The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-08

transit s swho are the financial hackers WIN hav,
agreed furnish the captalY" II was universally fclt
that tho hackers be very rich capitalists indeed
else the Commissioners OF Rapid Transit, caution,
and slrrewi men that they are would speak with
such great confidence OF the readiness OF tn,
requisite money. The President Mr. Joseph selg
man. one Of tho soundest Gnanciers in the country
was of course especially good judge OF the financial
ability of the various capitalists who before him.
and the Commissioners acknowledge that in this
spect his knowledge and ripe experience OF incst
mable value The HERALD this morning is enabled "a
give tho of the principal hackers OF both rail-
way companies
The HACKERS" or THE NEW YORK COMPANY.
With regard to the Greenwich street road almoS
sufficient say that the present stockholders who
very wealthy men, will furnish OF tho capital
Mr. David Bows, the wel-known provision dealer;
Mr. John F. Tracy President OF the Rock Island Rail.
road w. l.. Scott Of the largest owners Of tho
Lake Shore road; d. NJ Barney, President of the
United States Express Company, and A. S. Barnes
these are the names of the principal stockholders
are perfectly able TO furnish the eight
or ten millions which the Ninth and
Third avenue roads expected to cost and they have
assured the Commissioners that they willing to do
AT the same time cannot be doubted that Other
captalists-and friends Of rapid transit who would like
to do something toward the realization OF their favor6
obicctwill be allowed to contribute toward the fund
Commodore c. X. Garrison, one Of the most devoted
friends of the people in this of rapid transit and
to whose tact the harmonious agreement between the
two companies is in great owing is expected
subscribe largely the stock although his prncpn
interest said to lie largely with the Gilbert enterprise
He will probably be heavily interested in both. Then
Peter Cooper and number of wealthy residents at
Fort Washington like Charles O'Conor, Mr.. Haven and
iIa I,, tha
OF the company.
'BACKERsn or GILBERT COMPANY
So much for the New York Elevated Company. As
regards tho Gilbert heaviest hackers to be Com
modore Garrison who has already been alluded to;
Jose +. Navarro, President OF the Commercial Ware
house Company; George W. Pullman, the palace car
man; A. NJ. Billings, of Chicago, and some others who
prefer to remain in the background for the present
and until the company is in fair way to ITS
organization Commodore Vanderbilt and Mr.. A. T.
Stewart, it can be definitely stated will give
dollar toward this object although the first is frequently
mentioned in connection with the matter. John II.
Hail. the rich paper manufacturer, will also subscribe
largely to the rapid transit stock
COMMODORE c. X. GARRISON.
Commodore &. X. Garrison says that he has not
the slightest doubt that the three elevated railways will
soon be built unless some unforeseen legal
difficulties should present themselves The pres
ent difficulties which the Third Avenue
Horse Car Company would make, he thought could be
speedily removed and the opposition of that monopoly
would be utterly useless In his opinion il was an error
to suppose that the consent of the property owners
on Third avenue would be necessary. The road could
be built that without their consent by vir-
tue of the original charter of the New York Elevated
Railroad In his estimation the routes selected could
not possibly have been improved upon. He did not
think that the east side road would be built on tho
Second avenue, as it manifest that the Third would
be the most convenient and pay the best The ques-
ton that presented itself whether the interests OF
million people should be sacrificed to those Of
Messrs Phillips, Hart and one or two others The
routes had been fixed with the concurrence of the
itaists who were TO furnish the money, and If the
structure decrecd by the Commission pleased them
also, which to be expected, no doubt could be en-
tertaned regarding the speedy building of the elevated
roads in those three The matter would prob
ably have to 90 before the courts, but he thought it
would be speedily settled. As to the Third Avenue
Horse Car Company he thought il would still continue to
do a good business the short travel In any case, it'd
had already made four or five times as much out
OF ii as it originally cost
WHAT MR.. NAVARRO SAYS.
Mr.. Navarro frankly admitted that he would put
'some money into the Gilbert Elevated road, although
he modcsy denied that he one of its principal
hackers" He said the reason why the Gilbert road
had not been built the great expcnsiveness of tho
structure. This could be considerably modified, although
its strength could be further increased The structure
proposed would be five times stronger than that
of the Greenwich street road and twice as strong AZ
that proposed by the American Society of Civil En-
gnecrs The present ratio of weight to structure
in the of the Greenwich road, 400 pounds of NOV
ing weight TO neal foot and the strength proposed
600 pounds. Mr. Navarro also declared that there
doubt to readiness of the requisite capital
He knew many very wealthy CAPITALISTS who were anx-
ious invest money in this road aud his friends would
subscribe largely TO the stock The only way now Of
defeating the building of the roads to adopt too
expensive structure In that capitalists would
again decline to embark in the scheme.
GREENWICH STREET ROAD.
One of the most assuring signs OF the great success OF
the elevated roads he built is the slowly but
steadily increasing prosperity Of the Greenwich street
road lfrapd transit is pecunary success on this Short
'oncJaggedN concern, III an Out-Ofthe-way locality,
what ii be the golden harvest the Third and Sixth
avenues? Even last year this little road paid toleaby
we'll and its traffic increases every day astonshngy.
In July 1S74-we quote the official figures given by
Secretary Cowng-the number of passengers carried
3}1 July, 1875 it 105 665 August, 1874
it was 81 2s4; in August 1875 il l0l 3l5-a gain
of sixty per in each The extension to Sixty
first street Will be finished in little over month, and
trans will be run to Fifty ninth street and after
% BY the LIST of October trains will he
Forty street The probable cost of the Sixth
and Third avenue roads Mr.. Cowing places
about 100000 per mile There are
still twenty-five miles to be built in
Guiding squares and sidngs, which will bring the cost
up to So 600 900. The total expenditure, Mr.. Cowina
thinks will be less than ten millions, to which amount
the company is entitled to increase its capital
very important point is that Mr.. Cowing thinks
the company will not charge than ten cents fol
the full ride although it allowed TO charge seventeen
cents This would enable people to ride to Kings
bridge and TO the Harlem River for ten cents and tho
aborcrs in the morning and evening for five cents,
which H. even one cent than they paying now
on the slow street Mr.. Cowing thinks that tho
policy Of cheap fares will be adopted by the company in
its own interest
THE GRAND JURY.