New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-20
RAILWAY INTELLIGENCE.
THE ELEVATED ROAD CONTROVERSY
An OFFER OF SETTLEMENT MADE YESTERDAY

THE ELEVATED KOAD CON NV bhDA'
AN OFFER OF SETTLEMENT MADE YEsrEkDAf-
PROGRESS OF THE NEGOTIATIONS.
The settlement of the long and bitter controversy
between the elevated railroad companies now de-
ponds largely upon the decision of Jay Gould and
his associates in the management of the Manhattan
Railway Company 1t is understood that the Metro
politan pool of which Sylvester ii. Kneeland Is
the head made an offer of settlement
yesterday The persons who know ING
details of tho proposed cOmp romise decllheu
to make them public the ground tha'
the proposition might not be accepted In gem
eral way, the proposition of settlement makes he
stocks of the New-York and the Metropolitan COM
panes equal according to the original agree
ment Tine reduction of DIVIDENDS Hon
10 to per cent. guaranteed by the Mammalian
Company, IS acknowledged, but the DIVIDENDS Oh
the stocks Of both companies are made cumulative.
When the earnings of the Manhattan Company
shall be more than enough to pay per cent on It's
own stock it IS provided that the surplus shall DC
divided in certain proportions between the three
companies This proposition virtually makes
the stocks Of tho New-York and the Metropolitan
Companies which, under the merger agreement are
known as Manhattan first preferred and Manhattan
preferred equal IN value. similar offer was MADE
by the other side some time ago, but the members
of the Metropolitan pool then refused to accept IL
because of the original guarantee OI
10 per cent dividends by the Manhattan COM
pany They constantly asserted that the aeroenehC
of the directors of the three cOmpanesby when inc
rate of the guaranteed dividends was reduced 10
per cent was not valid without the consent O1 tAe
stockholders. As they controlled absolutely hore
than Ose-half of the Metropolitan stock, thtlr con
necessary to any ratification OF tine agree
ment by The stockholders oil the three companies
The negotiations Tor a settlement OF the dispute
which have been renewed lately have been Drought
to this point: that the leaders OF the Metro-
pOlitan pool have proposed an equaliV
between the New-YOrk and metropolitan stocks;
Beyond this 0hcr the NEGOTIATIONS had resulted
In nothing Yesterday. President Kneeland OF inc
Metropolitan ROAD denied last night that ne hau
made any otter settlement some 0f MS iOilOW-
ers who for several Weeks nave boen urging coul-
promise. said that they knew nothing OF the pro
! posed settlement, bat thai the plan wOuld De
acceptable To them Mr. Knceland Is sad to co1trol
about 20 900 shares Oh Metropolitan stock ana ms
fr.cnls ABOUT much more. The capital Oh Tue
company - SG5OO,OOO.
IL is laid that one of the reasons that has maze
Mr. kueei9nd opposed to settlement on any terms
except tue restoration Oh tie property 10 the slOc%
holders OF tho company Is tho IacI
that favorable offer for the Second
avenue line has been mace by railroad company
which seeks gam by IL dn entrance INTO mo cllJ'
Mr. kuce aud retu es TO say from wnOm tue OeG mas
come an his friends say that they have attempted
to dissuaie MIN from contemplating even thc &C
ceptIuce OF pres mt. lie himself sald last nlBut
that the StcOnd Avenue road was worth ieahy
more than either one o. tao Otncr h1Cs.