San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-12-29
PRICE So a. Year
A Gigantic Franchise.

New YORK, Dec. 29.-The greatest fran
chise sale in American history is to take
place today on the steps of New York
City Hall, and the rights which will be
sold include the building of a great I'M
foreground system of rapid transit. The
commissioners who will supervise the
sale today are Messrs S~teinway, John III.
Starin, Samuel Spencer, John Fl. Inman
and the secretary Eugene III. Bush. The
FRANCHISE will be auctione6o off promptly
at noon. The lease will be for 999 years
and the purchaser will be required to pay
over on the spot ten pee cent OF his bud
and to deposit with the COmntroller with
In five days the sum OF 100000 as a
guarantee OF his full compliance with the
terms OF sale. The balance Of the bid in
thirty days. III these sums are not paid
on time the purchaser will be considered
to have Abandoned the bid and the auc-
ton will be held again. The purchaser
must within two months after the ap-
prevail Of the sale organize a corporation
to construct, maintain and operate the
road under chapter 4 Of the laws of 1891.
The corporation shall have a capital
stock Of S50,0OO.O 900 In one hundred dollar
shares, and the maximum amount of the
bonded Indebtedness which 1t shall be
authorized to incur is also $4,000, 900.
The freight rates are twenty cents a ton
per mile In carload lots and five cents per
one hundred pounds for smaller lots, but
twenty-fi five cents is the proper charge for
a single package. Work shall be at all
times under the Snpe rviSion Of engineers
appointed by the commission whose sala-
ries must be paid by the corporation.
The corporation must, before beginning
work on the road, give a bond of s 100000
to the Mayor, binding il to replace in
their original condition the streets and
avenues it may disturb, and to pay the
city or individuals any damage TO proper.
ty.
Work must be begun by the corporation
within four months after the acceptance
of the bid, and the road must be finished
and in running, operation over the entire
route within five years as follows: Be
tween City Hall and fourteenth street in
two years; south of City Hall between
fourteenth and fifteenth streets, west
side, and between fourteenth and forty
third streets, east side, within three
years: from ffty-ninth street to the Har-
lem river within four years; and to the
end of the route in five years. The Board
may extend these dates II IL deems such
action for the best interests Of the city.
The corporation must have its main
office and be taxed on its property In the
City OF New York. 1t must carry b
mails II the Postmaster General so re-
quests at a rate to be either fixed among
themselves or by a commission to be APP
pUluleu ny tue UONeTDOT, Inc HlebnOu
of construction from south Ferry to
thirty fourth street along Broadway and
in fourth avenue above thirty street is
to be by ~tunnelling without disturbing
the surface Of the street. Excavations
along fourth avenue below thirth- fourth
street, and in all streets and avenues be-
low thirty fourth street, east and west,
may be made from the surface, and this
may be done in case of necessity in Broad
way at Canal and at Beaver streets.
Precautions must be taken at every part
Of the route to prevent damage TO build
ings. New foundations must be builtif
necessary. The moters must be powerful
enough TO readily start a train of eight
cars, each weighing In addition to its
load OF passengers not less thar thirty
thousand pounds on a gradient with a
rise of one and a half feet in one hundred
and must be able to keep the train going
at forty miles an hour. The details Of
the rolling stock, appointments of sta
tions, etc, are left TO the corporation up
on the approval of the Board. Where
there is a rise of over twenty feet from
the station platform to the street eleva-
tors must be provided.