The New York herald., 1876-09-27
CHEAP CABS AT LAST.

Tho suggestion frequently thrown ou. In tho ed'.
toal columns OF the HERALD, in relation TO the
sity practicabilty and proltablcness of starting
cheap efficient and reliable cab system in this CITY, Is
at last being acted upon and there bo doubt tho
object will be fully realized AZ the last session Of the
Legislature there passed an act changing in somc
material respects the old law authorizing the forina-
ton ol stock companies, the most material change
from tho old law beng provision insuring guaranty
OF bond fde subscriptions to tho stock This act pro-
vidcs that when ivo persons propose to form
corporation they shall make certificate to that effect
which certificate must contain certain information,
such the name Of the corporation, the object for
which 1t is to be formed. tho amount and dispo
ston Of the capital stock the number OF shares, the
location OF the principal oco and the duration OF the
corporation This certificate must be filed in the Office
OF the Secretary Of State, and when SO filed the
Secretary shall ISSUE license to the persons making
empowering them as commissioners to open looks ioI
subscriptions to the capital stock. The act also pro
vidcs that tho commissioners proceed to open books
and receive subscriptlons; but subscription shall
be received unless at tho time Of making It tho person
subscribing shall pay to tho commissioners ten per
cent OF par valuo of the stock subscribed for In
cash. Whom half OF the capital stock Is subscribed
for the commissioners shall call meeting OF the sub
scribers for the purpose OF adopting bylaws and elect
ing directors. The bylaws SO adopted shall be deemed
taken to be the laws OF the corporation, and shall
provide the number OF directors their term OF ofhce
the means OF filing vacancies, the timo and place Of
the annual meeting, tho officers OF the corporation,
which shall always include president. secretary and
treasurer and Tor amendments Is to the bylaws within
ten days after such meeting the commissioners arc TO
ne verified record Of the proceedings with tho Soc
reary Of State, who shall thereupon ISSUE TO tho d.
rectors certificate setting forth that the corporation
is fully organized IN accordancc with the act
Under the provisions OF the foregoing act. through
the activity OF Messrs. sullivan, Kobbe Il Fowler
counsel proposed company to furnish cheap and
efficient cab system In this city, and the capitalists
associated ass 10 the ptooc. inc psemmlnary steps aor
and the necessary certificate 10 tho Secretary OF State
was signed by the requisite number OF gentlemen, IN
compliance with the act, ana forwarded yesterday.
This certificate signed by the following named gen.
tlcmen commissioners TO receivs subsc iptions:-
William 0ron. President Western Union Telegraph
Elisha w. Andrews, President American District
Telegraph Company.
Brayton Ives, Vice President Stock Exchange, No. 4
Broad street.
/. j. N. stark. President Produce Exchange, No 80
James F. Weumau, President Cotton Exchange, 40
146 Pearl street
H. Rieman DuyaI, General Manager Great Western
Despatch Company, No. 3i7 Broadway
Agcrnon S. sullivan, counsellor Drcxel Building.
William Mcclure, Stock Exchange
Filth avenue.
The bankers of tho company are Messrs. vermilye
Il Co, oil No. l6 Nassau street The proposed capital
stock $500 O0 to be divided up 900 shares OF
500 each, per cent on which is be paid cash
at the time OF subscription, ten per cent payable on
forty per cent IN twelve months As necessity Tor
This proposed cheap and improved system OF transit In
New York and Its vicinity uf indeed. 1t be necessary
to make the public sensible OF such nocessty II Is
stated the part Of the commissioners OF the com.
pany that comparison OF the rates OF faro with
European cities Will show excessive charge without
a corresponding expense Tor cabs, horses, forage
drivers. 10 London there are 26l fourwhoclod
horse cabs, which ply at the rate OF fifty cents per
hour and TO- 900 Hanson cabs, which ply at less
rate per distance In Paris there arc 1884 cabs, py-
ing at an average OF aty cents an hour, with
many vcxatous details which shall not be initiated
here. In Berlin 4s3 cabs plying mostly by
distance which. reduced to time, would give
age of less than fifty cents an hour In New York
there are 51l licensed cabs, plying at average
OF 81 per hour, aud ,005 coaches,
licensed 10 charge 81 so pcr hour ana larger amount
per distance. This company proposes To introduce
wheeled horse cabs and such other vehicles
the public may demand, to ply at tho rate OF nfty
cents hour or for trip not exceeding an hour.
Their cabs TO be constructed OF the best MATERIAL
with comfortable seats inside for four persons aud
space top ior corresponding amount of baggage.
careful and civil drivers uniform Stables will be
established ut least three sections OF the CITY, aud
stands convenient TO evory tboroughfare Will be occu-
pied during all hours Of the day and night Tce-
graphs be- laid from the stables and stands the
principal railway stations hotels club houses thea
tres stores public houses and to Offices aud private
residences when desired and the entire service 10
DO undcr mpetcnt and waichiul supervision
As rapidly as the remaining provisions OF the act
be complied with and subscriptions to the stock
cevcd the company will complete ITS organization,
cheap sale and rapid transit In this form will become
realization on tho part Of all who dwell in visit New