New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-28
RAPID TRANSIT FRANCHISE.
IT WILL BE SOLD TOMORROW.
Mr.. STEINwAY THINKS THAT TWO sYND-CATES

MI. STEINWAY THINKS THAT TWO SYND-CATES
WILL BID FOR IT.
The auction sale OF the underground railroad fran
ohise. to be held in the City Hall at noon tomorrow
by the Rapid Transit Commission is subject OF much
speculation notwithstanding the fact that much mas
been said about the franchise being bought In order 10
secure Ii and hold il. without undertaking to Dna
an underground railroad ali. the commissioners de-
clare that such action has been provided against TO
that II Will be impossible for any Spectator to bd II
IN aud hol il without carrying cut the work Wiiiian
Steinway IS confident that there viii be several bidders
AZ the sale and that the franchise Will he sold. n
prospective bidder whose name Mr.. Stcinway refused
10 give. visited him yesterday. When asked - whom
lie thought the franchise would be sold. Mr. steinway
replied that he believed that two syndicatcS. one
foreign ana the other American, which he had In
mind. were most likely TO be the real competitors
for the franchise.
AS as the sale has been made said Mr..
stcnway, the purchaser win be required to pay 10
per cent Of the amount of the bid for the franchise,
and within five days after notice to deposit Fl OOOO'O
In cash securities. approved by the Commissioners
as guarantee Of full compliance with the terms OF
the sale. Within thirty dnys additional sum OF
nearly Sl15,0 muSt be paid by the purchasers Inc
object OF the payment OF this Of $4,000 Is not
generally understood II Is intended to cover all the
OUTLAWS thus far incurred by tho Rapid Transit COM
mission This the entire work OF getting up
the detailed plans. This sum also includes the com
pcnsation of 5000 u cach of the commissioners
for his years OF work. GXed by IN" General
Term Of the Supreme Court week or two ago of
this is 10 be paid to the Commissioners
only in case the franchise T. sold; otherwise they
get no compensation. Furthermore this sum- includ-
Ing the irrevocabe aluttng property owners consent
and the full engineers work into the mnutcst en-
cheering detail. is less than one hall what II would
have cost any private corporation. and saves at
least years time in preparing for the construction
Of the road The work has been done by TIE BEST
engineering talent In the country. AS the plans no"
stand thoroughly completed IN every detail the WORN
can be began within twcn:yfOur hours ier the s'ie
las been completed, If necessary
at should he undci stood tat there can b. no 'rh'
with the franchise II the person, who purchase II 90
Lo so on W tn the X the Commission re can put he
franchise UP al auction again. Something has been SiiI
about municipal ownership OF the FRANCHISE ol
course the Commissioners can do nothing about that
Moreover IL WOuM bee feasible under the Pieseiit
act. and under all circumstances private OWNERSHIP
would be best. The road II built is sure 10 create
much new traffic. Business who now mug over
"A bar or counter at lunch time and eat p, VIII De aJe
TO take an express train to their homes at the i'h'""
hour" -,
a month ago by about 100 p.rsOns interested IN the
sale OF the franchise. believing that The sale wa TO
take place on November 20, tncy SLED tn, corridors OF
tie City Hall. When asked 10 cNpain lher p'esente
they said that they had come 20 attend me SAFE oil le
Franchise. They Informed that they were just
one month too caIIy.