New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-10

RITMORS ABOUT THE ELEVATED ROADS.
yuy THE STOCK OF MANHATTAN HAS VARIED IN
PRICE RECENTLY-sToRIEs AFLoAT IN WALL
STREET
An explanation of the cratic conduct Oh
Manhattan Railroad stock, which went up eleven points
within q week, and on Saturday t0uched 30 -
found by some in the fact that Jay Gould and his rehds
have secured majority OF the shares of the company
and will control the next election. This will .be hed on
November o. and the transfer books closed on S'
urday. The discovery OF Mr. Goud's purchases was
made late Saturday, through notice gwen 10 INC
Manhattan directors OF desire 10 records tfanS'ei
which placed 10000 shares his credit and 2SOoo 10
the credit Of Washington f. Conner Mr.. Gouds Droker
II is understood that this block of $4,000 together WIN
that held by Russell Sage and perhaps one or Two ocr
men, gives the combination control OF 10000 oi inc low
600 shares into which the capital stock or the Mammal
tan Company ia divided
There ia a variety OF statements current cohcerh"S
the purposes of Mr. Gould and his friends in TINS ne"
movement One is that they have made the purchase III
the belief that the New-York and Metropolitan Com
panies can be held liable for the payment To the Manha-
tan COMPANY OF the par value OF the $4,000 shares gwen
TO each OF the companies for the leases May 1879 IL
is alleged that this nominal consideration was
no consideration, tina the two bohds lsSueu
70 the companies we c illegal. coliusve and
fraudulent" and received with fun knOwledSo
OF this fact by companies II Is fact that there
has lately been unusual manifestation Of interest In
the suit begun by John Watson, Of Boston to test the
question OF the accountability ot the New-lork i a.n
NetronoItan COMPANIES for the issuing and SAFE
of the $4,000 900 OF Manhattan stock Mr. Earl VINO
announced his intention several weeks ago To pegin
similar suit on The refusal of the receivers TO do So Ia
certain holders OF the stock said recently 10
TRIBUNE reporter that the ground was so conp"leE
covered by the Watson case thar he bad decided 10 aW
its outcome before filing his bill The importance vi
this suit been urged more recently by persons near
TO Mr. Gould. The Manhattan Company mas nieY Van sn
answer the supplemental petitions of inc new %
and Metropolitan Companies. when were ncu III .io @
Attorney Generals suit Immediately after the nheDy
DAYS default In this answer the issue OF the el2Ouo
600 of Manhattan stock the two companies IL alleged
10 have been made without any consideration olneI
possiby the 100000 paid in cash at the time OF the
original subscription and claim Is made tlat & tue
haitian Company is entitled TO receive from the ltsso
companies respectively amount Of its said stock 50
issued and is entitled TO Offset against any Liabilities
which II may have assumed said leases ana 10 OAsel
against any sums any payIn mt that may have become
due and payable to the lessOrs, respectively, Oy inc
terms the leases, the amounts Que 10 ueIehuah io
the said unpaid stock" - -,
Its also reported that in furthersnce OF his plans Mr.
Godld will advance the Sl,OOO,oOO which the receivers
are empowered TO raise their certificates FOR TIE pur
pose Of making tender To the lessor companies OF e
money due to them. Cyrus tied Tor me New-iors -
past, and says he would refuse TO accept II h1do
but in this he IL confronted Dy inc oPiniVh i
OF Judge Dillon who claims that II IA well settled prl-
cipe OF law that such tender can ne eHcctuJiy mauG
at any time before the lessor companies are IN actual
Another theory is that the Manhattan Company will be
reorganized, the property OF the lessons companies neIu
and compromise effected the basis oil lower rate OF
interest one OF the interested persons replied as t
20 question TO the purposes OF the coul-
Uere ~ not " vot rpe en9uei 10 be talked about
lie added that he thought with economical anu wise al
mnisration (Which the company had not had the Man
haitian Company could operate the foAds anu pay >
per cent interest. But the Manhattan stooAloideI.
would have TO come up and stand an assessment 10 e't
present obligations
Another belief Is that the whole scheme is merely
specuatiyc and that after Manhattan stock mas been
pushed high enough to suit the operators they Will un
load" on the public