New-York tribune., 1909-03-10
RAISING FIFTY MILLIONS.
Hall Street Looks for Inter.-Met.
Stock Assessment.

How The ACKNOWLEDGEMENTS company
Hiu raise the s5oo09op} which President Shonts
says Il Will be ready 10 expend in the near future
IN developing its subway system was the ques-
tion that traction experts and Wall Street bankers
discussed yesterday one solution was that It
would be necessary 70 assess the stocks Of the
comrany- This seemed 10 he the Interpretation
rTaced on tho announcement by the stock market
where the marlborough metropolitan stocks were
weak. selling Off sharply toward the close
one banker who holds large Interests In ihe
cornpary's stocks and bonds said he felt certain
that an assessment was contemplated, and many
other stockholders took the same view 1t was
recalled that President Sh0nts referred recently 10
8 possible voluntary assessment in connection with
the buying IN al foreclosure sale Of The Netropol-
ftan Street Railway Company. No official an
no+lncernent Of where the additional capital was
coming from was forthcoming az the company
offices.
There IS outstanding s932s2.le2 common and
S85.74o1e0 preferred stock of the lnterh'Fongh-
Metropolitan conpanv, and S[S25e" collateral
trust 81 Per cent gold bonds. The bonds are Sc
cured bv The deposit of S3&9l2Sao of the S5oohooD
stock - the luterborough Rapid Transit COM
pany. which was acquired by the lnterboToush-
Metropolitan Al the time Of the traction merger
The per cent dividend paid into the treasury OF
the latter by the InterborouEh Rapid Transit
Company is just sufficient 10 pay the interest on
the InterborouEh- Metropolitan bonds No diVi-
dends are pald on either the preferred or common
stocks Of the Interborough-Metropolta
II is possible. q course. that the lnteThorouTA
Rapid Transit Company may be called on to raise
the funds needed on March IS 1905, the com
r.any's stockholders authorized a mortgage 10 Sc
cure not over. S55Oo1ooo of forty-hye-year bonus-
The rro~ee7s were 10 be used To retire 50 100000
notes outstanding and 10 pay off demand loans
agg-egatirg SlN$52726 and for future require
rnents-' on May J. 1905, the company ISSUED
g. alG GO three-zear per cent notes secured by
deposit of S3o.0530eo Of the bonds Just how much
additional capital the Interboroueh Rapid Transit
Company raise is probiemalical
President Shonts said yesterday that the Inter
borough proposition probably would be sent 10 the
Public Service Commission to-day or tomorrow.
He again refused to make public its details, but
issued a statement in which he picked number
Of fans in the McAdoo application TO extend us
tunnel 10 the Grand Central Station.
EIr. Shon1s said that the NcAdoo engineers had
erred in fixing the location Of the SteinWay or
Belmont tunnel but he added that he did not be
lieve the IcAdoo people really intended to miSeau
the Public Service Commission. The statement
follows:
For more than = year our enGineerlng stan ,; anu
our operating staff have been continuously working
attempt 10 coordinate system oL III .l..t Ia
meIlts- winch taken lost9LSL' -Is ~ most
earliest relief 10 those sections or lile lE +el-
greatly in need Of relief. This has been p - '1 IN
Surrounded Icy many difficulties. because 'he ue-
rlands in every part Of the CITY seem gIal- F e
However. going the theory that half a ioal y
better than no bread efforts have been directed
10 such q system of Improvements as would GlLe
range Of financial possibility. Because uuilnS -L, t
that time have realized that the cllS Va va no -
in a financial position help itself for some ue %
come in additional l@clllJtN- 1ilti'
fore -a u7are, required carry such a system vI
improvements into effect must come from private
.-
The apparent flutter caused by the MeAc9o aI'-
rIjcation in no way affected the poAc\ oI liiv ~
+erl,orOueh The engineering and operating SldliS
continued. their detailed work after the Mc4uop
sr,nlirarior fleG. IileH ll"I tl,lL
~. nearly wear before that application Was nlel
If fbe NcAdoo people had submitted their plans
"a our Con4nanV before they were fIied We W"lii
have done exactly what did at the pubilc ser
vice hearing Yesterday namely. suggested n toll-
flrarce between their engineers and the engineers
of the citv and engineers 10 see WhetleT l-tIe
,,o1i he an, physical conflict because t0e inter-
1,oT.7rIl recognized its duty TO the city, as esee
of .!is citN-s subway, 10 point out 10 the ciY le
result of amy foreign construction WheTe Such con
e4crir might endauEer either the future deNeiop-
rar1r Of the cltN's Own subway or Inc SAFE opera
ZION of its present tE-OEylGeg iIlfeS-
because understood the McAdpo plans.
- -. c--3,,I.teS did endangcr the development Of
the citzs subway the only lines |hlcn Il seemed