New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-07-16


him twice each day during his illness; 10 i"i"
I'm reporter last evening DR.. Hull said, ann
"There is nothing at all about MI Ooopo' 'o"-
ditiOn to cause alifin
PROPOSED UNION or ELEVATED LINES
D,ssENsIONs IN THE MANHATTAN COMPANY L""p
ING TO A CONSOLIDATION OF THE TWO sfs'h"s'
Negotiations for an absolute consolidaIioh oi ul,o
elevated railroad companies OF TINS CITY nav o
in progress for the last week or Two ! no 40 , Jul
tages that it is believed would follow from ci"seI
union have tended to reconcile the 1rleh9s VI sn9
comnanics TO this result Besides the increased
economy in management, the consolidation Va .lio
companies il is claimed. would create hiuinony
among interests now IN conl,ct. 'i id Inv thcso
considerations to favor a scheme that at one tlpe
was bitterly opposed. A committee CONSISTING , oi
Cyrus W. Field on the part OF the NcW-lork Iohr
many and of Commodore C.. X. Garrison on mat OF
The Metropolitan Company, was appointed at IT,
cent meeting of the Manhattan Board 10 arrange
plan of consolidation. This committee mas hos
agreed il Is understood, upon all the conditions Oh
tine proposed union, although there is only one
opinion in regard to the necessity OF IL. ne pi'
cipal cause of difference between the members OF
the committee is the basis on which the STOCKS III
the companies shall be exchanged Tor STOCK Oh tne
the committee have been utterly unable To hEree,
and the settlement of the problem VIII DC leil 10
the full Boart which will meet again Oh lnesiaN.
Since the two elevated roads were leased 10 ,ho
Nanhatt, an Company "A little more than year ago,
Their, has been a constant struggle between ino
companies for the control OF the central OrgahI1it
under one management, the directory mas Oeel
divided upon many questions exactly according 10
the original interests. The jealousy between the
companies has been incresaed by the Inequality Oh
the present earning capacity of the two sVHt'his'
and pv the fact that company, the one tl"t was
earning the smaller revenue, was forced 10 aud
largely Ia its bondoi debt in Order To complete us
line Under the terms of the lease 10 the Mahlat-
ran COMPANY. the funded debts of the two COM
panics rs wei the capital slock, HAD eei eqhhl-
ned Ia addition 10 these difficulties the MaihaV
fan Company has failed TO earn sufficient revenue
TO pay the guaranteed dividend of 10 per cent on
The capital sto X of the two comparcs j. ne jury
payments dire heavily upon the small surplus iund
accumulated during the first five months hhutr me
lcase before ii began the payment OF interest ana
dividends. failure to meet these CHARGES w"uid
result m the dissolution OF the lease unless some
notifications could bc agreed upon. 1t has been
difficult to unite the Oppos ing interests upon any re-
ductiou of the guaranteed annual divldenlS, ana IN
consequence il has been proposed 10 consolidate the
companies. il Is believed. however, that the pro
posed union even if the directors should be ahe 10
arrr, upon the tern- will arouse considerable OPP
uositon among the stockholders OF the dlnerent
ronpanics The consolidation of parallel roads Is
forbidden by a State law, and some oi the STOCK
holders claim that this law will be used to prevent
the proposed union.