New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-19
TO GUST THE OLD DIPECTORS-
THE UNION FERRY COMPANY PASSING UNDER
THE CONTROL or \ HEw SYNDICATE


A meeting Of tho dircctors Of the Union Ferry
Company was held yesterday In their rooms in inc
Fplion Fc,ry house and the attempt Of indicate
Of capitalists 70 buy up majority OF the ~t''" 81"
the company was discussed. j. = ]. HiIdiu"H pro
sided and said TO his fellow directors that the men
seeking 10 drive them out Of control 81 the c'HI"H
asserted that they could make more money Tor the
stockholders and that the ferries were ran h 'N' }"
tcrc,ts Of IrooIyn. IN reply TO this Ec wished Il"
,ay that for forty wear, the Ic.cut management had
controlled the Union Ferry Company to tho entire
satisfaction Of the stockholders rs we'll a. for the
benefit of Brooklyn.
The directors discussed the situation IN executive
session There arc about 600 stockholders and Tie
stock is quoted at 1G7. II j. regarded a' remark
able for an offer Of 200 to be made for it. The
present franchise Of tlc company was bid in for 1--WE
wears in 1-oG. and has a wear more 10 ran from My
J. The company PAYS II Ii per cent Of the receipt,
TO the sinking fund. Eristu, Winan was the OILY
bidder against the company at The last sale
James y. Plat. Of Plat q B0wcI,, the law firm
acting for the syndicate dc~lrou, Of purchasing the
stock said yesterday that half Of the 10000 share,
Of the company lad been already pure ha-c ana more
could be secured lie added that II proposed
to reorsaulzc the company and put ~ q new board
Of directors. lie thought fair profit could be made
al the price offered for uc stock. The present
directors own little Of the stock.
Roswell Eldridsc, one Of the present directors, who
is said to be the organizer Of the syndicate. has in
formed his brother director that Robert Goclct.
August belmont, j. Pierpout Morgan, the A-tor, and
the Vandcrbnts are all Interested with him in the
purchase. One Of The director, -aid Yesterday
Mr.. Eldrldsc ha, been the ruling and moving spirit
in this whole Transaction. lie Wa chosen director
Of thi, company lat December owning about 100000
of the 4tOck which he Ihhcrcd from hi uncle. lie
ConcOccd this scheme at that time, or At la,t soon
aftcrward, although IT not brought to head uuill
last sunday afternoon. NJ. Eldrdgc says that when
he first began 10 interest hi, friend, IN the pul-
chase. he did not expect 10 get more than
So 900 900 among them Instead Of that however,
he declare. that he Is backed by at lea, 100000.
The offer Of $500 a share Wa. Oi course. great
surprise Although few share, Of the stock
had been sold for S1G7. the stock not valued at
more than $50 in reality. There only two way
lex which the new purchaser afford 30 pay th-
hie price per share. Either they intend to raise the
uricC Of passage, or they have arrangement by
iyhicb thr tax can be reduced. They intend ! know,
II tley ret control 10 abolish the commission hour-
That viii make considerable difference IN the receipts.
These men intend 10 make a, much money out Of the
business possible
Mr.. Eldrdgc is confident Of gaining his goal lie
said 70 a Tribune reporter Yesterday that the pur
chase Of a controlling interest in IN" lcrries the
mart Of the syndicate. was a certainty. You may
saw that we have ninctcnths Of the -ck purcha- cd
| lac ADDED and that the whole transaction viii be
settled i'm a few DAYS. The purchaser, arc all wealthy
citizens and men who have no connection with Tam
MANY Han. II is idle 10 say that politics has any
thing TO do with the purchase.