New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-09-18
VALUE or THE BROADWAY FRANCHISE
II A. I. S1TWAnT OFFIREp 92,UOU,UUU FOR IT
EIGHTEEN YEARS AGO, WHAT Is IT WORTH


IFA 7. STTWABT OFFERED T2OOO,O0O FOR IT
FIGuTErN YEARS AGO, WHAT Is IT WORTH
NOW :
As conirmatory Of the general impression that the
recent attempt of the Aldermen to give away the
Broadway Railroad franchise was a fragrant violation
Of their duties trustees of the citys rights and prop
ery in the streets copy Of the autograph letter of A..
T. Stewart, in which an oder of F2,OOO,OOO for the
franchise was made eighteen years which il pos
session of the Editor of " The Commercial Advertiser
was puI lished Yesterday in that journal. Mr. Stew
art stated in hi. letter. addressed to Abraham Lent
State Senate Albany that while he did not wish to be
regarded DESTROYS, for any private Dcneut 10 NM
self to become competitor for these franchises yer
considering their great value, he was Wiling To oner
-. OOO. 900 for the broadway grant and lOOO'OOO
for the two crOsstOwn grants IN Fulton and Chambers
sts all of which by bill pissed 10y the Legla-
ture in 1866 be disposed of. The bill failed 10 be
come law because Governor Dix declined To sign u.
Mayor Edison said yesterday in regard To- MI stew
arts letter that il showed how wide business culture
the great merchant possessed Of aud added " 1t
i. also significant that II a man with hr, stewart
knowledge of the value OF property coud nave oeeh
induced TO offer S2OOO.OOO Tor rlght 70 lay tracks
along Broadway i'm $50. the increase IN the value OF
the franchise during eighteen years would justify the
demand for greater price now on INC par "i ire
public from the companies. IL would not he tar
wrong To say that property along broadway had IN
creased in value at least % per cent during the lapse
of that time that calculation Is correct then instead
of the city receiving 600 900 Tor the IanCse d. Is
offered ut present, il should get S3O0oOoo.
President Kirk, Of the Board of Aldermen having
his attention called t. Mr. stewards oier sad 1t was
made a. &" n bluG" and that il killed the bill. Per-
sonally" Mr. Xix said " was on the side OF the Ca
bic Company bccau'e | favor the abolition OF horses
il bettrr I'm Give the franchise away. and did so by
majority vote. was presiding oiicer-that was all
Mr. Kirk however declined to say whether he was
in favor Of having the franchise oAeIcu "' P"o'o
anction - & c..,o. IT
l.. NJ. Bates of the firm of Bates, Reed Cooley H.
H. and f. b. Thurbcr and i. = Jauray All sSid NV 'uo
franchise was worth much more than 1t was eighteen
wears ago. Mr. Bate, and Mr. Jaaiay are opposed
10 having any railway in Broadway Secretary rare
of the New York Cable Railway company adu't'u
that the franchise wa. worth moro now than ever ne
forc lie said that the offer of OQQOoo by me Newi
York Gable hallway Company had been made IN good
faith lie was not prepared to say whether TN. was
-, h. r. i,,,,t az H.. nnrr Personally he was opposed
to paving anything for the right OF way because tine
road ncoutc.tably Tor the good oi ths popnt unn
1,oIis will have IA have it, influence on the rate Ol
fare which we will charge the passenger