New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-29
THERE MAY BE NO BIDDERS.
ACTION SAIL CT THE UNDERiROt ND
FRANCHISE
-,x,vc1ETs SEE no HOPE FOR EARLY E\flp
rp,ysIT-RosY VIEWS OF Mr. sTEiNWAN'

rRANsIT-ROSY VIEWS OF Mr. sIhiN"N''
~. oucstion whether New York will have an
dorround system Of rapid transit WITHIN Sno''
800 will be practically settled today III 'hc NN
III Encene /. Bushe. one Of the members VI Wv
no.. transit Commission. VIII at noon oher ir
~, - public auction the underground fiahem''''
nm. Of the sale have already been published Ill
-" rAurs An the members Of the commission. except
-, ,,oinvav refused to talk about the proD'oh'H VI
~ ~, hc,ng effected to-day. Many persons 'h'"N
-, ,here will be no bidders. MI. stelh""F' pre-
. =, the commission. is not one OF 'iosc "c -
Ito confident that there Will be seNeial p'uNoi'
w. 40, the franchise will be sid. lie beheN's
III" ~, ,orn,, of sale and specifications have breh
'"'' sa,,,rv drawn that the cty will be amply pro
~. against INSCRIPTIONS bidders VINO hs"'
- % smother the Whole rapid transit soh'"V ~
~.r-hasing the franchise ana holding H.
- pct,on sale to-day may not he final sections
"a and u Of the terms OF sale when PoNI'' "e'''
,v undue haste, are aS follows 1870.
.,6. The bidding will be kept open after IN" fs"'S
,,.,sses and franchises have been struck down. ana
80 the purchaser falls 80 comply with any Oh 'h'
- conditions Of sale. said rights. privileges ana
],o,chses will again be put up fr s"e "u"V Wv
,,o.,;o, NJ saId Board OF Rapid TRANSIT h"'r''N'
commissioners under the same terms oil saie' anu s
hase, viii he held liable for any deficiency there
80, no between the sums FOR which said nsh'S' PRIV
lee. and franchises shall be struck down upon tle
-, and that for which they may be purchased on 'nS
soie and also ior any expenses occurring on stu IT,
sale. . r.i,,,ol commits
sinners reserves 10 itself the tight 10 reject an pus u
,ea5yerilse the SAID rights privileges ana nun
-, s,,c under the same different terms Of AZ a'
zen ~ II NAV deem necessary In the interest," Vi 81"
~ % ve,r Nori, and said beard will only acc'p' '"d
MA which undcr all circumstances, IN IL oPh"" j.
,, most advantageous to the public ana IN oi'E 81
Vow Yort Ii such I'D be rejected inc aho""' P'''
VII 4 po sentiment Of the banking community 80 i2r d
II given In uuoid n'rIohTp% o,d transit iran,
@hiSe for an under1 oupd ROAD today th rhen'e
not put themselves on it@ri a. op"S, o hIy,yc mat
or viii fhcv slv public' that thrN 40 hVt u'Sr "t
bidders viii be hand NJ the liy li"il ned t
mere :. u" ,n iSca that here will 10 any substantial
IA I'D me prevn hnc feeling i tiA' thC a'ut'' W
capitalists al present Is "oX Va tc "a" De- found in
~ -, ~ ,he .yudiCtrs which some Of ne Kappa
Transit Commissioners hope wll py II rsIlaUcc
nd i.5n III private drclara'ions OF pm.
inet lahcr notno ne M.ia',H a.
am,n5 hddeis Win tic,e Two elements S'ahHins
ASIDE The M,nP%c - 10 lo extremely small.
me- Small "a s, extremely unfavorahe 10 thc com
Tito, ~ di>tnclv f,-pcn capital with home monrNcd
ne, Too,. ar, Zines when the Sanguine hoiis OF
Trr,roa1 rad,asis Lad to the dew lornci OF Nh'cr
-s ysoc', in Dhe fac If 9a early m i, a.
en-: infuen - that hal- iahnk VII "peinie aeaS'
th- aesrs,ions OF ios,.Sn capital ne M ~ r'l
Cue ~, Canal scaal M ;icc,cd al ise European
bNr,es with feeling oil anxiety hiu Uoupt, 'it% ~
otertion Of Tie graf bankers on The other 'oe "l
The ocean X conccnlra,rd upon the dcvhoPmGnl,
TAI may possibly anoct ter local Interests. me-
bile, dom IT. which IN some quarters Is ADMITTED WIN
rf,Stonr. 10 exist 3, ne uncertainty thai foreign
raTial + row exhibiting "a nm c@n witt the curl ',I
n-ol,r,S ht0.s. American people. ana uc l"SSIit
ies sEti n'''' may '' ~,~ro n,,,x -,
American capital The capital required ior tlg con
s,ruction q underground system I'll la't tlLOdnS
,ironeh tIe leadership If men Of wealth who are
known IN the financial world. and can ccmulanu d
f0love The magnitude Of the ihVrNlmtn' re-" nn,
great capital q, nuci, iu; capital in the hands u
from ihe lesser capiaist'' "AV'e SoVp iTiio' -,
sh-olutely necessary. This so't Of leadership; ~ =
easly cen loses some Of IFS strongest po'Ni1h,ta
when ,he Manhattan Elevated SYSTEM comnalhls thc
devotion OF DrexcL Morgan & CO., ana me slr''rt
WIIay & Whitney and hl, friends The two inter
e.ts are Ytval 20 some extent but their rivalry ""
hands. In consequence the devotion on WORK 20 III, n'
rr3dialie extension o. Ole~lies 10 who's" deNelop
s,nt they are already committed. They can ahorl
C4cr transit facilities or until their existing en-
Tise are ia such assured position, a. u IhdH' '"'"
II i, alleged 10y mguv banker, that tie turnci
scheme Of rapid transit do, nJ "her enough a.
CURED. The project Involves an Immediate ili'tor
n,nt o. 70 large sun. A. VIII give %" return for ~"' 70
oral year. II Is lrrci. ana there arr risk, mt"nI;n
upon the enterprise in Nrii oai>d" O. 'h' P'''l ''
contest tlat might AaVc - be- carrie Oh VITA 0ih-t
t,'abl shed y,tfm~ & rapid transit. Banners say nay
vhea good railroad bonds BE bought prizes vine
Weld - Pr cent. there T. 40 Sufficient margin
&, profit f. she underground scheme - warrant =
diversion Of capital - Us development.
There il extreme lctiren'c The part Of the Man
haitian Railway EaraCcr> 80 tie plans That tl"N
viii Goultles, bring forward ~ 'usc here is 10 snc-
cessul bid FOR The unlerc o1ud franchise at today =
sale. There f. 10 member If Tie special Manhattan
committee who will ~iy what has been decided mon
AZ the recent meetings. il = known. IN q general
way however. what g. desired and the requests q the
elevated railroad cnatl will come ie!orc ho RAPID
Transit Conn i,.lou in season. H." preliminary de-
maud, Il {, believed win o permission % "st''lSh
tlird track wherever p0-~ll" IN order 10 secure
fas' through service. While the elevated roads have
already hur numerous switches ana strd-ht lines
~ additional TRACKS in The ~iX;havc. and Third ave
system. which will furnish tlc la-i. IN complete
thri track ysicm. the cHe- vc olrrluH Of throw III
third read VIII not he possible without further priv
lcee, from ihr city. The Manhattan manqeo-s Gre
also desJus Of o tanning ihc wight 10 extend branch
10 VAS ing on Heights and & mike lateral cXteuions
,lai VIII cover the traffic 81 the EAT River and North
Tivor ferries. Th" eXiCrncic> of tho company are
vortinC up SLAMS for nearly every n Of extension
~ ihc pid-air lr"-. lWi III these depend upon the
s't ndo That Will be 'alcn V he RAPID Transit Com
NIL after f'-Cay'S a"cicn ale. whether IN lie nc
~ f~