New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-21
THE ELEVATED RAILWAYS.
NO SETTLEMENT OF THEIR TROUBLES.
CYRUS W. FIELD TELLS HOW THE NEGOTIATIONS
WERE BROKEN OFF.


Cyrus W. Field was called on yesterday by a
TRIBUNE reporter and asked to give statement OF the
negotiations with 8. H. Knecland relative 10 settle
| ment OF the elevated railway differences. Mr fleiu
| said:
| "On' Thursday evening last sylvester II. Kneeland'
president the Metropolitan Elevated Railroad called
on Inc at my residence and expressed desire to settle
| amicably oil elevated railway matters. lie hhaiH
agreed that each party should consult the counsel for his
| company and that they shoud meet on the following
evening at o'clock. Mr. Kneeand was to have one OF
his counsel General Francis c. Barlow, and was 10
have J. Vanderpoc To represent the Manhattan
Railway Company On Friday afternoon received note
stating that General Barlow could not meet with us on
Friday evening, as he had previous engagement pt
that he would meet with the hour Saturday
| or Monday / went to Lakewood on Saturday. Inc
meeting took place last night at the house Of Mr. Van
dcrpoel took with copy OF the resolution passed
BY the Board of Directors OF the Manhattan Railway Com
pany This resolution provides that Messrs Jay Gould
and Cyrus W. Field committee to take into cOnsdora-
ton the relations between company and the Metro
politan Elevated Railway Company they now exist
with power take such action III relation thereto and 70
make such arran gements they may deem most -eX-
pedent for the interests OF this company Appended to
| the COPY OF the resolution few lines from Mr.
Could stating that he busy that he could not at
tend the meeting and authorizing me to act for him Ia
| the matter In addition this took with me a full
power OF attorney. signed and sealed from stockholders
OF the Manhattan Company, authorizing me to act In
their behalf aua agreeing to ra.ify any arrangement he
might make The number OF shares represenedby these
powers OF attorney 0716i out OF total of
10000 Many other shareholders had sent word that
they would sign this sent to them for execution In
behalf of the Manhattan Elevated Railway Company |
made the following proposition:
Heads OF suggested agreement for settlement OF difer
enccs between the Manhattan and metropolitan com-
panies
The Ncw-York Company having retaken possession Of
railways by Of the forfeiture OF it, lease and
the agreement having been rescnded the follow
ing shall taken the heads OF agreement between
the Metropolitan and Manhattan companies: .
l. The Manhattan Company shall continue to run the
Metropolitan lines under the lease of the Metropolitan
Company the Metropolitan Company at Its option
may have back its own lines. .
H. The accounts between the Metropolitan and Man
haitian companies to be settled upon equitable pIincl
pies; and il they cannot agree. IN arbitration 10 he had
the arbitrators to he the presidents OF three OF tc rs
each party and the third to be chosen by Judge DAVIS OF
III ali pending suits to be discontinued without costs
" The judgment on the So 900 note to be paid
V The Joint line between Fftythrd and Eighty third
SITS belong the Metropolitan Company. which IL 10
pay half the cost the New-iork Company. and the
Joint lines between Chambers-st and Chatham square
ana between Bcavcr-s and thatham-s1uare to belong
to NewYork Company. which is to half the cost
Vi. Tie Manhattan Company to be at liberty to ne,
goate the two millions of Metropolitan second mortgage
bonds now In possession OF the former
VII If the lease of the METROPOLITAN Company Is con
tnued earnings OF the Metropolitan lines to be paid
by the Manhattan Company TO that company to the et
of per cent annum all above that to belong 10
VIII This agreement to he binding only when agreed
by the and ratified by the stockholders oil
both companies.
AFTER much discussion Mr. Knecland declined the
proposition He desired that the Manhattan Company
shonld purchase the stock Of the Metropolitan Railway
giving bonds the Manhattan Company In payment for
the same. This repetition of proposition made
by Knccland the previous Friday evening, which
proposition David Dudley Field. Aaron j. Nanderpoe
and william NJ Eyarts had declared could not be &C.
cautad hacsuse illegal following their
opinion:
Ny DEAR CYRTS: T think il would he very hazardous
as the aw stands FOR the Manhattan Company 70 at
tempt purchasing the stock OF me metropolitan Com
pany Ever ahectloilteH, ,,. ,.
CYRUS ". Field, Esq.
(signed, AAEoy J. yANDEEroEL
agree in this view ., =, ,,
"Then after further discussion Mr.. Kneeland said he
had no POKER to act in the and that c the
directors OF the Metropolitan Railway Company knew
that such meeting WAS to be held besides himself
then said that I should take no further pat IN the
negotiation but would gladly give up the lines of the
metropolitan Railway the settlement OF the accounts
OF the Metropolitan Company with the Manhattan Com
pany.
Here are the sworn statements ~ the auditor Of the
elevated railway companies. The first shows that the
New-York Elevated Railway Company earned on lis
lines for the wear ending September 30 1883, dividend
of IL lS-lOO per Us capital stock and that the
Metropolitan Company during the period earned
dividend on its lines OF 97-100 OF per cent.
The Second statement shows that the earnings OF the
New-York Elevated Railway Company for the six months
ending March 81. 1ssi, were at the rate Of 81 300
and that the earnings ~ the Metropolitan Railway Com
pany the period were at the rate OF o9IOO on
TIE third statement shows that the earnings of the
New York Elevated Railroad Company from February j.
Is79 April 80. lSS showed net earnings at the rate
of 81 Der cent per annlm ana that the earnings
the metropolitan Company the same period were at
| the rate OF 1900 per cent per ihhllh
The fourth statement that the amount received
the Manhattan Company account OF the earnings 0
1879 to March 81 1854. and above all inter
est on dividends the stock OF the company
Company on Of the Metropolitan Company dur
ing the same period were ?6%@Gl more tln the total
at ia 10 say these statements show tnat the Metro
potan Company gained by its arrangement with the
New-York Company during this period 81 972.4S7. and
tna the latter lad actually paid on account OF Metro
potan Company during the same period $685. more
than total receirt1. 80 lar a. am concerned all
negotiations are at an end with Mr. Knceland with the
Metropolitan Company unless 1t appoints committee
with full power TO act "a have not me lIne TO discuss
this important matter with persons who have no power
The NcwYor, Elevated Railroad from the South Ferry
to the Harlem River is, consider, the finest railroad
property in the world. The METROPOLITAN line from
Morris-st TO Central Park good property but
Fifty nnhst to the Harlem River 1t does not pay and
never has paid expenses. is heavy loss annually and
Hyenne Line Belongs to the Metropolitan Company II
does not pay expenses ana interest on the DonOS Issued
for It's construction
TALKS WITH Mr.. GOULD AND Mr.. KNEELAND.
Jay Gould said evening that he had heard that
the negotiations had been ended abruptly 81 have been
so busy lately he said. "that | could not attend
the conference on Monday night and ] gave
Mr.. Field the second member OF the oom
Inittce power 10 act for Well Ihope that the differ
cnces will he adjusted equitable basis in short
time even il the recent negotiations have failed"
President Kncclaud, OF the Metropolitan Com
p9uv said that In his opinion It had
been the purposes OF the other companies carry
It.. htn Mr.
several times recently, lie added aud possibly
might have arranged terms OF settlement, but when
Mr. Field took his place IN the negotiations there
nothing hope for. Ii has been my theory all the way
through quaTre- that the stockholders Of the
| lll-