New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-12
POLICY OF THE METRoporrT.N

| ELECTION OF RUSSELL SAGE A. PRESIDENT OF TIE
| METROPOLITAN CoMPANY-wHAr MANHATTAN
Stockholders NAY FNPDCr.
| Ut a meeting of the new Board of Directors
OF the Metropolitan Elevated Railway Co1nn.1v y4e-
day, Russell Sage elected president; and : H. K.os
Land NIccircSidoIt. No o.her business WAS frarsaet
bat meetings w ice held eally soma scheme hss
cen devised 10 eNIicate the conn suies from tEcir pt
! cu. "'..t assacnts.
e 'i: ,rsto,d that tie plan now un.er disorsss.
al J.. -ly to be adopted is the forna tio,. o 4, r 80
paF 70 succeed The Manhattan In the operation, a. "a,
TWO y y''ems The directors OF the Ncv-Yorl and Nero
p"nlaA companies are said 10 be willing accrp moo.
lhraion 81 the lease to the Manhattan int ONLY on -
d;ion that the latter company si,p afford SOM. ~, =
Gniee that it fulfil its modified oi,i,s,fi..,s
II is proposed 10 reduce The annual siivd nis On ,be
Stocks oi the Aew-lork and Metropolitan Cs,lpa.es
from 10 10 In Use this amount Is Lot e,rea
the balance Ia 10 be paid in scrip, hut the NeWYork
company Il 50 receive its dividend ii u earns H. before
any pay ment on the Metropolitan stock Tn,s. c.,nc.
SONS WIZ he made by the original oHlpanies only wi
They are assured THAI the Manhattan is in position "a
meet the payment. How THE assnrsscc can l,. give, b.
the problem which it has been folnd dai.,lt % solve
theSs some satisfactory GrranSecni made tas
New-loFA and Mctroootar Companies wIIi assume
without delay The control OF shcr scarai, ;~ocrtis
The scheme wicl is considered The mos: feasible rop
templates the organization ol "a new co,s with hs
same cSlii. - iht Of the Manhattan. $4,000 e01 To
this new papy it is proi osed t1at "a. sr,uhstfn
company sAail surrender whatever may of Eslues
holders shah have the first right 90 subscribe
10 tie stock Of the company. Oh ths new
stock payment is t. bc made I'm ias,aiens o. 10 per
cent tic second pas ne demanded ,alg wtca 4
deficiency in the earnings shall lsl,r IL necessary Ths
first lnstalmcn OF 10 per wiii give te nov ca.,
workin capital of II .o0o and With th.s and -s
reserved right to ca. sto. .khul.cfs Nlant- "a
necessity luay ai.s, tlc Ncw-hoig and Metivp.itlu
companies VIE coAsen, 10 Modification tnc Ire,.Et
lease
\ prcm.noni member o: the Metropolitan Board
said yesterday
Ihis - Tie oay way out Of The present dliclliies
ana Is perfectly Just 10 every Tia, .. uitftaa
s'orklo.uc:s Wii lee allowed an 0ppO.ta4iiN ID ss.s
sonct mag iroil tt wreck, and Tho other cni sres VIZ
Rave some garanVe tnat thcir dividend. VIA De Id
when dir"
i,u,sc! Sage, he new president WAS aslc6 T. iis new
li'h M"N nor thsHA.4t icN. ing an assessment fhs
Stock OF the M2uAattan Ionf.nt.
We'll Yes, hc replied 0u-ht'ally; "i!.ai about
TIE way O. put H. isii Aou there $: 10 0. r v- W
danlattan Company cannot pay ..iiiaus il as
euihed, ana SO want np more frUuise~ NOTHING WI
sonttnt 9 loW but he sight ot tc ncht gold. N tha
manhattan people 40 not want Ia oU tus. gHy caa
tsac road
The nianaecrncnt oi the Mauha an vii be chaarcf
then TIE lslBi NJ reporter i'.,sysfri.
" on no., NJ. Sace repi, L. while a s.aio r.pplel o.-r
MS facc; " see necessity for tGlt. sr.scnt
board "a ii do Wen euongh. Don't yU. soo They Nil
be a Kind OF rlsdgaiy cgatccs."