New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-27
RAPID TRANSIT PLANS.
RMS EXPECTED FOR THE UNDERGROUND
FRANCHISE.
10 OPPOSITION FROM THE MANHATTAN COM


PANY-THE ELEVATED ROADS TO
BE IMPROVED.
The question Of rapid transit in this city IN the
future may have important light thrown upon ~
bv the result of the auction Of the underground
franchise to be held by the Rapid Transit Com
mission at the City Hall on Thursday There has
hecn apparent apathy on the part of some large
capitalists with regard to the charter to be Sold
hut William Stcnway, chairman Of the com
mission, now has strong hopes that there will be
several bids made In good faith. The attitude
Of the elevated railway interests toward the
franchise that is offered has been the subject oil
much speculation, and various rumors were rlie
in Wall Street last week, owing to the sharp adj
vance in the price Of Manhattan Railway stock
The prominent managers Of the elevated system
will not discuss the matter freely. but they say
that they intend 70 do nothing 10 throw obsta-
cles in the way of capitalists who choose to take
an interest in the underground scheme.
Nevertheless it is generally believed that the
Manhattan people have. by their unofficial IN
luencc helped to encourage the apparent lndl'-
ference Of capital The appointment Of special
committee Of the company, headed by j. Pier-
pont Morgan, 10 provide for increase OF facili-
ties on the elevated roads has been regarded az
significant of the indifference. if not hostility,
ground plan It was reported in Wall Street On
Saturday that the Manhattan interests had
decided 70 make bid for the Underground fran
chise in order to secure it and hang it " in the
air" The Rapid Transit Commissioners how
ever, say that the terms Of the sale are such as
10 prevent any operation Of the sort. Russell
SAGE ore Of the members Of the Manhattan
special committee, yesterday denied that there
was any foundation for the story. Mr. sage
said that the Manhattan directors did not pro-
pose TO attempt TO thwart the underground enter
prise if capital could be found 10 engage in 1t,
but it is understood that lie docs not expect the
sale on Thursday 70 be success Til" members
Of the Manhattan committee refuse to disclose
their plans for the enlargement Of facilities. IL
il understood, however that they are contem-
plating propositions for the extension OF the
present lines Of elevated roads and the establish
ment Of new routes, provided authority can De
secured The temper of the public mind, it is
Thought. will be moro favorable 10 this scheme
when application Is made by conservative bank
inr interests such a. would bc represented by
Drexcl Morgan & Co, than when JAY Could
outlined to the Rapid Transit Commission some
time ago his ideas as 70 the best methods OF
securing increased rapid transit facilities for
the CITY II Is probable that any action that
will be taken by the Manhattan Company after
tho special committee reports TO the directors
will he in pursuance Of the general scheme OF
Nr Could This plan il Is expected. VIII tho more
readily appeal 70 public sentiment and the
authorities in case there are no satisfactory Dids
for the underground franchise on Thursday
Russell Sage however. Says that even should tho
underground enterprise lie undertaken the elevated
railway managers will continue 10 push their
project Of developing the present lines OF mid-air
transit I'm the belief that II Is the best ana can
lie made the most satisfactory system of rapid
transit TO tie public
Wirliom Sionway said yesterday that he had
reached the belief that there would be several
bi1s made for tho underground charter The
lacli Of interest in the coming auction was more
opparent than real Hundreds Of copies Of the
,crus and specifications OF the sale had been
distributed in response 20 requests from Substantial
copitali.fs Inquiries on tie subject had come
from Europe cycn and it WAS a mistake TO sup
| D.. so that tho Commissions plans would fan Mt
| S.,inwav WIS impressed 10y the significance OF
| ;qsuiric- made %, late a. last Friday by TWO
different men who represented synIicat'S. lie
l..lin.l 10 sneak more in detail respecting the
iocr.st, irouilins but said that he believed that
or. NJ them represents European capital. The
p,rtcl,r point of th" two inquiries. made NJ an
! f,rcut time. and Independently OF each oti'r, re-
! St.d T.. nh, question Of consents from abuttlng
! .,..' r,,-,',yn.r- Mr. Sirluway said that he
| ,hou.ht the inquirrrs wcrr thoroughly sat'h'u
! l. the information given on THIS point. year
| o-o th, opposition 10 tte tunrclng oil Nlall~oh-
| pve WIS started by property n"rs VINO VIZ
.oiu,d by all %" opp"n"ut7 ot the ult'Si D. .i
! .clrrr Tie supreme Court last winter app )ihV'l
/ , commission 10 DIS upon the matter IN lieu OF
! tl. consent ~ prop'rty-ownerS III" commission
held almost daily -'~-On~ for more tnan month,
| and reported it- consent. In leu Of the coneh'
| 81 rrop.rtv-owucrs. on luu" -. In the follow,
| ing jail, the report confirmed by the Oeneril
! form 81 tie Supreme Court. Nh St"inwaN SaId
! This ildlcial consent i'm lieu Of the consent oil
nil admitting proLrrty-oWncrs prevents an" ulaN'S
! limos, iblr ali future filtration on that score"
! Nr Stcinway also called attention 70 the lar
! that tie Rapid Transit Commissions had pro|lu'u
| tint tho forfeit deposit required wn"n thc lIah-
| chisc shall tc sold need not be in cash. Ont may
| 10 made in the form OF nrSt-claSs securities
| Tvnr,- prccautinu had been taken IN the terms
| ~ tb. .,l, ~ protoct the ciys rights. but this
nrovi ,.on was important NJ this 1uncture IN con-
sidnrng the attitude of capitalists, because or the
| recent condition Of tho money market ana mo
| possibility cf trouble growing ont or the fahaiha
| Canal complications in France.
! In r.cnrd 10 the report that the underground
| charter nigh. be- bought M the sale with pur-
| nose 70 smother il, Mr. Stcinway said that such
| scheme was not feasible. The Rapid Transit
! Commission required the payment a; once or 10
r,r conf Of the amount bid for the franchise, anu
| ,yithin five DAYS after notice the deposit OF
II 600 600 in cash. or securities approved by the
| commissioners. rs guarantee OF full COM
| plinucn with the terms of the sale. within
thirty DAYS an additional sum of nearly 81 5000
| * the RapA Transit Commission alone has au-
| thority 10 grant any extension of time Tor com
netinr the dilcrcn, sections OF the pgopoNei road,
| Vr Steinwnv said there could he no attempt 70
| tri0c with the auction OF 'hc franchise, and he
dil not believe any would be made.