New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-23

THE FIVE CENT FARE BILL.
ARGUMENTS BPFoRE THE GOVERNOR IN OPPOsI
TON TO AND N FAVOR OF ITS BECOMING LAW.

ARGUMENTS BPFoRE THE GOVERNOR IN oPPosI-
TON TO AND N FAVOR OF ITS BECOMING A LAW.
ALBANY, Feb. Ex-Governor Cleveland lis
tened to arguments to-day the hill reducing fares
the elevated railroads to cents from Francis c. Bar
low representing the Metropolitan Elevated Railroad
Company. from Ira shaffer representing himself and
from Senators Grady and Boyd.
Mr.. Barlow opposed the bill. He said IN opening his
address that he should repeat of the arguments
made by David Dudley Field against the bin Monday
last Like Mr.. Field he then argued that 1t would be
breach OF the part Of the State with the eeva
ted roads their fares This contract he asserted
made by the authorities OF NewYOrk with the ele
waited railroad companies in order induce them to build
the roads The power to alter charter conferred on
the LEGISLATURE Mr. Barlow cOntended, did not affect
the case was proposition sound that Legis
laure could not bind another to q certain course OF
action. The Legislature that passed the rapid transit
act certainly the power to the authorities OF New
York to make such contract. The rapid transit act
might be repealed, but the contracts that had been
made under II could not be broken by the state
General Barlow cited many cases in support of this
argument. He then claimed that under the general
railway act railroad could be compelled TO run for less
than cents mile. He Informed the Governor that
the OF e city Of NewYork with the elevated
roads duly signed and sealed could be produced This
agreement had all the elements OF contract Neither
party had a right to repudato It, If there was dis
agreement about the terms OF the agreement there
should be a judicial investigation to determine which
party In the right II would be great injustice In
his opinion for the Governor TO sign the act and leave
the decson OF these questions to the courts. The COM
panies would be compelled to appeal TO the United
States Supreme Cout They would have to wait two or
three years for decision Of that Court In the
meantime the railroads would have TO run at cents.
one-thlrd II their receipts would be thus cut Off Even
n the decision should in their favor they could not re-
the money. 1t would boz gross outrage on the
part Of the state OF NcwYorI to treat capital I'm this
manner. The Manhattan Company had never paid any
dividends The tails about paying dividends its
wacted stock was therefore nonsf nsc Inc corporation
was at one time considered insolyent but by reducing
the rentals enable to 90 on It now paid diyi-
dcnds TO the New-York and the Metropolitan roads
Good treatment OF capital was demanded from the STATE
n. re- was another objection. namely: u was special
Iegs ion It said: ANY elevated road in the city Of
New York; while the cons ion forbade any such spe-
seniatives Of NcwYork in the Legislature were
disnlercsted. But belonged TO the Governor to
York
senator Boyd ~ Now-Y,rk said that the people OF
York had felt the necessity OF rapid rant for
years aud had willing to make all sorts OF conces-
sOnst capitalists To induce them To bald the roads
They nad surrendered che streets 10 the CAPITALISTS a.
csJcd mar tic state could alter contract.
IL was hardly fair TO ask the Governor TO Judge
~ Yort made contract with the elevated roads
such question might well refer to the courts tor de-
cson by signing the Five Cent Fare bill II might also
be questioned whether the city Of New-York had tho
constitutional right mike such contract. There
were statistics determine whether or not the roads
were telling the truth to their income. The elevated
roads had kept their contract with the New England
Iron Company regard 10 the construction OF the roads
The contract broken because IL discovered by
the elevated railroad people that they could make money
themselves by organizing company Tor Oultlng the
roads This was done. They organized the New-N0rk
Loan and improvement Company to 0nild the road.
This company paid S2.l00.OOO mile for building
the roads Their actual cost was only 100000 mile
The members OF tie Legislature from New-Iork con
tended that estimating the cost OF the road ut 100000
a mile they wOud pay at cents mile lf there was
doubt about conLtuonnllty OF the bill tho people
ought TO have the benefit OF the doubt.
Senator said that he hoped that nothing that
David Dudley Field or Mr.. Barlow had said would make
the Governor think the Legislature had not considered
the hill carefully The Hepburn Railway investigating
Committee In l-SO after long investigation informed
the Legislature unanimous vote that at cents larc
the elevated roads could make money Fictitious obi-
cations been assumed by the companies tn prevent
reduction II could not be argued seriOusy
thnt the hill an unconstitutional one IL was not
claimed that cents fare mile would he Just cOmpen
ton for all the railroads In the State but IL was caned
for such crowded city Neg-Iork. IL was absurd To
say that could invest his money In corporation
would not be- disturbed by tho legislature The bill
had the merit Of bcng supported by the people.
Mr.. shancr-uay inquire at this point whether
there any petitions here In favor OF this oil
Private Secretary Lnmont-Ies, there are some.
Mr.. shaner-May Inquire how many
there f. wrong aud right TO this bill. That Is what
Mr. shaer then said that he appeared in his own per
sonal interest IA IA prOpertyowner. having purchased
forty-three lots between FOroth and Fittysxt SITS.
This property together with millions OF others won1 he
ruined II the elevated roads were crippled He did not
anything for the elevated roads In fact be de-
spsed some Of the who managed them and did not
own "A single dollars worth OF their stock or bondsi but
he the interests OF persons who invested
suhserved. lie protested strongly against interior
with the vested rights Of tho elevated railroads
Messrs. Barlow. Grady and Shaner, each In turn made
explanatory statements and the hearing was adjourned