New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-05
TRANSIT COMPANY SOLD
John &. Sheehan Gets Manbottor
Concern from HoadIu.

Control of the. Manhattan Transit Comnanv
po'e. ''eiuay from Joseph II. Hoadly and
ms friends to John C. Sheehan and interests
associated with him Mr. HoadIy who 4, ,roi
dent of the Internat tional Power c,on,nor,, o,,,
also OF the Manhattan Transit Connnanv con,
iiiiieo 'he report of the sale of the controlling
interest," IN the latter property but when asked
ior details OF the transaction and for inforna-
'ioii as 10 the plans of the new owners referred
iiiquirers TO Mr. Sheehan, who said that he and
ms 0Nocia'es purposed to utilize the franchises
controlled by the company but would be indie
pendent of the great traction companies A rep
resentattve of the Interborough- METROPOLITAN
company discredited the report that the pur-
chase had been made in the interest OF that cor
poration According to Wall Street rumor the
Sheehan interests intend to broaden greatly the
scope of the company's operations. one of their
earliest moves being place in commission a
number of electric stages. The company's stock
was exceedingly active in the late trading on
the curb.
The Manhattan Transit Company was incor-
porated in 1902. the successor of the General
Carriage Company. the charter of which gave it
the right to operate in any city OF this state
public vehicles propelled by electricity
pressed air any other power. Cyrus Field
Judson was president of the General Carriage
Company at the outset. and among the early
directors were E. NJ. Post, o. F. Thomas. Joseph
Letter, the late General Samuel Thomas and
Camille Weidenfeld The Manhattan Transit
Company's charter gives it the right to manu-
fscture, operate and deal in vehicles of all kinds
for transporting passengers freight. Under
its franchise the company claims monopoly of
passenger traffic other than on street railway
lines and the Fifth Avenue Omnibus Line (and
with equal rights in Fifth avenue) in the streets
of the entire city of New York
The company also controls 81 per cent OF the
capital stock OF the New York & Brooklyn
Railroad Company, which obtained charter in
1896 at Albany and planned the construction OF
a tunnel under the East River, with termini
near the City Hall in this borough and the
building now known as the Borough Hall in
Brooklyn. The securities of the New York &
Brooklyn Railroad Company turned over
TO an English syndicate about six years ago.
conditional sale having been made, and in the
faH OF lU2 f. B. Esler. the original promoter
OF the company. succeeded its president
by Charles s. Drummond. of London a repre-
sentative of the syndicate. Mr.. Drummond be-
coming little later president also of the newly
formed Manhattan Transit Company. 1t was
rumored at the time that at the tunnel terminal
in Brooklyn connection would be made with the
surface and elevated lines of the Brooklyn Rapid
Transit Company, of which William F. Sheehan
brother of John G. Sheehan counsel; but an
officer of the tunnel company denied that any
agreement for direct connection had been an
tered into
Whether or not any work has been done on the
projected tunnel has never been learned. The
company in. 1896 obtained the necessary consents
from the Mayor and Aldermen of old New York
City. as well charter from the state; but the
enlargement of the city since that time. and the
enactment Of legislation extending the powers
OF the Rapid Transit Commission has caused
the question to be raised whether or not the
original authorizations would be sufficient for
empowering the company to proceed with the
construction OF its projected tunnel
The authorized capital stock Of the Manhat-
tan Transit Company is S10,O00OOO. and the
amount outstanding at last reports was Sc OO0-
600. Mr.. Hoadley has been the president since
1904.
Mr.. Sheehan disinclined to talk about the
deal last night. we have bought the property"
he said, and within a day or two will have a
statement to give out which will be interesting
the public. Until that time l do not care TO
say who is associated with me in the enter
prise"
The company controls some valuable fran
chises including TO build tunnel TO Brook
lyn,'' 1t suggested to Mr.. Sheehan DO you
propose utilize these franchses?'
Yes we shall utilize them he replied, and
advantag geously the public. too, believe"
Are you working in conjunction with any Of
the existing transit systems?" was asked.
NO it is an independent movement"