The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-12
RAPID TRANSIT.

TIE UTILITY OF THE PROJECTED DEFERRED
CAPITAL" FUND-THZ COTTON EXCHANGE M
DoRsEs IT.
There was another lull yesterday In the discus.
OF the subject Of rapid transit. and 1t ID likely
that, until the Aldermanic and the Civil Eagi-
neers' Committees reports are made public, there
will be season OF quetude. during which the
tongues OF oratorical planners Will have holiday.
1t Is evident taat the movement OF the down
town merchants to procure a deferred stock'
fund Is progressing. Though Its action may APP
pear to others than the custodians OF subscription
lists like that OF q wounded snake, the latter know
that the project is meeting with encouI agement
on Oil Sides The plan proposed by Mr.. Drake and
readily adopted at the meeting OF merchants In
the Chamber OF Commerce, though often ex-
planned, seems not yet De plain to many people
VINO could aid 1t II they understood exactly
what 1t is desired to effect, and how it
Is expected to work out It's ultimate
purpose No matter what law the Legislature
snail pass 10 indicate the party to build iapld
transit railway, The aeierred stocK' lnRd If 1t Is
ra sed, VIII be useful III spurring on the WORK oil
building taat railway. II tne merchants can pro-
TO any private company. and even TO the city,
when Invested Ia lump In the bonds That must
te issued by the municipal corporation IL
IL Is authorized to oulld rapid tran
sit railway. The plan IS not new. IL
has beea a practIce among the incorporators or
railways and other institutions TO advertise that
they nave large sums, raised by voluntary SUBJ
scrlptlons aud secured by ''delerred STOCK" Ia
order TO float the bonds OF sucn projects. The
present subscription lists are open to all persons
wno eel that rapid transit will be OF great mon
etary value to them. 1t mas peen said
by property owners. speaking before the
Aldermanc Committee. that II would pay
ten If they could thus procure the boon OF rapid
transit. There Is nov every indication tnat they
Will supplied with II at sore time IN iuture but
IL is 10 their advantage 10 hasten mat time. Even
AFTER the Legislature snall have passed the Rail-
road law there VIII be delay beiore the con-
structlon can be begun, Tor the reason thai money
Will not be Immediately at hand Tor the Work, un-
less the deferred stockr iund raised. Ii TINS
fund Is procured 1t can be invested in any
scheme Is condded TO private company or TO the
Guy.
Inc plan TO raise the deferred capital" fund
met with a new encouragement yesterday at
meeting OF the Cotton Exchange. That body
adopted a resolution. presented by Mr.. Benjamin
=. BAKER, President OF the Cheap Transportation
Association. winch de Jared that the speedy &C
cvmplIsument oi rapid Transit between the eX-
tremes OF this city is an absolute necessity, and
ierred capitar' lund should De opened In the
Cotton Exchange.
meeting OF the subscribers to that Iund VIII
Soon be called by Mr. Z. L. Roosevelt, secretary OF
tue committee appointed at tue meeting IN the
Caamoer OF Commerce. for the purpose OF regu.
arly organizing an association, to which tile ques.
ton OF the distribution oil the money PLEDGED WILL
De referred at he proper time.
meeting VIII be held tnls evening at Brevoort
cussing the subject OF how rapid transit snouid De