New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-05
roR A NEW COMMISSION.
pIpIp TRANSIT PLANS DISCUSSED.
..,-nvEyrs SUGGESTED TO THE FARcUHAR
ELLA FINANCIAL IDEA BY "hi0h
THE CITY WILL OWN THE

ayENUNH'
FINANCIAL IDEA BY WHICH
THE CITY WILL OWN THE
UNDERGROUND ROAD.
81. Rapid Transit Committee OF the Real Estate
30 held q session yesterday. at which Assembly
hA''' rs-cnbar was present. The outcome OF inc
man indicates a fixed purpose on the part OF
",a,s men, at least, 10 persevcre In the ehort 10
rear ~o,rethng more permanent than the elevated
se The underground idea has unquesuonapiy
'fa'N' ,.scsson of this committee. as we'll as the
nhe" ,,at the city should have hand In the
o'n'. .,,on O, the road and eventually acquire
final ownership -, ruo,,rO a..
a. v.sterday's meeting. Il. V. Harne't presided
''H1 cr.tarv b. F. Romaine was there. some vi 'he
lns ..s.nt were Charles Buck, Henry r. Reekmah'
0S"' SCHUYLER, l.. J. Callahan. Frank X. Houghtoh
Parish. The conference was taken part IN
snd oil who were seated around the board
",, n, a elaboration lasting more tnan TWO
n, Farauhar consented TO oner IN lhe AsSehioS
S~1 bill TO be practically SUBSTITUTE ioi 'n.''
n a"d nv him last Monday but which should
NV Nv some new features. while preserving n'any
es'' .ov,s,ons Of his own BILL as well as the Kappa
ranat act OF lo9l. .,,ur. that now COM
y psnu no eppointed, which shall formulate new
~ n, their option adopt the plans OF 'he ie'rihs
psA', on the basis OF which the irahohiSe o-
eonD .,or and operation shall be offered AT pupho
cons ond sold to the highest bidder In case now
'u'N ,,, effort TO sell the franchise IS u'su''
e'e'' c,v shall be authorized and empo"ereu ~
taen tne ..' So construction OF a rapid transit ROAD
po'ee1 ,o, with the plans laid down by 'he new
u so.O -, ,he work TO be carried on as a muihcipa
count" ,e AZ the expense OF the pubic ..
~, amended bill will prohibit the use oi any C
INC chose now used by the Manhattan 'o'n.
V wing between Third ana SIM" awe
J. IN. hundred and twenty sN'hS'' A., ror,,
OF V"e" .,a, programme for carrying on the woiN
n ,,sd AZ the conference. when Is res"iuoN ~
vas suss - nossessed of attractive features 1"
SOU" ,,.co q is proposed to organize Il cohS""'uo'
inc H with which the Rapid Transit 'o"'ni''s,o"
n =, authorized to contract lot 'he
80 oner,,ion OF the road for any perioo " .. som
~" no, to exceed 80 years; tha' 'hc ''
'D % the construction company per 'o"' 80
is''0 W neccnt TO cover the cost OF Inc foan' anu
~. cnmpapv from the sale oil 'ies' po'u'' ,ooos
~ .n city will thus be enabled 10 SECURE '"'
BY ue wy. Gov the completion Of the enterprise
BAL! ~,-rc.,on company thus building ana oper.i'
~ uoaa ,riu however, be required 10 pay W 'io
40, annually 3 per cent upon tne 'o>' VI &c
a ,d 81 course, whatever the company -,
w" ohove the > per cent paid to 'hc "u",' POI" n
u. To- nroNt in the operation OF the road Inc
VIII DC II. ON the bonds guaranteed by the city
80 . nor cent, and the amount 10 DC paiu 10y 80"
Ve companv being b per cent, the uin'ren'0
" .or cent will be used sinking rum loi '
:" ~ ,c,ren,ent OF all the bonds and ehect nha
,,n ~ the road by the city itsen.
r,,s n,an II Is thought will meet Win 1aVor anu
=. ,ho subscription Of the necessary 1uhds WIN
49,, As,ov or enbarra ssment as the WORK Is c"iiieN
-, The theory is that the credit OF the Guy
-. =. much greater than that OF any Posaioe
,.-,c,,on company the money can easily DC Idised
=. nor cent. ard with the guarantee OF per cent
=, a,rrr the CITY is amply protected against loos
a. ~. trsnsaction OF course II construction com
rs,r or sypdicate should come forward anu o''
80. than the minimum rate OF 3 per cent "hrn
I, "a he the upset rate. the city VIII NC tnat ~
..s, Al. and II Is thought by some Of the frehds
:, ~. ,sn that the profits Of operation are hSeN
., h. srcb even with a minimum fare OF cents.
tha. eaptaNsts will be willing to make 'he "i""''
,arusnt n the city even higher than per cent
IN the cost Of construction. \ computation mas oee"
made II Is said. which indicates that the sinAins
lind Tins acquired would retire all the DohdS "l'"i
,hrrsve wears. II the road should cost Soo'ooo'-
M tbsre wonld be n minimum income Tor the Guy
from its operation OF at least S2,ooo'coo. 49,
II was proposed to exempt the company ho'"
no., ,oxa,,ou until after II has been In operation
ana veor This point has not been fully canvass ND
Tsrquhar intends to coniyr Mr befor. re lnng
.ae ,;hanr II this feature is not opposed py mem
he viii probably insert in his bill provision ''""e
this guarantee. ,. -. Tho peal Fstate Exchang,
~ Ia Ts,mS,t Committee will hold a session lo,ilio
md formulate amendments to me faIq1 n-onosed by
cordance with the plans SET lor'I. on Tho amos.
VIC 'o' ". n'ty ownership by the circulaii9h Oh PJ
,n,s ACCOMPANIED by an explanation vi ',o e,rou,
a,terna,ivc plan suggested in case there - ami
cpposition to the plan OF liiinc"i"''
KIN If