New-York tribune., 1879-06-04
RAPID TRANSIT IN TWO CITIES.
LEASES OF ELEVATED ROADS.

LEASES OF ELEVATED ROADS.
THE MANHATTAN COMPANY TAKES CONrRoL-HoW
THE PROFITS WILL BE DYIDED-THE SECOND
AVENUE ROAD TO BIZ PUSHED TO coMPLEfioN.
Tie managers Of the Manhattan Company
met yesterday President Garrison in the chair. The
leases Of the Sew-York and Metropolitan Elevated
Roads were read ard the tie officers in signing
them was approved, The stockholders Of the company
having previously ratified them Itlas been dccrmined
10 file ONLY the leases the roads. The agreement to
be withheld for the present from the public
The leases the roads ior 500 years and reci:e
that Tor the purposes of furnishing better accommoda-
tions 70 tire travelling public. and to save money In
building and ho roads IL IS agreed that the two
companies shall deliver all their property, rolling stock
aud supestrncture built ana 10 be built % the Manhst-
tan COmpany for the full term Of the lease the Mdnhat
tan agreeing keep the roads in order and from time
time may be necessary, 10 renew the rolling stock
1t is provided that all new shalt De Of the pat
tern and with fittings equal to those now IN use on the
Metropolitan Road These were buiit at the Pullman
Palace Car Works. The Manhattan Company agrees to
pay as rental an amount equal 10 the interest Sl3,
600 600 of common stock equally divided between the
elevated companies the rate OF 10 cent per
anDuD, payable in quarterly insalments and to assume
the payment Of the interest Ss,50oOoo IN mortgage
bonds each road6 per cent Oh the metropolitan and
7 per cent on the New-YoTk.
The agreement between the two elevated roads and
the Manhattan Company, after making tie Same recital
as the leases provides that the NewYork Elevated Road
shall pay to the Manhattan Company S3,OO0,OOO in
cash. and the Metropolitan Road shall pay S6.OOO,0OO,
Of which S2.650,OOO may be paid in first mortgage
bonds Of the conpany-he bonds beng issued on the
Metropolitan Road already completed at tae rate OF
5000 900 a mile The SUM OF S9OOOOOO thus paid in, II
is further provided. is to be used by the Manhattan
Company in completing Tie two systems OF elevated
railways along the SecOnd-ave and Ninth and Tenth
ave routes rs originally laid out. Another section Of
"a. tlte
sruction Of the Metropolitan Road by the New-York
Loan ana Improvement Company shall be delivered M
for cancellation and that the entire second mortgage
bonds Of the Metropolitan Road also shall be Cancelled
haitian Company. after paving 10 per cent o the guar
antcod stock of S13OOC.OO0 and the interest the
SITO 600. .OcO gage bonds, shan be dccHrabe
dividend the Manhattan Company stock, with a pro
yiso tbaf in case the dyIdopd on mo Manhattan socs
shall any time exceed 10 per cent then the dividend
tie guaranteed stock Of cach elevated road sGa be-
correspondngly increased, share ana share alike The
Manhattan Company is 10 nave full authority 10 dis
charge and employ persons, and 10 have c0mpe.c O.
ageincnt oi the roads in every detail financial and
clerical II is further provided that John Baird al
| present chief engineer # The Metropolitan Company,
shall be general manager OF the Mannattan Company
| the term Of Office beginning to-day
superintendent Van BrOckInald several Of the officers
! of tho Manhattan Company made an experimental trp
ycstord.y over lie Wess-sidc branch oi IA. Aetropo
tan road far rs Nuth-aye aud E.ghty-iiisL-sf. The
track is laid as One Observation-Disclosures and the
superstruciuie Is ready Tor the track 90 Onc-Duncred
and enth-St. Mr. Van Brooklia said YESTERDAY thai
trains would BEGIN running 10 NIntaave. aud Eighty
secoHd-st. III a day OF two ana week after 20 One
bundrtd-Jlu teuti-sl. Nhle the rebuilding Ui the
Grreuwic-st structure Is gong local trains viii BE-
run over that line CnlY at long intervals, and AL tEc
rave! FntyBiHt-st. D. 90 be- carried over the
Sixth-lye. route thG South Ferry sunday trains VIII
De put the Metropolitan road. II - belcyrd, on June
D. the engineers having received orders 70 report for
dutv on IL stated yesterday that The only
two trains heretofore the ROAD sunday
al Tie written request OF clergy men 10 carry
| SUnday-schOOl children.
Psidcn; Garrison yesterday denied the report that it
had decided tD abandon the Second Avenue Routs
beyond Ffy-ninil-st. We have TOO much money in
vested" he said to abandon TINS line, TO think
Of such a thing. Since the leasing OF the road 10 the
Manhattan Company nave Cdc1 TO pat the entire
force of 1900 men ~ work the line between
DlYson-st. aDd S1iy-iiith-st. As the line Is
completed 10 Central Park, shall trains 10 thar
Yuu and the entire force OF workmen 10 complete
Tie structure 10 Harlem The present intention u Ia
make the Avenue route the line Tor rapid transit
through trains. leaving tho local traffic Tor the Third
Avenue route with its numerous stations
Contractor Ambrose said " We shall have all the
foundations along stCOId-aye. to S!Nty-htst. IN 10y
July l. and trains be To the Park b. July ID.
Tne foundations 10 the Harlem River viii Dc all done
early in july and the suptrstructurc viii be PM up ~
fast as we can get the non The East sid" tOnic 10
Harlem will he ready for before september. We
expect 10 have the West side route finished 10 One
hundfed-andGeenth-st by July l. and trains running
by July Is"
A. j. Dwlnelle. in his suit against the New-Iork
Eeyated Railroad Company, applied Yesterday lO Judge
Lawrence FOR injunction RESTRAINING the defendants
from removing the structure bulli by tho West 500
Elevated Hatcntedl Raj road COMPANY. TIE piain'ln
II the holder OF bonds dudcr the 42JOOOCO mortgage
the old road. and maintains that n Inc structure D.
destroyed he loses his lien The defendants agreed 10
undertaking 10 secure 10 the paiuth the pay
OF any judgment be might obtain against them
the motion INJUNCTION Therefore, NlthdiAMh