The sun., 1893-01-07
TRACTION SYNDICATE WON.
cor THE LEXINGTON AVENUE STREET
RAILROAD FRANCHISE.

The THIRD Avenue Hsiiro-a Capitalists
Boueht IL First, but weuisn't fut Up
NsilItou--They Propose TO Go TO Law.
Comptroller Myers sold Yesterday the fran
chise for q street railway In Lexington ave-
nue. from Forty-second street to Ninety
eighth street. with m extension to the Har-
lem River when the avenue shall be opened;
also for n branch In 116th street. between
Morningside Park and the East River
Tho franchise for this road. which is to be
operated by cable power was petitloned for
by the Houston and West Street and Pavonia
Ferry Railway Company. which operates ell
tho roads OF the Metropolitan Traction Com
pany In this city.
The Third Avenue Railroad Company did
not desire to have It's cable road paralleled by
one which would offer so many transfers to
other lines. An Injunction was obtained on
Its behalf by Philip and Samuel Abrahams.
which prevented tho sale OF the franchise last
week This Injunction was dissolved yester.
dav by Judge Barrett
Among those present at tho salc were Will
liam c. Whitney. W. J.. Elkins. John d. and
Thomas L. CrimmIns and Anthony n. Brady.
representing the Metropolitan Traction Com
pany: Edward Lauterbach and Henry Hart.
representing the Third Avenue Railroad Com
pany. and First Assistant Corporation Counsel
David J. Dean, the auctioneer.
Among tho terms OF sale was one requiring
the posting OF 81. 100000 in some trust COM
pany to the credit of the city as a guarantee
that the road will be built within two years;
this fund to be drawn on by the com pany
ssoner nHns !ns % SSe %oses hss sa.
been expended In construction. Prospective
Sdas 81 ta hat Sud
out the terms of the contract.
Another provision Of the terms Of sale was
pany which petitioned Tor the franchise
secured II !. would excnaDys ,;,
earnings to DO determined proportlonatelyt to
s Mess and y
asoad Homnn55y SPd the number o. miles s
q fare would be less than half cent. as friends
OF the Third avenue company figure Il. The
sHTpngs e the road on which
ing for the Houston and West street and Pa
yona Ferry s to
cell csipts % In excess Of the statutory reauirement.
which is three per cent. for fve years and i've
"A ANTHONY N. Brady. as President of the Lex;
ington avenue and Pavona Ferry Railroad
Company. a corporation recently organized in
''f Then I LAWYER y E Edward Lauterbach. who said
road COMPANY. incorporated by the Third
Avenue Hallway people. bid three-eighths OF
one one per T Gent. ,n and the franchise was Knocked
Wien Comptroller Myers asked him to com:
shssE y I or the 81 s ssrea
TGsaa Hsnry ars iSn as The protest
Of 81. .0O0.0OO as unlawful. ineaultahle. and
without du. warrant Of authority" The com.
s VII Fl e s shts as eSs
purchaser OF the franchise. seeking redress
BY advice OF AssIstnnt Corporation Counsel
Dean: Comptroller Myers refused to accept tho
hid OF Mr.. Lnuterbnch without his compliance
chise his up np again. Mr. Crimmins. for Ills com
! rany. again bid one-eiRhth Of one Ter cent.
and Mr.. Brady raised II to one-lalf; at which
FsTTg
will operate It as q part OF the Metropolitan
Trason 9 sysfe Zoo M araMn Sady o Pre- re
order OF Mayor Gilroy and certified by the
Central Trust Company. where 1t was de-
posted later in the afternoon.
Lexington Avenue Railroad Com pany for $780,
OlG forte 1T for failure to comply with the terms
Of the sal and sent It to Corporation Counsel
Remscn and Henry Hart.
The bid made, BY the friends q the Third
Avenue Railrond Company is said to have been
Goass anf 0t .he terms 81 81 sale Which, the Third
Avenue people declare were prescribed SO as to
hnr competition with the Traction Syndicate
yesterday said thnt case ofillegal official &C.
ton. such rs to warrant IN Injunction. had not
been made out He thought the requiring q n
division Of the fares he was in more doubt. hut
he was clear that an INJUNCTION was not the
remedy II the condition was illegal