New-York tribune., 1907-09-25
HAD CHECKERED CAREER.
Brief History of the Nezg York City
RaiIzCay Com pdny.

rb. Neu York CITY Railway Company is owned
by the Metropolitan Securities Company and was
formerly known as the Interuroan street fSai"ay
COMPANY which came into existence in November
1eN In AprIl 1902 the Metropolitan Street Rail-
wav was leased 10 the Interurban company for @ss
wears at a guaranteed rental of per cent year
on the stock of the lessor company the lessee To
nav s23 oo oo into the treasury of the Metropolitan
Street Railway Company in return for tne secu.'
ties liberated by the payment of the unfunded oeot
and other -
The Metropolitan Securities Company owns ali
| the outstanding capital stock of the New YORK Cl'y
Railway Company. which at the present ulhe
controls twenty-eght different surface lines in Man
haitian and The Bronx. The New York City Rali-
way Company controls the Metropolitan. with It's
subsidiary companies, and the Third Avenue ran
road and it's subsidiary lines. representing 01Io'
miles in Manhattan and 1876 miles in The Bronx
and Westchester County.
Upward of e5 per cent of the capital stock OF tne
Metropolitan Securities Company is owned by the
marlborough Metropolitan Company corpora
ton organized in January. 1906 The Metropolitan
Street Railway Company has not been earning the
guaranteed dividend its stock. and the Ne"
York CITY Railway Company has been drawing
upon the treasury Of the Metropolitan Securities
Company to make up the difference The treasury
has been pretty well drained. though, as there Is
- per yet unpaid upon the S30Oc0,oD OF Met
ropoItan Securities stock. there is still available
a material amount of money for dividends, assum-
ing the securities company stockholders do not OBJ
ject.
As the marlborough Metropolitan Company owns
81 % 700 OF the securities company stock, II Is
vitally Interested In the possibility Of call upon
the Metropolitan Securities shareholders TO pay
up the balance due the treasury of the company
their shares Ever since the Ryan-Widener peo-
pie forced the Metropolitan Street Railway share
holders 10 lease their company to the New York
city Railway Company the finances of the sur
face roads in this city have been in exceedingly
unfortunate condtfsrH reflection of which is pre-
sented in the price of the Interborough Metropol-
itan AZ per bonds. which closed yesterday at
Ssh and in the price of the Interborough Metropol-
itan stocks. which selling at e4 and &+2 for
the common and preferred respectively Metro
poitan Street Railway stock. which at one time
sold above 200. was quoted in yesterdays market
SO bid and Al asked
Wall Street long ago discounted receivership pro
ceedinSs for the surface roads. and the announce
ment yesterday Of the transfer of the New York
City Railway Company to the control OF the courts
created no surprise while II the belief
that the difficulties have long beset the
local traction situation would be permanently
leved. The suggestion was made in the Street that
the New York city Railway Company would he
reorganized independent system Some per
sons apparently have the impression that the
troubles of the surface road may extend the
Manhattan elevated which is controlled by the
Interborough Rapid Transit Company The stock
Of the Manhattan is guaranteed by the INTERIOR
ough, but the earnings Of the elevated always have
been far in excess of the dividend requirements.
despite the heavy subway traffic and Wall Street
bankers advising their customers buy Man
haitian at its current price The elevated and sub
way are money makers. but the surface roads.
under their burden Of heavy charges and bad
financing, making a poor showing
The lines OF the New York City Railway Com
pany follow: Metropolitan Street, BIeecker Street
& Fulton Ferry. Broadway & Seventh Avenue.
Central CrosstOwn Christopher & 10th Streets.
Central Park North & East Rivers Eighth Ave
nue., 42d Street & Grand Street Ferry. New York
Harlem. New York Westchester Traction. Ninth
Avenue Second Avenue Sixth Avenue Third Ave
nue., 23d Street 18th 18th Streets Fulton Street,
42d Street. Manhattanville & ST Nicholas Avenue.
Dry Dock & East Broadway. Kingsbridge. Union
Railway of New York Bronx Traction. Southern
Boulevard. Yonkers Westchester Traction and
Tarrvtown & White Plains.