New-York tribune., 1879-05-23
DETAILS OF THE PLAN.
RESULTS OF THE CONFERENCES OF THE COM
TEES OF Tile Two COMPANIES.

RESULTS OF THE CONFERENCES OF THE COMMIT
TEES or TIE TWO COMPANIES.
Shortly after the collision at Forty-second-st on
the Third Avenue Line of the New-YOrk Elevated
Railroad, a bill to prevent crossings on elevated
railroads was introduced in the Legislature, in the
interest of the New-York Road Its passage was
opposed by the Metropolitan Company. The As
sembly Committee on Railroads to which the bill
was referred came here, aud on April examined
both lines and the proposed points of crossing. II ex
amined also the system Of inteIlockng switches
in use on the Metropolitan Road. hearing took
place the next week before the committee at AL
bany. Ii is understood that the committee was un-
willing to interfere between the companies for fear
OF working injustice to one or the other of them.
While at Albany the representatives of tho oppos-
ing roads signed truce. This partial agreement,
made on April 8. provided ~ for separate lines
throughout, (2 for division of profits on JOINT
lines, (3l that one company should take all lines
east of Whitehall-st., Broadway, and Fourth-ayc.
above Foureenth-st and the other company all lines
westof that limit the compensation to be paid by one
company to the other to be settled by the com
panes In case of the failure of all these proposals.
1t was agreed az that a working arrangement should
be made under the Manhattan charter, and that all
differences should be settled by arbitration.
After the return from Albany these propositions
were considered and discussed in their order by
committees Of the two companies. One by one they
failed of success until the last was reached. The
conditions of this arrangement have been the SUBJ
ject of prolonged discussion Resort TO arbitration
was urged at times by officers of the companies,
who grew hopeless of agreement But at a meeting
on Tuesday all differences recOnciled, and the
agreement was reached.
The Manhattan Company, under the terms Of this
agreement, will operate all the lines Of both roads
The Metropolitan Company agrees to pay to the
New-York Company one-half of the cost of the
Pearl Street Line and of the Tenth Avenue Line
above Fifty-tbird-st. The Third Avenue Line will
terminate at the present station near the City Hail.
while the Second Avenue Line will extend from
Chatham-square by the existing Pearl Street Line
On the West Side the Sixth Avenue Line will be
extended TO the Battery, while the Ninth Avenue
Line will have It's terminus probably, at Morris-S
! be compcted 10 the Harlem River, as originally
| proposed 10 make tho division of the earnings
fixed at SO 50O,0 900 When the lines are completed
according to the present plans and contracts aud
fully equipped, the bonded Indebtedness OF the COM
panies will be- it is estimated, very nearly equal.
| The Manhattan Company, which virtually leases
the two roads, guarantees to each company an an
nual dividend of 10 per cont on its stock and tho
payment of interest on It's funded debt. This COM
| plny was formed in 1875 by the first Commisson-
| ers Of Rapid Transit 1t was intended to provide
| against possible failure, by either OF the present
| companies, TO complete ITS lines. To prevent its
charter falling INTO the hands of competing com
| sany persons interested in the New-York and
the Metropolitan Companies subscribed to the whole
| amount of its stock. The capital stock OF the
| company is 50 900, 900. On tins the subscribers
paid IN cash per cent, YlOO,OOO, winch was borne
in equal parts by persons interested IN the two com
| panies Until the present time no effort has been
| made to use the corporation, which has been merely
| a skeleton company. The building right under its
charter expired it is said long ago. The directors
| of the Manhattan Company are George NJ. Pull
| man, John Baird, Horace Porter and jose f.
| Navarro, of the Metropolitan Company; Cyrus W.
/ Field Josiah NJ. Fiske, A h. Barney and III. X
! BISHOP of the New-Iork Company. The officers OF
! the company arc William Il. Garrison, OF the
Metropolitan. president, and n. Guilford, OF the
| New York secret AIRY and treasurer.
The question whether the elevated railroads snail
pay taxes upon their railroad structure as real es-
| taie came up before the Supreme Court, General
Term Yesterday, on an argument IN appeal from
the decision OF Judge Barrett, who decided In the
affirmative. David Dudley Field and Dudley Field
argued for the roads their claim to exemption from
all taxation bVreasOn OF clause in the charter
of tbe old Ninth Avenue Railroad to the effect that
the company should pay per cent OF It's net pronts
| for the use of the streets. The distinction be-
tween real property and the iron superstructure OF
the roads was argued OF the same principles as III
| the lower court. Hugh l.. Cole urged Tor the lax
Commissioners that the per cent tax was Intended
only to supply OF repair to the streets over
! which the roads ran, and not as q substitute Tor
taxes. The proposition that the framework or the
roads was not real estate was also comDatted
Decision was reserved.