bring advantage to the Interborough
system also. One of the popular explanatory
rumors, therefore, is that plans are being made
for exchange of transfers and for harmony Of
operation between the Metropolitan and the In
terborough. perhaps on the line of the arrange
ment entered into several years ago between
the old Third Avenue Railroad system and the
Manhattan. 1t is also suggested that an agree
ment has been reached between the Metropolt-
tan and the Interborough in the matter OF COM
petition for the projected new subway line.
Both companies have been figuring on this line
and have made propositions. each designing to
secure an advantage over the other. As to the
Importance of the proposed new road director
OF the Metropolitan Securities Company said
months ago that the company which should Sc
cure the new route would ultimately become
dominant in traction affairs in New York-
Whatever understanding has been reached I'm
regard 10 the building of this very important
road has not been disclosed but it is probable
that there will lie no further competition over It's
construction.
It is iutimated I'm good quarters that the deal
which is being worked out will place the stocks
of Metropolitan and It's underlying companies
on a more secure dividend basis.
report was current in Newark yesterday
that the United Gas Improvement Company OF
Philadelphia ard the Fidelity Trust Company
Of Newark. controlling more than one-haif of the
principal and underlying traction securities OF
the Public Service Corporation, had made pre-
Iiminary agreements for the sale OF the entire
property OF the North Jersey Railway Com
pany 10 the Metropolitan Securities Company
Of New York. The report had it also :hat the
transaction included the ownership Of the Hud-
son River Tunnel Company's stock and fran
chises by the Securities Company. giving that
company control Of the entire trolley system In
North Jersey. with the present and proposed
terminal facilities in Jersey city and New York.
The Fidelity Trus: Company o: Newark is
trustee and deposltary for more than one-halt
OF the stock OF the several traction companies
taken over by the Public Service Corporation
This stock is held under Ave years agreement
between the United Gas Improvement and F1del-
fly companies which can ne ahroRatcd only by
theiI concerted action. President Uzal II. Nc
Carter Of the Fidelity company denies the
truth Of the report. He said yesterday: There
is absolutely no foundation FOR such report.
AS a matter Of fact our trolley lines are rapidly
improving as an investment proposition, and
the service and equipment vastly improved
compared 70 what they were when took over
the lines. The public seem 10 appreciate good
service. and their patronage is double what II
was. We are not about to sell our trolley prop
critics, nor are even thinking of doing any
thing OF the kind"