New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-12
RAILWAY NEWS.
1rNrr1Nn TIE EIEYATEn Roads.

lNIIlNG TIE El4Bf a Ell itO.Ni''
MORE LEGAL PROCEEDINGS AGAINST Tl& FIA%-
THE BELIEF THAT rHF 81 CrS5 o. TIE sCiiIA"
CANNOT BE PREvENTED-LEGAL D,s,s or 1aE
UNION
When the action by holders of Metropolitan
FIeyatcd Railway stock agau-t the elevated rl
roads was begun about ;wo week ago, Ia lie supreme
| Court Of this county. 20 have the recent agree
| mcut OF the elevated roads declared n1H an /
! invalid, and to Cni0in tho Manhattan COMPANY
pcrpctuay from carrying cut 10 torHH, preliminary
restraining order was a3kel for. To remedy This.
ujIar slit ha been bc,1l in the Un5nI safes circ1t
Court and yesterday a restraining oricr, granted by
jude Batchforl served upon the three Companies
The allegations the procce ling arc 'ha same "a III
the suit now pending In :ac State court. Win tho ndu
ton OF charging that there IA Threatened 'ne o.
bonds by the Metropolitan Company to th, Manhattan
Cougoay Tho order Is prclim NARY, AMI is rcturnahle
on Friday next. when argument 20 make it permanent
will be heard
Prominent men In the present management OF tho
elevated railroads consider the consolidation "l
the companies practically completed despite al! cioli
{, the contrary No plln by which tac Manhattan Com
many shall absorb the other two companies las yet b'eh
made The presidents the three companies have noe
appointed a committee perfect the proposed uni"'
but they have decided nothing In general they rui-
pose TO unite the thrco companies under me
Manhattan organization with only one boara
of directors. To this end tho Manhattan
has sent 10 the stock Exchange notice
OF it, intention TO increase its capital stock from
$4,000 600 to 900 900, Tor the purpose OF acGn.-
inc the stocl, Of the Metropolitan aud N2wYork Ecvat-
ed Railways on such tcrm, 90 may by agreed npon''
tisrxggctci that he essential terms Of the agree
mcnt recently made by the companies in modification
Of the original leases 10 the Manhattan, will be carried
ont Should this plan he adopted tn STOCK Of the New
York Company will br taken b. ar't preferred s'"c"
OF the Manhattan Company entitled to per c'Hl
cumulative dividends, aud Tie stock OF the Sctrop',n
dividends when earned The existing Manhattan sl"cS
would remain UNCHANGED and he entitled 70 ans vi
earnings ter the payment Of these DIVIDENDS; lh' SAINT
oppos ion the execution Of thi. pn' "hi,h hi zee"
cIcrcd against The modIaca.on 81 TIE original ra5,S
is expected by inc present managers ~ me coillI,
Tdcy RELY upon their control oi the stocks o. INC %
companies aud upon the a9g1tn's+ o. Wv w, Int
This plan - the last rrtOarCc 81 thc Inrtr OF "'
Gati6 II /, said md il may not be adopted 81 all II Is
DIV certain that the three companies are virtually
| under one management, ana that soNr arn."' W
uniting them still more closely viii he earned on. A.
The Manhattan Company was orgauZcd altcr tne
passage tn act fur5idd.ug the consolidation q" l"l
roads running IN parur mes lhio"E iiI 'il, ~
considered 10 extent an evasion al the "a" "it"nt
coming in direct conflict with it. irIr waI ho lr,,n,s
then t9at the Metropolitan hld Nc" l"I
cond lawfully be united IN one company. Ihl'Nltl" W.
passed in May, 1863 AIigr prnIinnf i'T e
lion Of companies where their IS IoIntn c"',u
ous liuca. the statute reads: y" companies OF 'i
poIauns az tins state. whose railroads run on p'.utI
orr competing lines shall he ntlorzcd - luis "o' 70
A TglBrSr reporter inquired Of Judge Dl-
Ion, receiver Of the Manhattan Compnny,
yesterday bow the proposed merge, % jho h'c'rAAn
could bc g icd IN tac face o. The statute lie an
sw,rcd that he hal not been consulted up"n the point
AMI HAT ho had examined into the qur-touH; wax
ne did moi thc FORE wish to express any OPINION aO'l
4 prominent lawyer. however, who has been
intimately connected with the Elevated Eai-
Sc manari, Of me N.nhattaa Compauy intended to
unto The other tyo CnnuIui's under their management
Sy virtue ~ statute passed ia June, 1879, amen ling an
ration OF this state wroH il the c~f 81 another r
road may take a surrender % transfer oi tie capital