The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-17
RAPID TRANSIT.
Meeting of the Deferred Capital FUND.-
Association Yesterday.
ITS FINAL ORGANIZATION.
ueeting Of the Municipal Reform Association
on the Subject Last Evening.

The New York Rapid Transit Association, whose
object Is to procure sum of money with which
TO purchase deferred interest bondsn OF some
elevated railway corporation and thus advance
the work OF that corporation met yesterday after
noon In the rooms OF the Chamber OF Commerce.
The proceedings were livelier than any that have
been had at any rapid transit meeriEg heretofore
Mr.. b. L. Alderman, who had hitherto acted as
chairman OF the meetings OF the subscribers, called
the meeting to order at about half past two
O'Clock. He then resigned his place, nominating
Alderman McCafierty to act In his stead. The
latter gentleman declined the honor OF being
chairman as Mr.. ]. M. Drake did also when
1t was subsequently proGered to him.
Finally Mr.. william II. Morrell nominated
Mr.. Gouverneur Morris to preside over
the meeting, and, upon being chosen unanimously
Mr.. Morris took the chair. The secretary OF the
previous meeting of the association, Mr.. Frank
G. Brown, not being present, Mr.. Charles II.
Roosevelt was, with some difficulty prevailed
upon to act In his stead. The minutes Of the
last meeting having been read and adopted, the
committee which was formed at that session to
draft a constitution and bylaws reported the form
OF a constitution. This having been read, as q
whole, BY secretary Roosevelt motion was made
that II be read again and each section OF 1t passed
upon without reference to the others. The first
section OF the document was then read and
adopted, when Mr.. Root moved that further action
upon 1t be
DEFERRED FOR A WEEK.
and that In the meantime the constitution, as pro.
posed, be printed and copies OF 1t be sent to the
subscribers, 30 that they might leisurely form
decisive opinions upon its provisions. There was
q running series OF remarks maze upon the mo-
ton, and some OF them so vehement that Mr..
Root became frightened, being mild old gentle
man, and withdrew The obnoxious proposition.
Then everybody appeared to be satisfied In some
sort, though not thoroughly for some Of the more
laxative OF the subscribers looked as they had
painful duty TO perform which acted upon them
somewhat as prlcEles hurt a barefooted boy. In
fact, there seemed to be something wrong
In the meeting; scowls were settled upon
the features OF some OF the members OF the asso-
ciatlon, and they were uneasy in their minds as
well az in their chairs. But the voting went on
quietly until the last section Of the constitution
was reached when 1t was discovered that II, as
written, provided that The Board OF Directors
should be elected at the annual meeting Of the
association on the third Monday Of March, unless
that day was holiday. Mr.. William Il. Morrell,
with an exquisite expression of acuteness such as
Sir Boyle Roche PROBABLY revealed at divers
times, remarked that "when that holiday which
fell on the regular meeting day was Sunday the
meeting would have to be postponed, OF cOurse;"
and he did not understand for some moments
that in this world OF leading ana follow
ing Sunday and Monday could not fall
together After Mr.. M0rrells mishap II
was suggested that the words third Monday
OF March," be stricken out OF the constitution,
and that the space occupied be left blank. Mr.. II.
N. Camp now remembered that some provision
had been made, explicitly or taci:!y, at the pre-.
vious meeting Of the association for the election
q MAJ f,nr md for
THE EIAAk QRG AVIATION
OF the subscribers to the Deferred Capital Fund.-
Mr.. Charles Il. Roosevelt agreed with Mr.. Camp,
and said he supposed the officers Of the associa.
ton would be elected at the present meeting The
latter saying OF the Secretary called Mr. MOrrell
reference to the time to elect the oilcers OF the
association. He then presented the following
resolution
Resolved That the selection OF permanent officers and
ions to the amount Of ST. 90 be procured
Mr.. Morrell remarked that he knew that there
are number OF wealthy men, some OF them capa-
BILE Of building rapid transit railway with their
own money, VINO would take part In the enter
assure themselves that the BODY OF the subscribers
was organized to pursue ITS object skiifullv and
with system , But sue, suGn men 4 they put large
trS aat hsS want to Of
tine large sums Of money which might be
put into your "fund" to men who simply
the association. have consulted with a number
Of the great capitalists oil this city and have
found that they are In favor OF rapid transit but
hold aloOf from this association because they have
hitherto had no evidence that IL Is
COHERENT IN MATERIAL
and action, and because 1t has not organized
formally. Let them but know that you have Or
ganized formally, so far as you eau 20 without
Sympathy with me scheme Of M
coming its main officers and supporters. But II
you elect your officers now you will deDar the great
and cautious capitalists from taking part with
you. Leave the selection OF officers over Tor week
now that we are go lar advanced toward perma-
nent organization ana some Of the most wealthy
men of this city will join this association. l am
authorized to pledge the credit OF several capital
ISIS upon your subscription lists upon certain
Will subscribe SIS, 900 to the scheme OF this assoc
clation when 1t gives evidence of approaching
place IN the Board Of Directors, where he I may
know what is done with his money. Beyond this
he would n he should enter the associa ia
when the route and plan for the railway
were approved BY the organization, II they
must get such men as the capitalists Aston, Van
derbilt, Stewart and others into accord with u.s.
rapid transit projects Tor Years II thew CHOOSE to
combine. But Mr.. Astor IavOrs the laying out Of
an avenue for rapid transit railway, Commodore
stewart is only determined that railway OF such
character shall not pass his property on Broad
cooperation Of the other great capitalists ant
stewart would not be able TO
"BLOCK THE WHEELS OF RAPID TRANSIT'
n Broadway or Fourth avenue, below his property,
was found part OF the best route for the railway.
Jacob Cohen arose now and seemed mao, II
his child like and bland, features can ever
sustain the marx OF anger. He wanted TO make
an explanation, and he appealed to everybody for
the opportunity to make 1t. He knew he was out
OF order, he said, for mis- knowedge OF parlia.
mentary law Is not limited, but Mr.. Morrel had
been out of order and still had been allowed to
speak. He wanted to explain ana he felt, he SAID,
that the fate OF the association was resting upon
what he should say. But, alackl he was
declared out OF order and he sat down, but de-
clared that he would explain" before the meet
ing was over. Mr.. M0rrell, seeing that his resolu
ton was causing bedlam.like scene IN the meet
ing, Withdrew 1t from the consideration OF the
association. Yet. after some more loud and earn
est taking, Its purp0rt was adopted by the meet
ing, which decreed that the words ''the fourth
Tuesday Of March" take the place OF the words
which were excused from the last section OF the
constitution. The constitution was now adopted
IA . whole but It's period OF tribulation was not
yet over. as Will be learned rom the report OF the
n tnr acft = ha man