New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-03
VOTING AWAY FRANCHISES.
ALDERMEN APPROVE HE CABLE SCHEME.
MR. VAN RENssELAER's PROTESTS IN VAiN-o1HEh
IIID

MR.. VAN RENssELAER's PROTESTS IN VAIN-o1HEh
COMPANIES FURTHERED.
When the Aldermen met yesterday Resding Sie da
William Moloney was absent, and ms duties ; no
volyed on Chief Clerk Carvelho. Inc prlnelPa.
bosiness was the reports of the Railroad Cohntee
granting franchises to several street railroads. 70 o
I'm hv . horse or other power" The Board began
by laying the table the report 10 isyor Oh rer~v
ing the Houston. West Street ana L ttYnnIs ~
f,onpanv to extend its tracks for seven DOCKS ~
n vote of Is TO franchise was gvea TO lne
Madison Avenue and Eighty sixth street , ,i
Company, which proposes to cross 'ni
The report of the committee fav3rng Ine grant nd
ing of franchises to the 81 Nl'noiihs n NJ
f,rosstown Railroad WIS next caIie9 up, mi;
G;NeilI asked for time 70 examine Tue paiio sIu
learn something about the proposed roads. hr.
Farrell moved TO have the matter iaid over lol
1aak This was lost by IL to H. President
Mooney moved that the compensation REQUIRED OF
fhe company be Increased from 10 per ce n VI
the gross REGENTS for the first tive years ana 10 per
cent thereafter The motion was lost by 10 TO ~
and the report Of the committee was then adopted
Nv ~ to IL. On the motion OF Mr. Cleary the
ijonston. West Street and Psvonia Ferry Com
pany's application was RECONSTRUCTED ana Tue rleht
fo ay tracks at each end of the present route was
granted by a vote of IL to IL. -
AT This point Mr.. Masterson asked that the
petition of tho New-YOrk Cable Railway Company
and the report ado thereon last year be read ne
hand was read With pr0mptness that was
amazing.
Mr. MoreauMr President this is matter OF very very
are snpiy wonderful 1t is not thing TO be done IN
hurry, and move 10 lay the matter on i ,nd IN Tbe
week that the report aud petition DC lrn'ou Id INC
Mr.. Clearv-1t would require specla "pPI"Pii"''on
fol printing it III full
The clerk began TO read the voluminous document
and those members who had renamed III tio
chamber TO vote for the reading won. OUT anu tno
clerk read to empty house Tor an hour wren
they returned, Mr. Farrell TOved mat the MATER
be laid over for o week. The motion was loSt ny
~ 10 l. Mr. Ferrigan quietly moved the adoption
of the report, which was III favor OF giving the foau
its franchise:
MFR. Van Rensselaer, his is OF tho most extraor-
st1pendoEs interests city involved and it is pro
posed to it throug the board without any ueo"e
No one offered TO second this motion and Mr..
Ferrigan called for the question Cd the adoption OF
tie report.
that am powoless to stay any their part to
jorce his gigantic scheme through the Board but snail
motion TO adup that ne lot this important matter 80 over
Tor week. will call attention to the opinion OF the
giving away this franchise which permits cable road
through tfta ave is nninwi Any to nrosecI
ton 1t is an insult to every m"n mere 10 s"eSos' S"oH
a thing.
Mr.. Van Rensselaer's motion was lost by II TO j.
lie protested emphaticaly against the acton OF
the Board and pointed out that by the charter OF
The road it to pay the city only zig per cent Oh
its net receipts, which meant that the company
could practically avoid paying anything. M.
Morgan approved tl eSe remarks and wanted the
Of tile Of % Eas Mr. tTsan
that tne charter of the road had been altered since
last year and the present charter DID not ca LOT
limo in Fifth-ave. or any part OF BToadW way -,
The motion then put on the adoption OF the
renOrt of the committee. 1t resulted rs follows:
Bennett, Cavauagh Cleary, COrcoran Cowie.
Diver Earle Farrell Ferrigan. Fitzgerald, Hunsicher
laug, MastersOn, Menniusc., Mooney Murray, QUINN
Tass~President Mooney, Morgan ONeil and Van
Rehsselaer.
Mr.. ,yaehne and Mr.. De Lacy did not vote. Mr..
ONelll said afterward that he would await the
tha mil lie WI
scheme lie Wt1ld vote against II when II came be-
fore the Board neain with the stamp of Mayor
Grace's veto On II, Tor he had no doubt the Mayor
would veto 1t.
The Mayor sent to the BOaul his veto of the fran
chse granted to the Southern Bpairyard Railroad
Company in tho Twenty third W&sa- 1t is based
ON his belief that railroad franchises be sold
ct auction.
COTTON NOT so LOW FOR THIRTY YLhisc
Cotton touched the lowest point yesterday that it
has reached since 1866, when at one time the
"middling upland" grade was down to cents.
Yesterday this grade touched 1916 cents q
pound Several reasons are given for the present
low price, the principal of which IS cheap money.
A leading cotton merchant SAID yesterday
Tuere has been a decline in prizes in the last
three months aud with this country holding the cotton
In tweny-sx Interior towns In tho South there are
125VO0 bales of cotton in warehouses against 2o6OOO
bales at tAe samo Time last year such thhe was
never known before. The visible stock OF cotton III the
coaniry 100000 bales, f;Om 20 To % per
cent ABOVE the average tins time of the year How Is
this state tsngs accounted Tor Why, porause money
Is plentiful for investment, whore the return for is
is considered sure. and hscauSe Investors are
satisfied with low rates fol it, The planters IN the South
surprised that they c0ult get nnuoy at Der cent
have borrowed money for present needs and given
ore willing to loan cotton at the So:th. where they
have responsible warehouses. at per cent, and the
result il large in IN the visible supply OF cotton
and consequent decline in Price.