The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-18
RAPID TRANSIT.

Alderman McCauerty-HOvv the ODcrQs
lions Are To BE Conducted.
A short time ago Mr.. Eastman, OF Poughkeepsie,
Chairman Of the Assembly Committee on Cities
and villages, applied to Alderman Robert McCaE
ferty for information In regard to the best method
OF establishing rapid transit in the city of New
York. In response Alderman McCanerty sub.
mitted the following PLAN
]. The Governor shall APPOINT five rapid Transit
q commissioners shall give bonds in ssOoOOD each
8. Commissioners shall serye-one tor two years. two
for three years and two Tor i've years to be determined
At the expiration of the terms of the Commissioners
appointed BY the Governor or In the vacancies
occurrs by The death resignation or removal Of OF
vacancies for The unexpred terms or Tor term Of i've
years s as n the case may require
By him Mayor shall have the power oyer his
me Commissioners shall qualify by official OATH and
shall elect from their number president, secretary and
Use hs ave as sns call on the Mayer adyer
and specifications Tor means OF procuring rapid transit
Of 5000 tor the best plan to be selected by the Oms
trSer on the Comm ssio ,s certificate OF selection
strgcion and to be accompanied by estimates of cost
O. When the plans &C., are decided on the Commits.
sioners TO BOOKS 81 Sa the capital Stock
Of the City Of New York" and to keep the books open
TO- The capital stock to be sOOoouoo in shares of 500
H. the twothird part Of the capital subscribed and
onehird OF the same paid into the treasury the Com
mssloners WI call u meeting Of the stockholders and
shall proceed with Il. the WORK work an
mission shalt cease to exist but the individuals com
posing the Commission shall be directors OF the company
until the expiration OF their respective terms
If TIE OF stS Ss not subscribed and paid
POT sds Of the yo
tbe Recorder ne comPqler and ne Chairmsn OF the
determine whether the city shall bear all or any por.
H. 1t the meeting shall decide the city bearing all
the cost the people to vote On he or negative
decided that the city shall bear certain portion of the
cost the people IN like manner shall vote for or
4 the vote Of the people decides in favor Of the city
and construct the means OF rapid transit and the
issue seSenthry rapid transit con-
city es Shy s be Gen PAT the Of EFT
Ss IN sRa vote e here snare " SAID
IL II the people defeat the propositions for the city to
The Commissioners shall acquire and own as such
the ali property necessary ior rapid
event of the city paying all the cost.
ten per cen OF the mel profits OF said company.
The Con mss sh" sa on the
Of Appraiss S TIE value Of
cannot agree with The owner Of such.
as s IA the N w s
case
OF TO DC competent 10 act
Their salary to be $4,000 per annum EACH
3D. In case company is formed to do the whole work
all the expenses OF Commission to be refunded the city,
with interest
a. In the city pays part the drawback shall be
in proportion.
2b ii at any time previous TO the completion of the
work such company should be formed and all the stock
subscribed the said company shall take possession after
paying back the city all the expenses incurred up to
that time. 49,
26 And the Commissioners shall be directors until their
terms expire.
q The digent prosecution of the work to be a d.
ton IN said company this to be deter
mined by the Board dermen, who are constituted
supervisors of the said work.
IS Should the company tail to proceed it shall be dis
by action at law the suit OF said Board
Alderman and the Commissioners shall again take pos
session OF the works and property Tor the city.
80 The cent OF the net profits coming to the city
TO be applied the payment OF the city debt to
credited Tor that purD pose to the sinking fund.
80 None but American material to DC used In the
and operation OF the means OF procuring rapid
fran