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Show oo 80i HOLDERS BUY ! METRGPLITAN ROAD i NEW YORK, Dec 2!l. Tho old Metropolitan Met-ropolitan Street Railway company, I owning 1C1 miles of Now York's sur-I sur-I Xuco system and capitalized before It I went into the hands of a recolvor at ' $139,065,000. was sold at auction todav for $12,000,000 to the company's 1 and 5 por cent bondholders. The valuation of the companj's property is estimated at $120,000,000. It was bid In In accordance with a prcarrnnqed plan by a committee of i the bondholders, who have provide' for a reorganization of tho company under tho namo of the Now York Railways Rail-ways company. It will bo operated i an Integral part of tho Interboro-igh-Mctrorolltan company, its prinerpal stockholder, which now operates tho subway and elevated lines. Theodore P. Shonts. head of tho In-terboroligh-Metropolltan, will lo olocr-ed olocr-ed president of tho new company. The financial reorganization Includes in assessment of $12 00 a share on the old stock to provide capital. |