New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-08
THE SYNDICATES CLUTCH.
IT CLOSES on THE TWENTYTIIIRD-ST. LINE.
JACOB sHARP's cRossTowN ROAD NOW IN THE
CONTROL OF THE PHILADELPHIA MEN
TRYING TO BUY ANOTHER ONE.

CONTROL OF THE PHILADELPHIA MEN
TRYING TO BUY ANOTHER ONE.
The Philadelphia street railroad syndicate frightened
its grasp yesterday the streets OF this city by pur
chasing majority Of the stock of the Twenty third
Street Crosstown Railroad This is the outcome OF
long continued effort the part of the members OF
this syndicate to obtain possession OF this road Inc
syndicate Is composed of cX-Secrctaiy OF the Navy
William G. Whitney, Daniel Lamont Oliver IL. Payne,
H. L. Dimmock p \. +. Wdcncr and william l..
Ellsins. This syndicate controls the principal
Philadelphia and Chicago surface railroads, bcsidcs
being credited with having strong hold on the NJ.
Paul Electric Railroad system In this city II con-
roed before This purchase the broadway anu
seventh Avenue Railroad, with lis branch sys1em
through Water-st. and West Broadway, and the lous
ton. West Street and Pavona Ferry Railroad lines
II has also a lease of the Twenty third ST. road with
It's Twenty third st. and Thirty -fourthst. ferry
branches The stock OF the latest purchase was
widely distributed, and none Of 1t was purchased III
large amounts Last October the director Of the ROAD
offered to sell the ninety nine years lease which tho
stockholders 10 the Whitney syndicate The
stockholders to have guarantee of an annrrl
dividend Of II per cent on .hcir stock The synui
cate willing accept these terms, but majority
Of the stakeholder, not, and at meeting ~"
weeks ago voted to reject the prop sol..
Since then the efforts of the firm Of Drexel MOI n
& Co.. the bankers who were entrusted With the work.
have been directed toward procuring control or the
line by an actual purchase Of majority Of the shares
This was accomplished. and yesterday morning J3oo
shares of stock were turned 10 tie Philadelphia
syndicate by the bankers. The proc I'D was ~
share There are 5000 shares Of suck IN the CON
paiy. Although th, il large H.. rcasc on the par
vanc Of the shares. il j, not considered BY railroad
men to be cXorbitant price t.,, IS one OF the
best paving roads in the city. The Ioa.. 10 by
Jacob sharp. who obtained The fianoh {" ou.d It,
he did other cros-town roads. Inerc t.h &c no
s.lcdarc change I'm the management of the inc. and
g. awhile AT least the present oil 'cr, VIII Imam IN
~. Henry SANFORD the PRESENT prcsc IT. will l.
main IN his Office until June, when i'' gar ~
the road ends. In purchasing the sio "."' 49,
rcoplc had to be seen 10 make arransemcn - ne
f.ansicr Of their shares individually
Thi, same .yndicatc tried hard yesterday to get
control If another road. which would have "vcn It
orirol Of at least four Of the Has from
rucniy -thilist. the Battery. The line they were
after T. tho Christopher and Tenth street Company, and
ARRANGEMENTS were foot to lease II for term Of
years Houston street and Tavonia Ferry Com
p4rv. understood that every thing had been com
plricd md that the lease ready T. be
signed N some OF the stockholders and directors
learned of the purchase Of The Twenty third street Line
and raised objections 10 the proposed terms Two Of
tina s'pckholdr. Francis /. Hewitt and George ,.
Morgan. cmpi. %" Law firm Of Holt a Butter to ger
out prclimhnnJ illn'ioh restraining L2'u az d.
bran. icorsc y Curtis. John Dovncy, Arthur Lcary,
James 4. Richmond George W. Lynch and others, who
.rs ~. directors II this company. from making tho
,.,-e on he proposed terms. Tho injunction was
gf4nitI by judge Allen, m the Court Of Common PEAS
.,f. lss morning.
Ia. reason gwen FOR the asking Of the Injunction
Wa that better and NOR profitable terms for the lease
could See obtained with little delay. what the pro
post terms were could not be learned. but the lease
VOID probably not have been granted anyway, a.
:e directors held meeting late III the afternoon IN
i,e Office Of the company. and decided not 10 accept
500 proposition made. IL j. ONLY question OF un"
snd moro acceptable term, however when M ROAD.
too Will undoubtedly ic added 10 those already IN "
hand, Of tAc syndicate. Whether Tho syndicate pro,
noe. 4. conduct these Sew York lines tn plan ~
those managed by % ln Philadelphia and Chicago could
not be- learned. But 10 J.. more than lhci 'At IN -
lar a, the Twenty third 4. road !, concerned, t7
VIII not be done In Chicago and Philadelphia I'VE
cent fare f. charged for ride on single Nnr hut
'Il.n au addflnu.i penn, b., CHARGED. Tie tiail' on
fhr Tweni, inrl ~. road D.. tuo valuable "a iiet
- make transfer 81, stem profitable as ~ ~ u Keep
the line separate and distinct from cher roads.