New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-22
RAPID TRANSIT SCHEMES.

ABANDONMENT OF PLAN TO RAISE FUNDS FOR
TIE NETWORK CITY UNDERGROUND RAILWAY
CoMPASY-THE MORTGAGE CANCELED-DISCUS-
sIoNs OF THE COMMISSIONERS.
In proceedings begun in the Supreme Court
by the New-York City Central Underground Railway
Company against Jesse seligman and John Crosby
Brown individually, and trustees, James Boorman
Johnston, and Joseph Richardson, Justice Donohuc
granted an order cancel and set aside mortgage for
$50 900 900, made by the Company in 1872 This Com
papy was incorporated In 1868, and in lsI2 determined
TO proceed with the construction Of the road as soon as
sufficient capital could be obtained In order TO In
duce capitalists to aid the enterprise, the Com
pany authorized the issue OF bonds TO the
amount Of $4,000, 900, secured by mortgage
on the premises property, rights, franchises, and in
terests Of the road especially mentioned as The eht OF
way land buildings. and appurcnances, and the tolls
incomes and earnings OF the Company mo tunnel ana
railroad the Company described in the mortgage
as consisting OF two divsonsthe southern division ca
tending from the east line Of Broadway in the City Hall
Park to a point line continuous with the southerly
side OF Ffteenths and the northern division extending
from Fifteenthst TO the Harlem River The bonds on
the southern division limited to S5OOoO00 ana on
the northern division to S30,oO0O00 tis understood
that the action Of the Commissioners OF Kappa
Transit confirmed by the Common Council, fixing TIE
routes rapid transit and the decision OF the Cors
soners in favor Of elevated road, the reasons for
having this mortgage and for recOnserng the
action taken to issue bonds. An underground railroad 1t
10 believed will not be able TO secure capital for several
years come and the trustees 1t is stated desired to
be relieved from further responsibility.
Jesse SeligInan, John Crosby Brown, and II. NJ Alex
ander attorney for the trustees, not in the city last
evening Joseph eegman. one OF the Commissioners OF
Rapid Transit said that the representatives or this I'M
derground railroad had appeared before the Commits
soners and claimed the right OF way granted by
their charter He did not know the purpose
Of the Company in asking TO have this
mortgage Cancelled, but supposed that 1t
had been done for prudential II had been sup
posed at that English capital could he procured TO
huid the road hut the report of the engineers and
yeyors put the OF construction at such high figures
that capitalists declined TO invest in II, and the bonds
estimated to cost about $JOOO000 and the expense II
tunneng and removing rock and other obsructons was
a great iinpedimcnt in the way OF moneycd who
feared that the would pay aprod FOR many
years The views OF the Commissioners OF Rapd lrdDs
were also he favorable to an elevated road and
against underground road All the indications pointed
to postponement for Is or 20 years OF all schemes for
rapid transit through this city by means Oh an under
ground railroad. Certainly the elevated roads agreed
upon by the Commlssloners would DC constructed hrst
and fully tested before capital would be invested IN other
roads If in the course Of several years the people de-
manded additional roads-nnderground roads-the means
TO build them would be provided without certain know
edge OF the reasons which induced the trustees OF the
Central Underground Railway Company to abandon
their operations safe to assume that they saw the
drift Of and had shaped their course accordingly
REQUIREMENTS OF AN ELEVATED RAILROAD.
The Rapid Transit Commissioners discussed yester
day with the consulting engineers, Messrs. Newton
and Shreve the general requirements as 10 safety,
strength and convenience, which are to be insisted upon
IN the construction OF an elevated road The Commits
sioners have resolved to guard against every danger
which foresight and experience discern, and the
eneers spent days in preparing the details OF
The reauiremeDs which relate TO both the road and the
rolling stock, and which mostly technical The
engineers say that Of the plans before them would
meet their approval without improvements and changes
Representatives of the Greenwich Street and
Gilbert Companies before the Commission
ers Yesterday and discussed with them the requirements
presented by the engineers G. II. Jackson brought In
elaborate model Of the Lorens Safety Switch, which has
been adopted recently the Pennsylvania Central and
Reading Railroads. Mr. Newton said that this switch
was the only that should be used for the proposed
elevated railroad L. Hawkins presented plan Of
elevated cost 81 100000 FOR four ks from the
Battery to Harlem, including the rolling stock