The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-23
SALE OF THE THIRD AVENUE
RAILROAD.


Where the Gilbert Elevated Railroad
Is To be Located-What is Proposed to
be Done With the Stock OF the Third
Avenue Railroad-The Proposed Plan
Certain OF Accom- lishment.
Yesterday the proposals for the purchase OF the
Third Avenue Railroad by the New York, Boston
and Baltimore Railroad Company, on behalf OF the
Gilbert Elevated Railway. were pushed forward
considerably. 1t Ia now known that two-thirds OF
the stockholders OF the Third Avenue Railroad
have agreed TO sell at $l65 per share. 1t is believed
by all concerned, not only stockholders OF the
road, but property owners, that II will be great
advantage to the Third Avenue road TO make this
sale. Far seeing men have this fact very clearly
before them, that somebody will be certain to
build
THE ELEVATED ROAD,
and the Third Avenue stockholders think it would
be better in their hands than in those OF other peo
pie. 1t will not interfere with the running Of the
the present road, the cars the elevated
road will only stop al every ten blocks. lnde-
pendent OF the way tralic it may be called, it is
expected that a large number Of passengers will
take the horse-cars for the purpose OF overtaking
the cars on the elevated road at the next depot
THE VALUATION OF THE THIRD AVENUE ROAD
Is reckoned at about five and quarter millions
At present the proposal is only under consldera-
termination has been effected during the last few
days, and 1t is almost certain that the stock
holders OF the Third Avenue road will be unani-
nous when the question Is submitted, which it
VIII be shortly, Tor their final Judgment.
LEGISLATIVE POWERS
are obtained for this transfer in chapter ss5 of the
Laws OF 1872. IN the following clause
SEC. 3The corporation hereby created shall possess
Az Az tne rh m ana pryfge ana be a5ert to an
same passed April = 1850 and the several acts amend
e m Is w the s
s nd oS s s to e nG
an an as Sr &C. b ~ the
through and along streets avenues thoroushiares and
IF s s s e s snS
railways by atmospheric power COMPRESSED air or other
'h and
ea as e % s ac nd aS sd
system q railways ths roads and
s he spo s sG the h ss
necessary switches turnons conveyances connections
hs and
ssa ana ana along which the
sss
Who n shall dssis%sss s1 q
and ay s such ans IL the
least inconvenience to those who occupy premises ad
1Sss
sebSin QUINCY
Shepherd Knapp, Chester A. Arthur and General John
a. Dix are hereby appointed such Board OF Commits
soners Tor and unto such purpose with power and
thorty 70 majority Of them to act with in equal effect
operative and final when made and delivered
to the said Gilbert Elevated Railway Company its
action But the said Commission shall not designate
and establish as or for the locality and line Of said rail
way any either OF the Streets thoroughares
places lying situate between the easterly line
Third and the easterly line of the Sixth avenue,
through Of the public parks i'll the said
city of New York.
The last section of this clause enables the Third
avenue road to locate the Gilbert Elevated road on
their line. The work OF the latter road is steadily
progressing, all the material being daily accumu-
lated, and when the powers from the Third Avenue
road are obtained, in few months afterwards
work Will commence, and the Elevated road will be
an accomplished fact, and the difficulty OF rapid
transit up town will speedily be thing OF the past.