New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-15
A FERRY COMPANY'S DEMAND
THE UNION SAYS THAT 1T PAYS THE CITY
TOO MUCH MONEY.
ITS OWNERS. THE HoLLINs SYNDICATE INslsI
THAT TIE CITY MUST REDUCE BY PER

THAT TIE CITY MUST REDUCE BY PER
CENT THE PERCENTAGE OF RE-
cr1pTs WHICH Is PAID INTO
THE PUBLIC TREASURY.
The demand of the Hollns syndicate when pui-
chased the Union Ferry Companys IranchlseS' "
reduce the percentage on gross recepts "hie" IL
pays the city from 1924 TO "a per cent mas not oee
acted upon as yet by the Sinking Fund 'oih'lS-
sion It was laid over when presented seVera weeks
ago at the request Of Mayor Gilroy to give 'he
members of the board opportunity 10 examine 'ie
groundwork of the application tnorousnS' - W." VIZ
yrohablv come up for action OF some KIM AZ ,''
sinking Fund Commissions next meeting. Inc ue-
mand for a reduction of full per cent on the par.
of the syndicate is looked upon as pretty sun
one but according to its Interpretation vi t"e
agreement which the city made with the CNio"
Ferry Company. IL the city refuses, the syhuca'e
can comneI the city to the purchaser OF the
ferry company's interests at the eXorbitant Valua
t,on which the appraisers put upon them That Is
$500 600 less the reduction of $6OOOW when was
ordered on review of the case by the courts.
The purchase of the five ferries-Hamton. SOUTH
Wall Street, Fulton and Catharlne, ruhiii"s ~
tween this city and Brooklyn-by the Holns syn
dictate was regarded at the time as purely sPe0u
lat,ve investment on November !, 1882 the totdi
assets of the Union Ferry Company were Vaiueu a.
81 1877 457 The stock held by l07 persons. d. .
r. Stranahan president Of the company W. Az
DE Crauw, managing director, Md''He"
secretary and treasurer; W. {. Edgerton' genera
su,erintendent and A. A. Low. Ripley Ropes
Franklin E. Taylor. William n. Perry ana H. H.
Perrepont directors. The shares had never
quoted at above 16S. but the syndicate reieiiVN "
suddenly bought the stock at S2u". "heh ''e ~
apprasal was made the valuation was Jumpeu rom
81 7s7457 to sO3,ocO-more than double the '"S'
valuation. . ror
The apprasers were Louis May, chosen 10 IVY
resent the city by the Controller, ana 'hai.S ~
Fngles. an employee of the ferry COMPANY -
I,olns g. Co.. the Wall-st. bankers. represented
the purchasers of the ferry property anu "' '"'N
TO have furnished the necessary capital
otiop Counsel Clark who the law orcer
30 the civ conducted the suit which Edmund W.
McClave a taxpayer. brought TO restrain 'ne S
ing Fund Commissioners from renewing t'e ~
lease said yesterday: 81 tried the case oeio' NJ
Judse J. F. DAILY, of the Court OF common vas
and succeeded in having the May-Engies appra,se-
,ant reduced from S. sos 900 to about S.2VOWV Inc
decrease of 100000 was less than half OF what IL
ought TO have been. The real Valuation shoulu no'
he over s25OOO0 The figure as 1t STANDS sa'-'Vo0'
at which the company proposes to require 'he o''y
TO take the property under the ola supuIdUo" "a
wears ago is out of full proportion to It's worth
,rbe Sinking Fund Commissioners have the power
IN reduce the percentage on gross receipts whch
the company is paying the city, but the o'hei
proposition that the one-cent ferry lafes Ill CUM
mission hours be abrogated and the iare raseu
10 two cents during the Whole DAY, Is AoN "i'"'''
the Commissioners power. The law fixes the one
cent fare between the hours of and morning anu
evening and only the Legislature can change H.
Mayor Gilroy was not at his office yesterday not
having returned from Saratoga. Controller Myers
said in reference to the demand that ne was ho'
vet prepared TO accede to the contention oI uie
ferry syndicate that the city was Obliged 10 'dhe
these ferry interests off the stockholders hahus al
the g 600 valuation. The courts would propao'S
no asked TO protect the city from the performance
of the terms of so one-sided a stipulation.
The Controller said in his last report that Ia
per cent OF the Union Ferry Company gross IN
come was a much less return than the city eouls
now obtain for the franchise. II the denanIss vi
the company for per cent reduction silou "a a W
acceded TO- the city would lose not oihy sfuV"
annually but its franchise would suner oeprecl-
ation OF at least 100000. Recent separate APP
nraisments which the Controller caused 10 De
made by the Bureau of City Revenue, ana py Chlei
Engineer Mclean. of the Finance department.
which Mr. Myers believes are trustworthy ana ar e
based upon the expert opinions OF weii-lhiormed
judges Of waterfront property, put the rental t
whole amount paid by the ferry company last year
was only s10S 469 49, The city, therefore is giving
10 the company the of its waterfront properly
FOR over $50 less than others are Wiling 10 pay
for IL and receives absolutely nothing Tor the
five ferry franchises. When the companys appn-
ca ion for reduction comes up at the next meeting
of the Sinking Fund Commissioners 1t Is expected
that some interesting figures bearing upon the
franchises will be laid before that body