New-York tribune., 1906-06-08
TRACTION TRUST GAINS.
Quarterly Di0idend of InterbOrough-
Metropolitan Company.

The directors of the Interborough- Metropolitan
Company yesterday declared the initial quarterly
dividend OF ls4 per cent upon the preferred stock
payable July to holders OF record Of June H.
The following statement was issued:
The following information was placed before
the board OF directors OF the lnteroorough
3SeSd SSSdpny ON the se peerTed ps stock declared
The dividend upon the stock of the Inter
per cent per annun. win furnish the funds funds, rel
usf bonds no & the aG
The quarterly dividend of 81 per cent, payable
Julv is upon the stock of the Metropolitan Street
Railway Company, will bring INTO the treasury OF
AMOUNT she tSeeedng by Si the quarterly
eend Of % II per sst ON ihf ompany
The auditors of the operating companies report
Borough Rapid Transit Company and the New
York City Railway Company since me doTinarl0n Az on
exceeded the estimates which were made at th me
time Of the organzatiqn Of % tae & b1a ons
of the present calendar year the aggregate hes
s24 over the corresponding quarter OF the pre-
ceding year"
,, According to The plan under which stock of the
Metropolitan Street Railway Company the Metro
poltan Securities Company and the lnteroorough
Rapid Transit Company was 10 be exchanged for
securities of the Interborough Metropolitan Com
pany. only the Metropolitan Street Railway CON-
pany shareholders We're 10 get preferred STOCK OF
the new company. receiving 100 per cent in the new
preferred and 55 per cent In the new common stock
The note in. the foregoing official statement that
the Ia per cent quarterly dividend. payable July Is
on the Metropolitan Street Railway stock would
bring into the Interborough- Metropolitan treasury
the sum Of s74o7n 10 indicates that $2SslO0 of the
Street Railway Company So. 100000 stock has been
deposited IN exchange for an equal amount OF pre-
ferred stock and 55 per cent in common stock Of
the new company. leaving $s.671,%0 Metropolitan
Street Railway stock owned by non-assentng
shareholders smarE ~ N may ee sh0@ M rom e tle
Of the quarterly dividend OF IL per cent on the
Interborough- metropolitan outstanding preferred
stock that the amount OF such outstanding stock
IS SIS S2S 100 100000 more than the amount of
the deposited Street Railway stock. the total
Of the Street Railway stock being So2.UOO,-
Or or 100000 less than the total issue of Inter-
ACKNOWLEDGEMENTS preferred stock
The dividend on Interborough Rapid Transit
will exactly meet the interest requirements the
S70Oc0O00 ~ per cent bonds of the InterbOrOUgh
the Il. per dividend. just declared, the
| standing $5.32SlO0 of the latter cOmpanys pre-
ferred stock IS s5ss 6 IS which. deducted from the
/ quarters dividend receipts OF the lnterbOrOugh-
Metropolitan Company from its holdings of S42 32S 100
Metropolitan Street Railway stock, would leave the
Sl74.l40 - surplus noted in the statement. AS ap
pears from reports the results of operation
of the Metropolitan system still show a substan-
tal. although decreasing, deficit, and accordingly
street railway stock has been largely from the
resources Of the Metropolitan Securities Company.
capital stock Of which was paid in few months
ago.
In a sem-of1icial statement issued last month it
estimated that. deducing the increased charges
consequent upon the substitution of $1,000 I'm Az
per cent bonds Of the company for SIS 600 in
per cent stock of the Interborough Rapid Transit
show for the year ending June 80 about s.. 900
surplus TO meet deficit in Metropolitan resources
the Metropolitan system Of the = per cent dividend
on the lnterborough- Metropolitan preferred stock.