Year: 1875

THE CAPITAL STOCK or THE MANHATTAN RAIL-


WAY COMPANY ALL SUBSCRIBED.


The prospects OF rapid transit are beginning to
brighton. Yesterday morning, pursuant to circular
issued by tho Commissioners OF Rapid Transit and in
accordance with the law book of subscription tho
capital stock of the Manhattan Railway Company was
opened at the Corn Exchange Bank The capital stock
has been placed at 81 in shares OF 500 each
and has be subscribed for by less than twenty
five persons. The books only opened for half an
hour, as during that time tho whole OF tho stock was
taken up and strange to say, by twontysx persons,
above the number required by law Each OF tho
subscribers signed a document that read folows:-


Each of us the undersigned hereby subscribes sup-
ject To the distribution TO be made to him to the cap
tai stock of tho Manhattan Railway Company which is
TO be Incorporated and organized under the provisions
of chapter COG Laws of 1875, with and according to
tces of association heretofore prepared in compliance
with the requirements Of said act by the Board of Com
mssioners appointed by the Mayor of the city of New
York, pursuant to the provisions thereof Each of
hereby promises, covenants and agrees-to and with
each other subscriber hereto each for and in consdera
tion OF the promise, covenant and agreement of
such other-and to and with the Board of Com
mssoncrs heretofore appointed by the Mayor OF tho
city of New York and organized pursuant to the pro-
visions and requirements of chapter COG Laws of 1875
each for and in consideration OF such distribution of
shares may to him by said Board Of Commission
crs, in the discretion of the Board he made, take
and pay for the number of shares herenbeow by him
written opposite to his of tho capital
stock OF said company, or such, II any, other
number Of such shares, not exceeding tho number
herein below by him written opposite TO his name,
may be bysad Board OF Commissioners in the dscre-
ton of said Board, allotted to him. IL Is understood,
and hereby by each OF us Tor himself agreed that SAID
Board of Commissioners shalt have and exercise the
right and discretion to accept only such of the sub
scr.bers to Sud stock may by said Commissioners,
majority OF them, be considered most responsible
and most favorable To the accomplishment of the pnr
poses provided for by said aud that said Board Of
Commissioners shall have and the right and
discretion TO distribute to any subscriber who DO
accepted only many of the shares by him written
opposite to his said Commissioners, or n ma
iority OF them, may determine. Each of pays
in cash. subscribing for such shares five per centum
of the par value OF the number of shares by him here
inbclow written opposite to his name, and each OF
us hereby, for and upon said considerations, agrees
that the remainder of the amount OF the par value
Of such if any, number of shares may, in the
allotted TO him, shall be paid promptly and upon de-
mand in instalmcnts and whenever the Board Of
Directors OF the company shall, from time To time,
assess and call for the And each Of who shall
become stockholdcr in said corporation for himself
agrees consideration of the premises to be bound
the company by said Board of Commissioners; and
each of us hereby authorizes and empowers the persons
any one or more OF them who SHALL pursuant to said
act be elected to be the directors for the first year Of
said corporation, in his behalf to subscribe said articles
OF association


NEW York, Oct. %, 1875


The Secretary declined TO furnish the full list Of tho
stockholders, but stated that the heaviest buyers
John i. Tracy, David Dows jose r. Navarro, William
= scott, Francis H. Tows, Mr. Soto Longu Milton
Courtright, President OF tho Greenwich Street Elc.
yatcd Road. Five per cent Of tho subscriptions was
paid mp AID 100000 deposited In the hands Of tho
Treasurer, Mr. g. j. Canda The Secretary states that
the work on the road will be commenced at once.