New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-15
COMBINING SURFACE RAILROADS.
THE "pH1L,prrPut, sYNDrCATE7 STRENGTH
EMS ITS P0sITIcN-TO LAY CABLES
mo ADV


BY the arrangements which have been pending Tor
long time bat which completed on Frday'
several Of the surface railroads Of this city have been
mt under one management For a year more what
is known a. the Philadelphia syndicate has been
reaching ont IN varpu, directions for street raliroaus
and by either purchasing majority Of the Stock OF
these road, or leasing them for long series oi years
has practically got control Of half dozen different
companies. in the indicate are such men as NIlNi"
G. Whitney, .. II. Payne Daniel $ Lamont oil thi' CITY,
Peter A. H. Wldcncr and W L. Elluns of Philadelphia
The company first obtained control of the Avenne
& line. OF which Mr. Lamont was made president ana
last October the syndicate obtained the franchise OF
the Broadway road by bidding II IN for S2oooo' Nr
Lamont was aftcrWard made president OF the ionstoh
West Street and Pavonia Ferry Railroad Company.
This road has a capital stock Of only f21O,ooo. Ihe
entire broadway and seventh Avenue Railroad system
la, been leased 10 II for OF the charter. 1000
years ut an annual rental OF $4,000. when Is
10 per cent of the capital stock The lease
doe, not mean a transfer Of interests, because
the stockholders and managers OF inc TWO
roads are practically identical, nut u"cs
allow the syndicate to increase the capital stock Oh
the Houston, West Street and Pavonia Ferry haropu
Company from $50 OOO what IT now Is, to f''ooo'oVo
This Is the intention OF the managers Of the syndicate
With the lease te syndicate will control tine Ho"'"
Ferry Railroad Company the broadway ana ohanDer'
street Railroad the Broadway Railroad, the broadway
and seventh Avenue Railroad the lloustoh' "cNV
street and Pavonia Ferry Railroad the Fourteenth
street Railroad aud the Twenty third street kauad
The lessces besides getting The roads named assume
heavy financial rc-pourlbillty which was heid 10y INC
Iirnadway aud seventh Avenuc Company. Inc ld7t
named organization has outstanding per cent DDIue
t The amount of - 500 900, while IL Is liable ior
~ 900 worth oi the first mortgage Dohun
of the broadway Railroad, and for 3l,OOoUoV
interest ON the second mortgage bonds. Inc
Nroadwav and seventh Avenue Railroad Company
10 secure the lease OF the South Ferry Railroad tracks
20 that the cars could be run 10 The Battery, became
Indebted that company to the amount OF 500 ooo
II costs nearly 10000 year alone for the lfoadWay
company Ia run its leased lines The Increase o tlc
capital Of Houston. West street ana PaNohia
Ferry Railroad Company viii allow tins company 10
meet it, preNnt obligations form new company con con
trolling all these lines. ana put the BOal"hy ille
nndcr the operation the cable system. 10 Irri',u
This system il was absolutely necessary Tor inc bioau
way company to obtain control OF the transverse Ihco
Mr. Lamont who i, now at the head OF thIs com
binatlon If railroads, said Yesterday that thc WORK "
uutfnq the cablr IN Broadway would be- pushed rs
iapldly as possible All that now stands III tns way
OF the work beginning at once Is me PVrllsso" W.
the RAILROAD Commissioners To change inc trl'tpm VII
which an argument will De made next Wednesday ,
Cars nearly twice n long a. those now III Nv VIII
be constructed and IL il expected tlnl lie COMPANY
Will begin putting down the cable when the Nomnis
sloner of Pubic Works Is ready To repaVe bioau"ny
Engine houses will he built near the battery anu
Canaist and the stable at Fftieth-st ana broao"ay
will be turned into one,