The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-10
The Metropolitan Rapid Transit Com
pany to the Front.
THE THREE TIER CHARTER REVIVED
A Proposed Road from Bowling Green to
the Grand Central Depot
Action Of Tammany Hall and Tie Cheap
Transportation Committee.

public in the corporate body known as the Metro
poitan Transit Company, which. in a circular
under date OF March s, and in small pamphlet
entitled 'Onicial Statement" gives publicity to
Its aims and purposes. According to the latter,
the statute under which this company is organized
vests 1t with the right to construct an elevated
railroad, with two tracks, from Bowling Green to
the Grand Central Depot, IN the city of New york,
under chapter S33 OF Laws OF 1872. This is known
as the Swain three-tier Charter, which was granted,
IN the winter or the year mentioned. by the Legs-
atute NO immediate action was taken
under II, and the impression upon the
puOiic nina was that like some other Char
ters 1t had been obtained for the purpose
OF IN some way advancing the private interests OF
those engaged IN procuring IT, and without any
intention Of building the road subsequently
number OF capitalists ana business men, believing
IT could be made practically available, obtained
control OF it, and in July last appointed Board OF
Directors under the statute referred to. which Is
entitled can act TO authorize the Metropolitan
Transit Company to construct and operate certain
RAILROADS in tue city OF New YORK, and to construct
and use for railroad purposes two bridges across
the Harlem River" The charter of the company
provides for four distinct styles Of rai!roads:-
Firs-A depressed or underground railroad system,
to es ssS o s s s n9rs Of
road freight aepoi IN T. johns Fark and is 10 be built
mainly aiy througn private private properly; - .,.,
suspended from elevated tracks could be moved by
! Thisd-An elevated railroad system to be connected
with ,ne Nv, Two , first mfnSnea mang somoiaaSn
the route des gaated Tor the underground system ;,
the streets rom the other syles The law
ssrees this rs the only style 70 De allowed Church
a Board Of Engineers the power to Locale three Branch
to promote the public interest"
Section 4 OF the act reads as lollows:-
Cor orafio haro tod to-
aa % o an e s ay wh
Toa,esNCommencins at broadway at a point opposite
nds private e
Church street 10 Canal street; also from point
iine heretofore described ea.erly ana norlhery
asc At po nsr ss a. ana
and Connect With line '' here.oore de
Eleventh a to nd 70 ans M
f't tracks b ns a hSt
gh % @ street S nd via n the ne
lem River at Kinesbridge The exact location Of the
be sucn as is deemed most practicable and best
lated TO promote the pnoc interests by board 70 DC
Engineer Of the Croton Aqueduct and engineer he
necessary surveys ana maps tor determining the lines
said Of &c at @ sns n Of ne
ton hereby Created steam or other equivalent motive
The elevated railroads. branches herein Authorized
to be constructed ana operated.
THE PRESENT PURPOSE
/
struct road from Bowling Green, the route nxed
by the statute and the State Board Of Engineers
created thereby being through Church street TO
Canal; thence, via Wooster street aud University
place to Fourteenth street, thence following Broad.
way Fourth avenue to the Forty street de-
pot. The present organization OF the company Is
provisional, its purpose being to test the public
sentiment in this regard, by Offering Its stock and
bonds for public subscription at par on
THE FOLLOWING BASIS
All such subscriptions will be specially devoted to the
constructon ana Compliment OF me road along the route
above ndie S wnch mi equal In engh Ten miles OF
for viii be limited 100000 q stock ANA soO0O1
within amount specified, which is fifteen per
thsn le sy f he re
But the construction and equipment OF the above zine
estimate. Amer covering all EXPENSES ana claims prior
the above limit 81 stoeA and bonds applicable 70 con
ana ea are na d to U sn
estimates NO further issues OF capital stock bonds
the
ns Gs'F S ua sus al II The ns Stock set s
re na M BE- es By at
the above n, On ans basis s on beng
THIS railroad under SPECIAL safeguards. invited to fur
ns moiey or more OF the capital represented by the
pad in Ave nsialments, 70 the order Of Duncan
drawn from such fund except upon certidcate Of the
has @ copn M %
titled funds applicable to the mile specified IN
msnt Of twenty per cent and await completion Of thar
paying other instaments in the same way until
instalment Is due.
DIRECTORS AND OFFICERS.
1t Is proposed whenever sufficient stock or
bonds have been allotted TO pay for the first Sec
ton OF the elevated road that a meeting OF the
subscribers making the first payment shall be con.
vened to choose full board OF thirteen directors
from their own number. The board thus consti.
tuted will control the appon tment Of all the
officers and the agents OF the company. The con.
troll OF the funds VIII be in their hands and subse-
quent instruments called for as they find adyis-
abba
BENEFITS TO BE DERIVED
1t Is claimed that the time OF transit over this
route Will be reduced to fifteen minutes from
Bowling Green to the Grand Central depot. add
ing possibly five minutes for stops, with trains at
intervals OF not more than i've minutes On com.
peton o. the section south OF Fourteenth street.
connection can DE made ny horse cars or omni-
Dusses to the Grand central depot and time be
! reduced over the combined route TO thirty min
utes, making saving over the present time or
MErHvp OF CONSTRUCTION.
! In the construction OF the road It IS proposed to
support by means oil columns, located on the cur o.
stone line, a system OF elevated girded WORK, ana
SO far 1t will be similar TO the Greenwich Elevated
4 Road, the plans and patents Tor winch are IN the
/ control VI this company. the system adopted by
/ the corporation Is recommended by the special
committee OF the American society or civil En-
gineers in their report made IN February last, as
tie best mode rapid transit for the city OF New
York. Surveys and estimates OF the section south
OF Fourteenth street have been made sufficient 10
enable the execution Of contract Tor Its con-
structlon at SPECIFIC rate per mile, with expe-
rlenced parties which can be extended on the
same basis when the necessary capital Is secured.
/ Inis section is to be built WITHIN SIX months from
date OF pledge OF capital, and the section TO the
Grand Central depot Is 70 We completed within Six
additional mon tbs
PERSONNEL OF TIRE COMPANY.
The following stockholders have been appo!n ed
committee TO receive all subscriptions :-George
l.. tt ask, No. $50 Broadway; J. Wyman Jones. No.
/ l52 Broadway; U. Vibbard, No. 40 Broadway; :.
NJ Petlengl, No. 81 PARK row; s U. Jennings,
No. 152 Broadway; II. N. Camp, No. LOG Broad
way; Benson Ferris, Jr., Tarrytown, N. Y.
The state Board OF Engineers, as originally
constituted, were:-S. IL. Sweet, State Engl.
neer; Il. H. Tracy, City Engineer, ana q. 7. Har.
vey Company Engineer. The latter gentleman.
however, subsequently, resigned, with view VI
! taking charge Of tie business OF constructing the