New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-18
A RAPID TRANSIT SCHEME.
SUGGESTIONS OF ALDERMAN M'CAFFERTY-Iiow TIE
CITY CAN Do THE WORK.

SUGGESTIONS OF ALDERMAN MCAFFERTY-How TIE
CITY CAN DO THE WORK.
Ex-Mayor Eastman OF Poughkeepsie intro
duced in the State Assembly, of which he is member
a month ago, bill 10 provide rapid transit railroad In
this city Subsequently wrote letter ABOUT the
scheme 70 Alderman McCaif,rty, and requested his
opinion on the subject Mr.. McCafferty has replied TO
Assembyman Eastman's letter, aud in his reply has
made certain suggestions which he deems should be en-
bodied any measure providing for safe and speedy
communication between the lower and upper ends or
this island The following the more important OF
Alderman McCaferty's suggestions:
1. The Governor shall appoint five Rapid Transit
2 Commissioners shall give bonds in 100000 each.
g. Commissioners shall for two years, two
three years. and Two for five years. To be determined
by lot. .l,-,
appointed by tine Governor, in the event OF yacan
ces occurring by the DEATH resignation or removal OF
any of them, the Mayor OF the CITY OF New YORK 70 MI
the vacancies the uDeXpIed terms for term OF
five years as the case may require. ,,,-
The COMM ssoners snail cal on the Mayor 70 adver
tse five daiies for period OF 80 Gays Tor plans and
specifications for OF procuring rapid transit to
be submitted to said Commissioners within 30 days from
the day of lina advertisement, and Offering prze OF
s5O,0J0 for the best plan.
9. when the plans &c. are decided on, the Commits,
soners to open books Of subscription to the capital
stock OF a company 10 be called the " Rapid Transit
Company OF the City OF NeW-1OrA,' ana 10 Keep the
l. capital stock to be s1ooOoooo in shares OF 800
IL twothirds Of the capital is subscribed and
siOners will call meeting OF the stockholders and
cause an election Of 81 directors ~ be held VINO shall
proceed with the work.
II the amount of stock IL not subscribed and paid
for the Commissioners shall call meeting. to be COM
posed of Commissioners. the Governor the Mayor,
the Recorder the Controller, and the Chairman of the
Finance Committee of the Board of Aldermen, who shall
whether the city shall bear all or any portion
Of the cost Of rapid transit
10 II the meeting shall decide the city bearing all
the cost the people vote the affirmative or
tive at the next ensuing charter election and If il shall
decided that the city snail bear certain portion OF
the cost the people like manner shall vote for or
against 10. .
IL IL the vote OF the people decides in favor OF the
city paving the whole cost, the Commissioners shall
proceed and the Controller shall said cost out OF the
proceeds of issue OF 50 per cent Rapid Transit Con-
struction bonds"
~ II the city is TO pay certain part OF the cost the
city money shall be paid in for stock IN the Rapid Transit
Company in proportion its share in said subscription
and the Mayor shall vote thereon.
49, IL the people defeat the propositions for the city to
pay the whole certain part Of the cost the proposed
measure shall be considered as defeated.
H. In case company does all the work. the city to be
given 10 per OF the net profits of said company