The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-27
THE NEW CAB COMPANY.

THE STOCK BOOKS TO BE OPEN ON TUESDAY
PROSPECTS OF sUccEss--vIEws OF MEssRs.
TowNsHEND AND SHEPARD.
The interest taken by capitalists In the proposed
organization of the Manhattan Cab Company QIm-
ttcd) gives great encouragement TO the promoters OF
the enterprise. The spirits in the work antic
pate no difficulty placing tho stock as as Tho
books arc opened on Tuesday Ut the banking house OF
the company Mr. Frank kavanagh, IL. eprescnta-
two OF the English stockholders, lett tao city last
evening to spend the sabbath ut Niagara Falls with
friends, but VIII return on Tuesday With view Of
sscerlaning what thought Of tho prospects OF the
enterprise some OF It's friends visited and inter-
viewed.
MR.. TowSsHgxDs VIEWS
John Towushend, counsel ofthe company, was found
to be very enthusiastic and sanguine Of the final sue
cess OF the scheme. Next to rapid transit what the
masses Of people want he said Is cheap transit,
and we propose to educate the people OF New York up
to riding comfortable cabs instead OF in crowded
stages cars. For instance lawyer desires TO 70
from his ONCE in Wall street 10 tho City Hail. For
twenty-five cents he 20 quickly and cheaply, with
out risking his lie congregation Of trucks and
wagons IN the effort TO reach tho stage man and
his wife desire TO 20 10 the theatre or mako social
evening call. They would rather take Il, pay twenty.
I've cents Tor stand street corner IA Tue
rain cold, waiting Tor the arrival OF street csr,
only 10 lind does arrive that they must cling
to straps tncir journeys end gentleman, hurry
ing down the morning 10 his place OF busi-
ness 10. iiiiy cents ride from hiryourth street
com lortably. Tho service Will be beneficial 10 all
classes who require quick and easy transportation
tnrou ghout the city, aud will DC especially great
boon 10 who calls make aud shopping 70
do Inc company Is Incorporated under me laws o.
1875, entitled An act Tor the reorganization ana regn-
lalIon ot business corporations passed june u,
IS s." which provides that the shares snail
not be less than SIS nor moro than 500.
Our company propose to Tx the shares Ut
SiO0 each ana the capital stock S25O,O00, which
considered ample. do not anticipate any difficulty IN
u,aciuu the stock Indced fear that viii BIO per-
picked to spportion all who have expressed
desire subscribe when the books are opened. Under
the act aeove referred 10 loss than i've persons
must apply 10 The Secretary OF State Tor authority ~
open subscription books. Our application was signed
by corporaors and the secretary OF state has
appointed commissioners TO open tho subscription
books. As soon one half the stock Is subscribed
tho stockholders will meet for permanent organiza.
ton. We propose to start one hundred cabs
TO begin Win aud will increase tho number
people come appreciate the value OF The service aud
bo provided with an ingenious lnventlon arranged
with dial and watch works by which the occupant OF
the cab viii be able to register the tmche employs H.
This appliance registers Inc number OF trips made
QurIng The day that II will be impossible Tor tho
drivers appropriate their own any OF tho re-
ccipls unless they contrive 10 break the register.
Speaking Of the financial prospects. Mr. Townshcnd
stated that careful estimates based on similar service
IA European cilles Indicated pront Of 81 50 per day
on each vohcie or twenty seven per cent per annum
on the nominal capital Of $2500OO. This, however,
might be q TOO nish estimate.
Mr Elliott 4. shepard stated that he had not taken
active part The details OF the company, merely
c0ntnng himself to preparing ;hc necessary legal
papers effect the organization. Yet from The sue
cess Attending similar companies IN Paris and London
and the very nigh rates charged Tor cabling IN this
city he ct sangulne OF the SUCCESS OF this attempt 10
relieve the people oil tho annoyance oil yexatous de-
LAYS IN gong from part VI the city TO another Mr.
T kayanagh Is very familiar, said he, with Cabling III
Europe, and IN general way think his theories are
correct don't why II should cost 81 90 10 from
union square tue HERALD office. Whether the stock
holders Will reap pro able dcnds depends largely
upon tho demand tor that KIND 0 transportation Inc
demand saio ana quick transportation increases
the growth OF The population The crowded state
OF clty shows any careful observer that we
ton. Indeed there would be greater demand for
quickly ana cheapiy. Many persons now transact
bus ness BY letter whereas they could 90 to gwen
point quickly and al moderate rate OF fare they
would Transact II IN person. Relative 10 the
abilily OF tue company TO place Their stocks.
Mr. Shepard said he thought no difficulty wound
be experienced A number OF the avery stable
Keepers had expressed desire 10 subscribe a. We'll
as . number OF wagon manufacturers Among the
latter is lirm OF AObott, Downing Co.. OF Con.
cora, y. H., and large New Haven nrm. One OF tho
advantages oil the company that tue STOCK holders
are only liable Tor the amount OF tnoir stock. The
word 'limed' ON all their Signs, IA then legal con-
tracts, &c gives them, under iDc Jaw this protection,
aud the OF that word Only Affects that par
ticuiar contract Air. Sncpard stated that he under
Stood that tho old cab company OF last year. OF which
vcrmyc 60 are tie BANKERS. arc disposed 10 come
in ana JOIN interests with the Manhattan Company