New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-21
INTER-MET. FINANCING
To Issue $15, 900, 900 Notes for Elec-
t71fWng HOrSecdr Lines.

Tho PETERBOROUGH Metropolitan Company has
authorized the issue Of S15,O00O00 three-year )
per cent collateral trust notes the Mercantile
Trust Company being the trustee. The Inter-
borough metropolitan Company has recently
borrowed from various banks and trust COM
panies about $3000O00 on its per cent notes
running for six months, and these notes. and
whatever similar notes may be issued mean
while. Will be taken up out of the proceeds of
the three-year notes when issued
The $15,OO0OO0 issue is to be taken by
eral large banks and trust companies. The
curty for these notes win be Metropolitan Street
Railway three-year per cent improvement
notes TO the amount Of $S.OO0,0OO. to be issued;
$500 shares Of stock Of the Third Avenue Rail-
road Company, 40 shares of the Forty-second
Street and Grand Street Ferry stock. 5.O2S
shares dhe Metropolitan Street Railway Com
pany's entire holding Of Central Crosstown
Railroad stock, 5OT shares of stock OF the Sec
Ond Avenue Railroad Company and GV55 shares
Of stock OF the Electric Storage Battery Com
pany. The funds to be obtained from the sale OF
the S15,OOO,0OO notes. beyond the amount neces-
sary for taking up tho s!x-months notes, VIII be
used IN Installing the underground trolley sys-
TEN on the crOSstown lines OF the Metropolitan
system which horses are still the motive
power.
Some OF these roads are the Fulton street limo
and the 2Sth and 29th street line. The Central
Park, East & North River road Ghe Belt Line)
TO river, but it's cars running from O9th street
along the East and North rivers TO South Ferry
drawn by horses The Grand street line OF
the Dry Dock, East Broadway & Battery road
has been operated by electricity for more than
a year. but part Of this road horsecars still
run. The motive power the First avenue
branch Of the Second Avenue road also has not
yet been changed from horse to electricity, and
one stretch OF the Forty-second Street & Grand
Street Ferry road Is operated by horsepower.
Horsecar tracks also still extend through 18th
and 18th streets from Broadway to Avenue A.
The first report concerning the new securities
of the ACKNOWLEDGEMENTS Company yes
tcrday was that they to be Six months o
per cent notes. The form of the larger issue
was confused with that OF the 100000 six
months which. 1t developed a little later. had
been already issued RumoTs that the company
was planning to raise about $10.O0O.OOO on
some form of short term obligations have been
current for several weeks and the stock Of tho
company has been declining. The common
stock, which Saturday sold down to a new low
record level 1872, and closed at 1914. closed yes
tcrday at 1875, net loss for the day OF Is per
cent. The preferred yesterday touched OLE,
only Z point above the lowest OF the year, and
closed at %, rs points lower than Saturday.
The balance sheet Of the New York City Rail-
way (the Metropolitan SYSTEM Of March 81
which was made public yesterday, shows
profit and loss deficit Of S9O943I5, compared
with a deficit Of $6,514.129 year ago and
$3.50. 131 in 1900. Earnings of the MetropoA-
tan street lines for the March quarter show q
deficit Of 81 4O1 40 against surplus OF 81. 254-
276 reported q week ago by the combined COM
panies. making up the PETERBOROUGH systems.
while for the year ended March 81 there was q
deficit Of 81 347 4S9 after the per cent dividend
was paid on tho new cumulative preferred stock.
All but SO 100000 Of the old Metropolitan Street
Railway stock, which guaranteed Z per cent
in 1902, has been exchanged for the per cent
Interborough- Metropolitan preferred stock, and
on this balance outstanding per cent must be
paid. In 1902 the Metropolitan system was
leased to the New York City Railway Com
pany, and at that time all the assets of the
Metropolitan system were turned over to the
Metropolitan Securities Company