New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-15
RAILWAY INTERESTS.
FINAL UNION OF ELEVATED LINES.
ACTION or THE DIRECTORS or THE THREE ELE-
WAITED RAILWAY COMPANIES


WAITED RAILWAY COMPANIES
At meetings of the directors of the three ele-
waited railroad companies yesterday, plan of merging
the NewYork and the Metropolitan companies with the
Manhattan was approved. some opposition was shown
in the Metropolitan board hut the vote was nearly unan-
i,nous The agreement embodying this plan aftcrward
was executed by the presidents of the companies IN ac-
corlance with the authority granted by the boards
This agreement which, II is asserted, does not require
ratification of the stockholders, il as follows:
This agreement between the Manhattan Railway
and fbSS Metropoitan Elevated Railway Company
Wiuesseth That the said companies haIihs heretoIuI'
and on the 22d day Of October 1851 made an Agreements
and supplcmentai agreement mod yng to certain OK
tent trlpartitc agree ment ana leases mace
the same companies Oh the 2Olh day al May, 10 40
now further agree with both and each OF the Others
Thai the Manhattan Company shall take p surrender
or transfer ~ capital stock Of the ftockholcr ="
each Of the other two companies or Oh ,n' 81 On s
surrender or and exchange therefor The
Gom%aur ON The terms ana conditions following;
H. The stock thus be issued to the stockholders OF
, nd solI be- entitled to the payment dividends
M the rate per cent year. pala quarterly oI'
fore any dividend paid 10 stakeholder o any other
class; and if the net earnings in any year prove ns
hcent TO pay the six per cent G.iienu morcr to
for the whole OF the ne' earninSs is, nevcT "a ~ 70
he divided and deficiency below SIX per cenI r. 10
shall! ue eanngs sufficient to pay me 7ain, OF Ia
AZ me net earnings will thai Is 10 say. The earn
nls of each quarter arc b. divided among the first
preferred stockholders until they shall have received
hi, dividends at the rate per year on each
rri ed stock not exceeding SIX ana ha M IONS Oh
dnrs Br net earnings 20 be understood the gross
earnings after deducng thcrefrom operating expenses;
the cost OF mantalnins In efficiency the stiucluI anu
equipment, all lawful taxes aud asscs>nrnt' ana inc -.
frcst on the then outstanding bonds at tine NeW-1ork
aud Metropolitan Companies The ulet preferred '.nA
is entitled to any dividend beyond thai herein pro
VIded for -
IN Each stoc .hlder Of the Ncw-York Company shan
receive "A cash payment OF ten dUjafF share, on SUI
rendering his stock To- the Manhattan Onm'iny ~ ,
ton to his corresponding certlicAle OI AINi PI'oi''"
stock Of the Manhattan COMPANY. 49,. ~, ,h,
Metropolitan Company shai "r caIcI HtV!nu pI,i'arJs
STOCK and shall he entitled To the payment OF dviGehs
the rate Of SIX per cent year payable IhI,'t,! Dr.
OF the net earnings OF the company HUrihE ~ it ii
the rst preferred stockholders have received ta NV
deuds at the rate al ak per cent year on tac1 s",
first preferred stock Tor an llmt previous p,ii "a
toe net earning. III amy year, amer pay htht 81 u'
deuds 10 the first preferred Stockholders 90 MOI a"u
SIX per cent the deficiency II not 10 nc mace w va"
of The earnings future year. or ~ any manner
whatever. The secoud preferred stock II no 70 20 GU
tlcd 10 any dividend beyond that herein provided t"r
v The stock thus issue that Is tine present STOCK
Of the Manhattan Company, amounting to thi, en- Il'
hons of dollars-shaI be called common STOCK, anu
shall be entitled all dividends out OF the net earnings
Of the company after payment OF the m'Id'hd '" o
amt second preferred stockholders Accoiuh- /" '
terms OF this agreement -,
VI All the stock surrendered or transferred To the
Manhattan Company shall De retained ~ u uncancc'i
s imminent Of title, far other uSc, ana sngcct 10
such position may he necessary 10 MAINTAIN t"e
rights not only OF the parties neTc" hut also oi me-
change aud such ~ may De agreeable /" Jaw
VII ANY further instrument that may DE necessary 10
carry on .s agreement aud MAINTAIN the iIthH OF lr
said COM. auics and their respective rlochi"i"tI7
shall be from time % time executed by the pAru'S
VIII Nothing herein contained shall impair The val
idits force The SAID trIparttc agreement ana oA
and supplement al agreement dLcd the 22i of October
1851 rYcepl ~ herein expressed, but ~ at olcF re-
the said Subsequent agreement anu supplemental agree
mtnl are cOuAihtH'