New-York tribune., 1878-10-12
TRANSIT IN TWO CITIES.

HEARING BY The Acknowledgements"
rae COMPLAINTS AaAINsT THE METROPOLITAN LINE
ARGUMENTS OF THE ,LAwYERs-THE QUESTION
OF pIssoLvING THE cHAREBR.
The quiet of the City Library was broken
Jesterday by the invasion Of thrdngof lawyers ana
resdents along the line Of the rapid TRANSIT roads, VINO
were interested In the hearing before Attorney General
ehooumsker regarding the validity Of the charter CT the
Esv.YOrk Loan and Improvement Company which
built the Metropolitan Elevated Railroad and holds
heavy mortgage it. The lawyers were divided into
four pstles John K Porter, GrOsyenor p LOwrey and
Charles f. Stone representing the Metropolitan Road
Ashbe Green and George W. Wlngate representing the
Improvement Company; Edwin r. Meade and John Nc
Donald representing d. Mclean Shaw. owner of one
share OF the stock Of the Improvement Company who IS
dissatisfied with its bargain with the Metropolitan Road
Waldo Hutchns and exJudge Fithan representing the
owners Of property Fifty-third-st During five
the evidence of several propertyOwners
taken about the effect on the valuation OF their
property OF the building Of the railroad, the lawyers
made long arguments, and score OF adavits we're read
The case for the cOmplainants opened by Mr..
Meade alleged that the nOn-ful1ment OF certain
requirements laid down by the Legislature had rendered
invalid the charter Of the Improvement Company.
Moreover, he said the enormously large mortgage OF
$4,000 per mile upon the Metropolitan Road held by
the Improvement Company made the former practically
insovent and any action for damages that might be
brought by propertyowners therefore useless ElvoOd
value Of property sxth-aye James sewe property
owner near the line Of the road, gave an amusing de-
scption Of his troubles since II began operations He
tald that he had lived egnteen years IN nls pressSt
continued. and go out into the world homeless Wsn
roar Of Niagara Respecting it, he said There is
knocking OF in i for lunch only Obtain sleep 3e,
morning 1t is impossible 70 get rest before mid
night You only get relief by ierEs-a minute and
conclusion Mr. sewell asked Mr.. schoOnmakei to spend
night at his house that he could Judge himself OF
the nuisance caused by the noise.
Charles Schermerhorn testified that his property In
West Ffiy-thrdst had deprecated Onehalf in value
He also said that live Goals frequently dropped from the
engines TO the street beneath. Mr.. Lowrey interrupt
ing him. said testify That is physical impossiblty,
for boilers of the engines ncloeed chorus of
"But we've them" came from the propertyOwners
and they looked INDIGNANTLY at Mr. IowTey W. H. Macy
on Sixtave., owned by him, had greatly deprecated
IN value ana that he had to lease the buildings at far
Attorney General schoonmaker here said; I'm order
70 saNTSen TINS 9y Will ana a ' bs svaUue
unless evidence is offered IN opposition 70 the idea
Hotel, ct West BPoSGWay and Chs%berssS, testified
that his receipts would be $4,000 less ts year than
rooms on the West Broadway side Of the hotel.
Arguments we're then heard from the lawyers Mr.;
Company, made Q very elaborate plea for the
maintenance OF the present contract between it
Cor cSnpany. my He He said that T iI was not at
All clear that the bargain was good one for the In
inent The Rapid Transit Commisson selected
COMPANY cor % sincerely believed that t had added to the
value Of property in sxhave instead Of lessening IT,
The character Of the business done In the avenue uht
change but tie value OF the properly would increase
The avenue likely 10 become another Broadway. IL
the road. but II It was understood that the State
authorities seriously planned, account of these COM
Of the city would usme to the City Hall ana protest
against such action The attempt being made to
the Attorney General IN private suit under prcence
that the public concerned As for D. Mclean Shaw,
the man bought one share OF the Company
July last for the of bringing the present
suit Mr. Lowrey read long affidavit made by William
Foster, r., Yicepresdent OF the Metropolitan Road CON
cerning its origin Mr. Foster described his unayang eff
fOr for several years 10 capitalists in IT, and the
final purchase OF all the shares OF the stock Of the COM
pany by its present owners He then ated the cir
eumstances under which the contract was made with
road
Concerning this contract, Mr.. Foster said that he
thought IL very favorable Shaw the complainant
had said that the road only cost 100000 per mile Mr.
Foster to this assertion replies: am not member
knowledge Of the amounts which 1t has actually ex.
thus a ana hey are very 81 Ges s ~ M2 Of
Foster states that he believes that the PRINCIPAL pro-
the beginning OF a suit dissolve the Loan aud In
prOvement Company is E. r. Wggin, resident OF Hart
ford Conn, and the managing director Of the New
England Iron Company. THIS last named compaBys
suit against the Metropolitan Railroad fOr alleged non
railroad has already been noticed in THE TRIBUNE
AtIOrney-Generai Scboonmakcr said that persons
seemed 70 think that the recent ptesenment OF tho
Grand Jury concerning The metropolitan Road imposed
cuty himself. Mr. Green said ne Thought
that extraordinary document OF more value than
any other petition signed by respectable residents Of
NewYOrk City, The responsibility Of acting against the
Metropolitan Road which rested in the Grand Jury II
very sdrOlty eDdeavOred 70 put the shoulders OF
the AttOrney General.
Waldo Hutchins made long argument to the effect
that 1t the duty OF the AtOrney-Genera II State
charter had been dsObeyed, bring action In the
Supreme Court for dissOlvng the offending corporation
The AtOrneyGener said In relation TO this argument
think the main question Is, what have these COM
panes done II requires the state to dissolve their
eharersi There should be substantial injury to set
the state authorities IN motion What remedy nave the
property owners through the AttOrney-Geueral ~
E1Judge Fithian-"I conceive that the property own
ers have a right dlsembOwe the Loan and Improve
ment Company IN order release the Metropolitan
Road. The Loan and Improvement Company has swa
lowed the Metropolitan Road The property owners
can't get at II till they have destroyed the Loan and Inn
provement Company. The Metropolitan Railroad Is
hidden IN the bowels Of the ImprOy Company"
Attorney schOOumaker-" Isn't tnat the
OF the noise - lGTeat laughter.
The further bearing argument was here postponed
Till to day.
REGULATING THE ATLANTIC AVENUE ROAD.
rY,n g h.