The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-13

@y on which he signed the pape a. me - eecson
sheridan shook ABOUT $50 Jacob sharp between 500 and
COO rhS.low Weed Dessesa coo and. and 200 Hugh smith
THE nur RAILROAD.
Tho corporators Of the Central Park, North and East
don. Warren Z. RUSSELL Robert B. Van vakenburgh
John Meyers, John Dc Mont MontaSnis, s,n William ts
Benjamin +. Bruce, Edward R Phelps and
msmbers Of the railroad ring: The chartered capitaI
was 81 600 The total paidn capital at the close OF
the last sss w ns
figures Of the roads which noticed above these
indeed modest and seemingly honest for the Belt road
II eleven miles In length, has l26 aud about 900
horses and owns valuable real estate. But when
compare the Of this mile road which did
Of the steam road on Staten Island the
aspect Of things ON the Belt lie changed. The Staten
Island road bought the land from Clifton TO New
Dorp and runs locomotive engines its rails. and
yet only cost $4,000 Nothing expended In get
ting its charter through tho Legislature The receipts Of
the Central Park, North and East River Railroad
last year were s555,00s expenditures s427,l55
A prominent railroad official says that he would
not give the company one-haf the cost of their
rails for the whole concern, and another railway officer
alleges that the Belt Companys have beer ar.
ranged to deceive the innocent publc that all the
for horses cara tools and other pershabe stock
have improperly bsen charged 70 the construction
account, while other remaining expenses have been
joted down at the lowest conceivable figure to enable
the directors to exhibit considerable excess the
right side Of the cash book John Butler Jr Thurlow
Weed Charles G. Cornell, David BOWS and Francis
Senator when the corporators in pursuit OF char
ter profted TO the extent Of $3.50 000 The companys
precisely nothing has been sold at 16O but may be pur
chased TO any required amount at so.
THE NINTH AVENUE RAILROAD
is kind OF tender to the Eighth and is alleged IN be
run TO freeze out the stockholders Its charter was
granted by the New York Common Council, and the
franchise was confirmed by the Legislature and Gov
ernor on the 14th of April $780, the corporaors being
William Radford James Murphy, and Minor G. story
Its officers authorized 20 their cars from spuy
ten Duyv creek to the Battery, and IL was understood
when this companys charter was legalzed that car
red also the extension of College place. through vesey
many thousands of dollars changed hands From
twenty five to fifty per cent OF the capital STOCK may
b bate 0een cvp pJ outsde who owns largely IN
other railways insists that George Law and the
ring have stocked the cards to oust the small
shareholders, and he believes that whenever
they shall have become possessed Of the bulk
Of the they will put horse the tracks
and run them oftener than half hourly. The capital
under charter $s00O00 length Of road and
q half miles amount Of capital paid In, 1919 800; total
total Tha @ last q tSs raS sns
ments reported at $445 at the time of its sale
TO George Law John Pettigrew, Congressman William
who its mismanngers. The road is slowly accumu
latng debt but the amount Of its outstanding bonds
is nconsiderabe and Its annual deficit is small that
there can be danger OF stockholders being sold
to pay the bondhoders and when the price OF feed shall
have fallen the directors cannot by any ordinary eger
domain conrive to sink money in running the road; 20
1t may be said TO be desirable investment for any per-
son who afford to wait long as George Law can
for his dividends for within five years it must become
dividend paying road, and the which The dis
tribnon OF profits Is TO be made not so large 10
forbid the hope Of Ten per cent profit within the next
five years
DRY DOCK RAsT BROADWAY AND BATTERY
The corporaiors Of the Dry Dock, East Broadway and
18th OF April 1890 Notwithstanding the objections Of the
Governor, were John =. Develin, William Hail,
Herring William b. Marvin. John v Coon, william
p. Buckmaster George l. Thomas. William q. Hayes and
James Murphy. We shall not attempt an enumeration
OF the through which the tracks OF this road
extended Suffice i. to say that it has four distinct
routes and s privileged % construct another Il like
Of the railway ring, William Richardson owning 400
shares, John Kerr 500, Thurow Weed 900, and William
and 70 COO
sential voies in the management, says that the
At st. Panl's church was made without the
knowledge Of the Common Council and might have
cient properly relay the Broadway pavement in
night TO lay the curvneal track from Ann street
round into Fulton and to ift IL and replace the Broad.
way pavement cost the company Ss,OO0-a sum which
the directors believe TO have been well expended,
much the experiment taught them chat there Is .
eminent will not GO Unlucky for the ring, they did
NOT anticipate the greatness Of the future which lies be-
thousands OF lie shares had been taken BY the public
and to-day probably the stock is more generally dis
trbuted than that Of any othe road The travel s i'm
mense The road the almost sole outlet for the dense
population Of the great east side. The stock Is but
slightly watered the cost the road quite reasonable
considering the length of its tracks, and the debt small
while the eompanys real estate and rolling and other
stock valuable.
On the 18th Of April, 1850. Governor Morgan having
the BILL the Legislature authorized John Con-
over, Moses Ely, Truman Smith Matthew 7. Brennan,
Rufus +. Andrews, Bloomfield Usher, Justin D. White
John NJ Miller, Elijah b. Holmes Leonard w. Brainard,
Jr., Deos Dewof and Thomas Black to construct the
Forty Street and Grand Street Ferry Railroad
Here is another almost exclusively Ring concern It's
real controllers now being John Kerr, Jacob sharp,
Tharow Weed Co The corporation bought % o. NE hr
line Of stages and gave him therefor twelfth Of the
stock. The road was built with money and bonds In
posed TO have pronled by IT, Nh. McCelland, who has
drawn out that the stock Is largely watered that
the stockholders need never expect dividends although
hard railroad year. 1855. The residue Of the story may
best be told in the Rings way, by the figures Of
the appended report TO the State Engineer and Sur.
veyor:-
In 1881, Thomas J. Barr Edward r. phelps. John But
ler Jr Charles G. Cornell Henry Smith and other well
Known railway operators subscribed $500 900 and paid
in $500 toward the proposed 81 COG capital stock Of
that the tring deficit or 81 o09 100 paid in,
and may be presumed that u has not since the road
Haskin william Cauldwel and others who paid in $3.50
toward the capital stock OF 81 for the East and
North River Road from Port MOTIFS 70 Spuyton Duyvti
Creek, were more modest They spent $3.50 on the
Third House and secured therefor charter which they
Immediately threw into the waste basket while Barr
Co. expended only $500 in engineering and agencies
for q two million scheme which they hoped
might yield them . million profit The incor-
porators of the East and North River Road
sought aud won q charter, not because any such
road could be made profitable because they intended
avail themselves Of their franchise, but merely be-
cause other enterprisng capitalists had in contemplation
road which Messrs Morris Haskn Caldwell
wished TO head of Having secured their charter they
were content being situated ss TO hold over the
heads Of their rivals kind OF threat Oi the Cross
Town road little is known. Whether the corporatorn
who drew up a scheme auring ever caught any un-
wary estate holder in their tolls or whether while
ostensoy engineering for railway, they were really
operating another direction, Is best known to the
gentlemen themselves. The Third Avenue and Fordham
Il another Of the moonshine railways, OF which SO
many projected paper In 1880 662, and s cor
porators, Messrs Gouverncur Norris Jason Rogers,
John b. Haskin, David Mlliken and others expended
so75 in engineering and agencies but whether
they and their servants Of the lobby engineered
themselves into anything lucrative the outside
world does not know. Concerning the Tenth Avenue
and Grand Street Ferry Railroad, Mr.. John Kerr ns
treasurer. wrote the State Engineer and SURVEYOR, IN