New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-16
RAILVAY VIEWS.


PROPOSED UNION OF ELEVATED LINES.
AWARD OF ARBrrlRs oN THF VALUE OF YRw-YoHK
AND MrrR, P0LuAN sTOCKs-NO VALUE PLACED
YET on The NASHATTAN.
The union Of the elevated railroad compa
mes i'm one cation was proposed recently 10 aVoi
The discussions which rent the Manhattan directory
The first the way the failure on %" par
OF the Ncv-York aud Metropolitan companies to agree
upcr the relative vaues of Their The determi-
nation OF this question left by asreemout Of the
board, OF the separate companies 20 arbitration, and the
arbii,rs John A. stewart, l.. g. Rosion ana Henry f.
spauldng yesterday made their award 10 was decided
tnt the stock OF the NewYork Company should De val
ucd 90 Il that OF the Metropolitan Company al 30
for The purposes Of colsondluon These figures CORES
roul xc liz with he terms offered bv Cyrus ". Fied
IN bcba ~ tne Yor Company before the reference
was made Mr.. Field sarded the award as personal
triumph ard SAID with great seefuness that he mover
AXE lov anything urjust-never submitted TO VI NJ
The apparent satisfaction or Mr.. Field vas not SHARED
by mlaa-ors of the metropolitan Company. jose T.
Navarro oDr sscd regret that the arbters hal felt
obliged 10 depart the par va!Ie Of the properties
III making the award. Bo,h DE and MI Field agreed
however thai directors Of the companies they were
bound L. accept the terms OF the award.
The award is final until 10 has been sane
toned by the stockholders Of the TWO companies
tn.etiuEo Oh the directors Of the NewYork Company
VIII be held to-day, when q special meeting Of stock
mol lcr- WILL probably be called TIE METROPOLITAN Com
panv Yesterday took 10 steps toward railhcalon OF
th decision There are different opinions IN regard %
TIE PROBABLE OF the st0ckholder- Ii is SAID that
the directors of neither OF The three companies coatrol
majority Of the stock and that therefore the result Is
stlI ID doubt. The Metropolitan Company is dissatisfied
that It's stock should reduced o. 80. while many large
stockholders Of TIE NeWYOrk Company are reluctant 10
accept for their stock, which IA thought ly some at
least ID be "A ID per cent stock TIE ex Innlfion OF
/ f. T. Worcester auditor % the Manhattan Comp any,
] I..f, he az
foct IN er t. the IT, c ana earnings Of the differ
| emit lines. 1t shown that Tor
tue nine months ending June 30. 1850.
after paying operating expenses and interest on BONDS
the NeW-York lines ii net dividend equal to 94O
Der cent year It's capital stock and thai the Metro
poltan Company during the same period earned only
er cent year On lis Worcester testified that
allow nee was made for the exchange OF passengers
AZ the Chathlm square Junction the earnings ~ the
/ New-York Company would be increased t. lOl9 per
/ cent year wnIe those OF TIE Metropolitan Company
would H. reduced t>4 per the basis II the
me months business IL was shown n'so that dhrL@
luy ne Nero Otdn dd mol e4lu SuncIenl 10 laN us
| working expenses and interest Its bond, og about
| S15 600 VILE the New-Y lines during The same
month earned dividend oil 642 pr cent year; mat
! Tor twenty-elgnt DAYS Of August The Metronoli-
! In filled TO earn interest its bonds: af. err
| payment OF WORKING expenses by Tl3'SV1
| Willie The Ncw-York Company earned during he
same period dyld- nd lts stock or 636 per cent a
year. The OF the TWO companies slnce the
opemng OF the Second ave. line 10 Harlem kiNr, on
! Angus 10. 10 September were staten io or the
NV. Company the rate OF an annual NV dfnd II
30 Der cent while those Of the Metropol tan company
fe shor working EXPENSES and interest chhI yes
by - SIS since that the tratic has increasel on
all the ines oui nearly ID inc shne PIopo ti"i, Dt
THIS difference earning capacity or the Two - s.
TENS the friends OF the New York Company based theI
| claims io~an increased uauon OF lis stock
The position OF the Manha TAN COM any IN me plans
for Il union tie companies no. yet becn nlrd IN
ORIGINAL OF the subject Mr.. Field pro-
posed a an cqa table basis. NewYOrk 10, metropolitan
! 90 ana Manhattan 90 There proposition thai
rred sock should be Issued for tue two iOrmer anu
common stock he Manhatt but there we're SAID 10
h. serious obstacle in the OF ad lptng his course
When the arDIters were appointed tney "cre asked 10
fix basis for the ging Of the two COMPANIES WITH
/ fU4 ManhatG n Company under Chapter JO3 Laws OF
1879 No authority sid TO be gwen Dy TINS ari Tor
Inc cnaugiu the capifa sock OF tue lessee company
/ sfocknucers or the Metropolitan and NcW-IOrk Com
panes II consent 10 he exchange of tnelr glafah
iced stocks the stock OF the Manhattan Company