The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-23
RAPID TRANSIT.
Public Opinion of the English Syn
dicate's Project.
THE UNDERGROUND RAILWAY
What the Officers Of the Elevated
Roads Say Of It.

ground railway under tho charter OF the Central
Underground Railway company created a good deal
OF excitement IN rapid transit circles Underground
railroad stock has been selling very low late ana
there has boen SO little said on tho subject public
print that tho TACT OF such charter being In existence
was really only known TO those directly interested In
the scheme. There were many people, however, who
were delighted with tho and very nnch pIeased
at the idea OF being carried from the City Hall TO the
Harlem River VIA an underground road in from twenty
five to thirty minutes As rule. the gentlemen in.
terested in the Gilbert and New York Elevated roads
rather laughed at the whole idea and appeared 10
think II was canard, as they stated that English
capitalists could never be induced to put any money
in an underground railway IN this city, II was prac-
tcay impossible unless constructed at such enor-
nous expense that tho business would not pay inter-
est on tho investment IL was also stated that
English capitalists, especially Sir Edward Watkin
who mas been in this city and personally investigated
the underground railway scheme, would never
take hold OF charter which had vir
tually expired, as Its specifications had not
been carried out Again, they added the
most competent engineers in this country have thor
oughly sted tho ensibilty of the project and nearly
all have agreed that IL was mprlctcabe except at such
an enormous outlay OF capital that its business would
never give dividend. or course those statements
were chiefly made by those directly interested in tho
success OF elevated railroads, which they claim are
tho only practicable means of rapid transit In this
city. Mr. vandenburgh, tho gentleman who purchased
tho rights and property OF the New York Central I'm.
foreground Railway Company under foreclosure sale
In 1870, and with whom the English capitalists have
been negotiating Tor the past months was yester.
day tho recipient OF many congratulations from hs
friends, and was naturally much pleased that his ia
vorte scheme was at last to be carried out He
rather laughed at tho statement disputing the
validity OF tho charter, ana added that he
perfectly agreed with the gentlemen who
sud English capitalists would be very foolish
TO take hold OF a charter which had passed out of
existence, but IN tn,s instance the capitalists had
satisfied themselves completely with the validity OF
the charter andits rights and franchises before they
concluded their negotiations 1t was also suggested
that appeared rather strange that knglsh capitalists
should be willing to invest $50 600 900 American
enterprise in which there American capital at
stake The estimates OF tho cost OF the undertaking
varied considerably as although some rated nigh
as 100000 per mile, there others said they
would like to take the contract at 81 000 ana be.
licved II could DO done for 81, 500 900
COLONEL rELroN's VIEWS
visitor to the Office Of tho Now York Elevated
Railway Company found Colonel Pelton in his ONCE
and lie kindly consented TO give tho HERALD any in
formation that he had on the subject Tho following
conversation with the reporter ensucd:-
REroRrxR-I suppose. Colonel you noticed tho cable
despatch in his mornings HERALD relating to the
Underground Railway?
Colonel PELroN-Yes, indeed did, and was rather
amused at first, could understand she possi-
bilsy OF English capitalists Investing their money In
IN enterprise under charter which had expired
REroRrER-Are you certain that the charter has
expircdY
Colonel PELrox-By the charter OF 1869 they wore
allowed two years In which to commence the work
and certain tme in which TO complete it, but as
nothing was done in that time tho charter became
vaueless by limitation, even counting the extension
by the amendment In fact, thoy were mover able 10
eet any money to carry out the work. the cost OF
construction would be so enormous that the business
would never pay fair interest on tho Investment
Why, Mr. Vanderbilt so formed the idea TO bud an
underground railway from the City HILL TO F.rty-
second street, and would have spent Ave or six mill.
ions tho work, but when his engineers reported
that would cost ten or eleven millions he gave up
tho scheme.
REroRrER-But l understand that the English capt.
tallsts satisfied that their scheme good one
Colonel PELroS-i Is so good It IS rather extraor
binary that they did not take II ~ before When Sir
Edward WatKn was before the Rapid Transit Com
missonin 1876 he gave his Views IN relation
ground railways, and although the commission were
really anxious to have him take hold Of the aud
would probably have followed any suggestions no
might have made IN regard to route he declined 10
touch IT, us he did not think II profitable investment
for the busness would never be able TO pay fair In.
torcst on the immense cost Of construction. When
he had such an opportunity as that can hardly I'M
derstand how ho could be induced to takc hold OF
expired charter
WILL THE scmraE nE CARRIED QUIZ
REroRrER-fhen you do not think that this scheme
VIII DO carried outY
Colonel PlLroy-- No. / do not as 1 believe that an
underground railway in this city is plainly impracti
cable. About 1870 tho parcs that tho cnartcr
such men as William b. Ogden. William Z. Dodge,
Marshall o. Roberts, Louis u. Brown, Brown Bros,
Jay Cooke & Co., and Duncan, Sherman e. Co., made
every effort TO construct the road and not indipg
sufficient funds in this city, applied for English c7pi-
tai An engineer was sent over from tho other side
TO examine the nature OF the isand and after he had
his report the capitalists declined 10 touch tho
work. they did not deem IL pron table vcslinent
Again, when tho Rapid Transit Compission was in
session. uy empowered, found In cnupcr COG OF tho
Laws VI 1875 to givo the city rapid transit, they
considered tho question thoroughly, and, ind
irs no prospect oil assistance from SIR
Edward WatKin or other capitalists for underground
RAILWAY, they laid out tho plans Of an elevated rail-
way which should span Inc Guy, commencing at the
South Terry and passing through Front and Pearl New
Bowery, chatham square. Bowery aud Third avenue
10 Harlem River, ana also line from south ferry
avenues TO kngsbridgc, with branches TO the Fulton
ferry, down Chatham street to CITY Hall, 10 the
rhlry-fourth street ferry. through For,y.second
street TO Grand Central Dopol, through Ninety sec
ond street to Astoria Jerry and from lsgth street at
Third avenue, across the Harlem River TO the depot OF
tho Portch ester brancn 0i the New York and New
Haven Railroad. Tho RAPID 1rnnsit Commission
selected the above route they believed u the most
practicable system as mo uhnergrounu railway oouid
REPoRTER-In short C0IVncl fcltoh, you nave no
iaith IN Underground railways 10 New York;
Colonel PELroN-No certainly have not, and cs-
pccialiy any one that Is the hobby oil Mr. NanGcn-
burgn, as he is monomaniac on that subject lie
never procured a charter ia hts ME- and only got
tins aiter II was abandoned by responsible men, aud
he trumpcd up a clam and procured judgment. as II
was never defended lie then bought the charter un-
der foreclosure sale, although as before stated the
right TO construct aud complete railway has long
since expired.
SUCCESSFUL ELEVATED ROADS
RrPoRTgR-ivw Is the New York Elevated Railway
getting nlonsy
Colencl fELroy-Wo have reason TO mnko any
complaints, Us We have more traffic than
CO modate. The road between the Battery ana Fity-
putn street IS now carrying from eleven thoussnd 10
twelve thousand passengers daily. smoking cars
put yesterday on thc thrcccar trains
running between the Battery ana Fifty ninth street
IRON hall past seven 10 halipas ten A. NJ aud Jour to
IN tue afternoon. The foundations Tor double
tracking the existing line between tho Battery and
Fynin street all In except at tho place near
the Pacific Hotel, where they have been delayed by
legal proceedings and ono other points where
gas and water pipes are In tho way Except Tor that
Inc foundations would be all lard in a lew days ON
the east sidc, from tho Junction at Whitehall and