New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-01
LOCAL MISCELLANY.
AN OLD SCHEME REVIVED.


TRENcH CAPITAL SAID TO HAVE BEEN PRoNlsEp
To nrrrp AN UNDERGROUND RAPID TRANSIT
ROAD-A CLAIM THAT THE CHARTER HAS MOI
LAPsED.
The Banaue Parisienne, Of Paris, is said to pave
made an agreement with o. Vandenburg' repre-
seniinp the New-Yorl Central Underground hai-
way Company, by which the Banque agrees thaV u
the company secures its legal rights, ana eApehus
$500. 600 upon the building Of the road u VIII
furnish the remaining capital TO an amount not eN-
ceedng 81. 600 900 ian first mortgage bonds neeoeu
to complete the road TO the Grand Central sfatlon'
The directors Of the Bsnque say that they nave
formed the most favorable conclusions as 10 lhe
financial wisdom of the scheme. but are at the same
time aware That great Interests are opposed TO H.
and strong efforts will be made TO overthrow II.
Mr. Vandenburg is represented in tins Guy
nv the law firm of Mcssrs. Sewel & Pierce,
of No. 2O6 Broadway. Mr.. SeweH was Wis
tied bv TRIBUNE reporter last evening
and made the following statements: The
original charter of tho road was granted ID
1868 and the limit Of time for tho building of the
funnel and putting the road in full operation was
fen wears. The route begins at City Hall Park,
with the pivlege of an opening TO the surface there
for depot. and extends under Centre, Mulberry
and other streets, reaching Fourth-aVe AT Nlhth-
st. or feminist, and extending uuo that 10
l.
one street 10 another II passes through private prop
crtv. An opening for depot at Unlon-SquaIe Is
authorized. The original incOporators purchased
some lots in BOnd-St. and made excavations LOT
beginning. But efforts 10 organize company LOT
building the road failed, for capital could not pc Sc
cured for the uutTed enterprise of tunnel, ana
fears Of lack Of patronage prevailed. At the fore
closure OF mort gage OF the property OF the lhcoI
porators in 1876, Mr.. Nandenbulg become puIII
franchises granted TO the original company
are vested in him. 10 also claims lhaJ
the limit Of time for building me ROAD
Is in allowance from the time the old company
was sold ont until new one IS formed, and hence
has two years to run. The enormous numDei OF
passengers carried by the elevated TJSds mas demon
strated to foreign capitalists that largo recclps are
10 be had forcsrryiuC persons IN this city and the
BauQue PauSeunc, after making careful inquiries
into the legal questions involved ana consuming
eminent engineers, has made tdc convention IutH-
fiOuc0 above. The BShQuc wrote 70 ms Guy Ior
The opinion Of Mcssrs. SewCll d Pierce, who gave
thc opinion that Mr.. Vandcnburg bad all the rights
oil the original company, and that lis franchise was
still good. MeSsrs. Evarts Southmayd ~ ChoaIe
were also consulted by the Banque, and gave me
opinion that the charter had lapSsd ana thus me
convention OF the Banque provides that ule letH
rights shall be secured before any money Is au-
Mr. Sewan also SAID that Mr.. Yandenburg is
soon coming TO this city TO organize COM
pauy for the work of making the tunnel !
the success of the depressed ROAD IN t0urth-aYei
above Flttieth-st removing all doubts. The tunnel
viii be large enough for four tracks. so that great
speed may be practicable and safe. IL Will be ven
tilafed by towers upon pfuClp'cs WHICH VIII secure
nta times full supply of fresh air. The general prn-
cjples OF the underground railways Of London Will
be followed, but with all possible improvements;
After the construction Of the tunnel nOrthwaTd
from the City Hall il is proposed 10 extend II down
t. the Battery beneath Broadway and provide
rapid transit along that thOToughfaro without any
of the obi,Ctonab bio features Of an elevated road
Mr. Seweli added that none Of the legal points IN
the matter could be adiudlcated IN the courts until
the work of construction should be begun, Whlch
ne believed would be soon, numbers OF con-
tractors have made proposals TO do the work.