Evening star. [volume] (Washington, D.C.) 1854-1972, 1860-04-07
WARRINGTON NEWS AND GOSSIP.

lAE PENNsYLvANIA-AvENUE RAILRoAD.-We
were without space. yesterday, in which to men-
uon all the points Of objection to the proposition
to give to the so-called Metropolitan Railroad
Company, which now has no existence whatever
In fact, charter for a railroad on Pennsylvania
avenue. In this city. Pursuing the subject in ad-
dition to the objections we have already stated,
we have to say that
1. The Metropolitan Railroad Company are the
ribers to the stock The charter expressly in
corporates them the Metropolitan Railroad
Company. Who are they, The amount Of stock
is 81 goo ,COO-only $500 900 was subscribed. OF
this the Corporation Of Georgetown took $3.50 600,
(one-half,) and citizens Of Georgetown, together
with residents out of the District, more than
fourth more; so that more than three fourths of
the stock is held by parties outside Of Washing
ton. To grant the city railway to them 10, there
fore, to grant three-fourths Of il to non-r sdents
of Washington
2 Nobody but the stockholders, in general
meeting, have any right to ask for new corporate
franchise for these stock holders They have never
had general meeting on the subject, and it has
never been laid before them and therefore the
application In their name is totally unauthorized
g. The Metropolitan Railroad Company has
pro badly forfeited Its charter by not commencing
their work within the time required by the char
ter.
A. 1t has no resources whatever but the sub
scriptions Of its stockholders, which cannot be
applied to any other object than the construction
OF their road proper; and Congress, without the
consent of Maryland, could not give them author
ity, except as an entirely new company to issue
stock for another object.
D. Even these subscriptions have been entirely
repudiated by the stockholders themselves-they
o. mi form lU Aocl ipo1 10
made on them by the directors for further install.
ments Some Of them have recently signed me-
MORALS in favor of granting this franchise to that
company but 1t can be proved that this was done
with the express understanding that these stock
holders are not to be called for any further pay
ments.
g. The idea of building the Metropolitan road
from the profits of the city road is absurd. The
charter Of the former requires it TO be completed
WITHIN ten years from its commencement The
cond annual report of the president and directors
says II Was commenced in April, 1855 1t must,
therefore, be completed in five years from April,
1901 Ii will cost for the whole road about
sl,OO0,oOO, and for part, to the Point of Rocks,
about Sa:oOO, GOETHE engineer says ST. 800 OOO-an
average of 100000 per annum. Can ANYBODY ex
pect the city road to yield anything like this !,
twill cost at least S59 900 per mile this is about
at least ten miles of 1t ito cost $500 OCO) from its
own resources, how can it get credit enough to
borrow money for the rest, especially in time TO
complete within five years! And can any one
expect the city railway to yield POO per cent on
It's whole capital in time to accomplish this,
Z. suppose the city franchise granted to the
metropolitan Railroad Company, on condition of
completing their road-no one is bound who does
not accept it; those who do, form a new com pany;
and they will have no control, as such neao com
pony, over the Metropolitan road so that we
would be no nearer having the Metropolitan road
Quilt than we are now-ce'tainly no security for it,
On the whole. then, to grant the city franchise
to the Metropolitan Railroad Company is to grant
1t to nonresident, inSolrent corporation without
any security that the condition on which Itwould
be granted would be complied with, and to levy
a tax on the citizens of Washington to build a
road in Maryland without even exacting security
that it will be built