The evening world., 1895-07-02
The Third Avenue Offers $780,
600 Eonus and 2 Per Cent.
Extra for Five Years.
TROLLEY aaas AcceoEo TO.
City Fathers Permit tho Peoples
Company to Bid Tor Twenty
Miles Of Streets.


ls0S, pOOO,ODO.
VALUE SAME FRANCHISE july.
asSS, sYSO.OOO.
The financial thermometer that indi-
oates the fluctuations In the value OF
street railway franchises Is an eccentric
instrument.
Within one month the Board OF Al
dermen has given away to a street rail-
way company. without compensation to
the city, a franchise which the company
itself now offers 325O,O60 for. The orer
is inspired by the Mayors act in vetoing
the gift
Vice-PresIdent Windolph presided at
the meeting OF the Board to-day IL
was expected that the Aldermen who
voted the Kingsbridge franchise to the
Third Avenue Railway Company for
nothing last month would attempt to
ciinch their philanthropy by overriding
the Mayors veto.
1t was evident. however. that n ma
Jority OF the Aldermen was opposed to
the scheme. and that another EFFORT
would be made to bring the two COM
panies which fought for the prize into
direct competition IN open sale.
This was to he accomplished by tho
representatives OF the two companies
agreeing upon route as nearly identi-
cal as possible.
When the Board met new propositions
from both companies were read. The
routes named are not radically different
from the routes originally proposed,
both being necessary In reaching Kings
bridge and Washington Heights. which
supply avenues for reaching the terri
tory beyond. The new features OF the
appiicatio are intended to rebound to
the nnanciai bepefit OF the city.
The Third Avenue Company offered
per cent. over the 8 per cent. OF gross
receipts Required by law for the first
five years. and after that period Z per
cent
In addition to this the Third Avenue
Company offered . bonus Of $3.50, 0OO ana
tho use OF Its tracks on One Hundred
and Twenty-fifth street to any company
that may secure the franchises.
Tho last clause in the new offer was
put In the application to meet the OBJ
section Of the Mayor, that under the
franchise passed by the Board of Alder
men there could be no east side connec-
tions unless the Third Avenue Company
secured the grant.
The Metropolitan Traction Company's
offer was a cash bonus OF sl0O.NoO. and 2
per cent. of the gross receipts over the
percentage required by law.
These offers are something like the
amounts the Mayor thinks the city
should realise out OF the sale OF the
franchises.
Th. Mstrono,,tar rract,op Comn.nv
,, ~.
MAINTAINS IN us Appicauoh that II It's
new application IL granted. the Third
Ay.,us Comnanv can hid unop 4, hu,
~
the ihiru avenue Nor"panS aheseS 'ha'
the territory described would be of little
valua "a ~
~. ,,
Inc hearhB on tho aPp'icaN'ohs was
set for Aug. Z, and all interested per
eons hayc been invited to attend the
s, A., .,
aoe"s sanrss III" o's'uSs "'e WV P'o'os'
"Imn .,,.. ~ .,, ,,,,,..
Tns A0esmeh Also voteo tranehtse
company 70 ope.ate ,eI,y oe
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9Ss ~ ,ne NJ" ,. aoS ~" oi ,S III FERRY
vi " io.S.eu. ussI ,s ppuup.'Sn pp
.rn.rs se t"s Aco SmS' mS sun Nor.m nuef
Az ~, rs,-v pn,YS nsrrS a., ,aass
H s"c " oss, wwr ~ 'e"s'
Cnn,w,s.innsr ~ p,,h,,c worI.