New-York tribune., 1910-12-31
INTER. MET. MAY REFUSE
s.one & Webster Might Finance
Reorganization in That Case.
Committee GOING AHEAD
,uou Street Pleased It Promised
Reduction IN Metropolitan
Securities.

-, 5oir,r reorganization coumittee OF the
t-,,,li-s57 Street Itlway Company
-~:-.s Fl mas put forward plan feT lifs
.hat should be accepted by the
- -; service Commission and the public
= is going ahead with its preparations
,,,. The plan in force just as though
-. we're 10 doubts about the future AS
-. * some reason 70 feel less than GER
-, -har the Interhorough-Netrc iIan,
-, holds 81. S.9aa. 900 OF the stock or the
-T.,-,,olitan cors1uany will take kindly TO
-1sn : sy-dlca' s being organized 10
s-,-,ish the 81. NJ, ,Gae cash required If the
-. nsgh-Mesropohtan refuses the re-
mas zere-aliy !eved in Wall Street
-s,s-.fav that Sto4e & Webster would
- ,.xc- ne rroperty unless .Ae Inter
,-..,,.s-h ~ -11olitan decided that II want
- ,.nera-e the surface roads The
,orough-Metropeiitan has consistent
= -sfuse-f 10 confer with the reorganiza-
80 -os57ulittee and the committee has
.te-efore arranged with Stone * Webster
:, 70 IT, financing If the Interborough-
Metropolitan makes it necessary
S-on. = Webster refused TO talk about
,hs probability Of the banking firm buying
a, lie Ietropo,itan. but outside banking
,rrrrestz said thai the arrangements had
heer. completed for tee taking over Of the
,,-orr-rv / was understood that the ma
sa-i-v of the reorganization committee
-ran,sd Tie Boston drn 10 take over the
--ope-r-
------------- 10 InTeTborougf Metro
-,,fz.a- arr~oxlrnateIy s. .5e0O 10 pay its
s-.oL assessment under the reorganization
Nan. For tais outlay X would receive
s-.,t,t Slca0o CO If the new stock and s.
z,is00t - the = Per cent income bonds IN
.z- s-a-e.nzrt tie committee only estimated
E.saaF tho new bonds would pay from 2l2 TO
= - cent dividends al the start. so that
~ I--erborough Metropolitan would re-
,ee5r+ return of S225.G09 i year on money
fl7ar cost II SS759le That Is, ii would DE
-svinc sl5ae8 a year for the privilege OF
controlling the surface roads, for the value
,f me stock would be only potential Ano
.5a roug:l-Netropoiitan officials
have not yet made Up their minds whether
-he game IS worth the candle.
Wall Street was particularly pleased with
thai feature Of the plan that provided for
he scaling 5owr OF the capitalization from
z7es8J0.dsb 70 st. 90 oGa. and with this The
estimated REDUCTION IL the fxed charges
or more than 81, go ee0 A year Bat the
statement Of the committee failed 10 snow
-t7at the METROPOLITAN was earning or
What Il was expected 10 earn under the
rew plan Il was the general opinion tnat
~. aolders Of The outstanding securities
could not re expected 10 come 10 an IN
reiIisert- decision On the merits Of the
proposition until definite figures were at
hand on these two points
There was some surprise st the sr11aIlness
az the assessment On the stockholders, as
tie statement had been made that it would
) rake not Jess than Sd oe1,er1e 20 rehabilitate
-ne property. But Il was pointed ol-t that
-his might explain The failure To estimate
he fixed charges under the new plar
While provision was made only for the
issue = 81 Gtl, 100 of the new 4 Per cent
-irst mortgage bonds. the Issue was not
limited 10 that amount, and # more %
these bonds should be put on the market
- raise capital for improvements there
would be a corresponding increase in the
uxed charges.