New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-04
WHO ARE THE CAPITALISTS
RAPID TRANSIT SPECULATION.
TALK ABOUT Mr.. sTARINs woULD-BE BIDDERS
FOR THE UNDERGROUND FRANCHISE.


FOR THE UNDERGROUND FRANCHISE.
All efforts made by the enemies OF the underground
rapid transit system ciscredit the aEpouncement
made to the Rapid Transit Commission saturday by
John H. sarn have been futile No member OF the
Rapid Transit Commission Is prepared 10 say that be
does not believe that Mr. otains statement was
absolutely accurate. Efforts made yesterday In
the most frantic manner by representatives. OF the
Manhattan Railway Company 10 discrcdt Mr.. Starin S
statement that six responsible capitalists and bankers
Lad told him that they stood ready 10 bid for tie
deigTound franchise on the condition that exten
sion be granted 10 the Manhattan Railway Company.
These Efforts, however, had no apparent effect on
speculation In Manhattan stock, which dropped ten
points on the stock Exchange Early yesterday Law
n. Fuller. OF the most enthusiastic takers for
the Manhattan Railway Company, called on Russell
sage ard a few minutes later rushed through wais,.
assuring every that there nothing In Mr..
slarin's statement.
william olenway. president OF the Rapid Transit
Commission. when seen at his home yesterday, said
that Mr. Starn had told him the names OF four OF the
six capitalists who desire bid for the underground
franchise. When asked II he believed that they were
responsible men. and able to build the underground
road Mr.. Steinway said that they were men OF the
highest financial standing, and that any one OF the
four was able 10 get capital enough TO complete the
road. The why they had not come forward be
fore that some Of them had been away from New
York all the winter, but now they had Joined their
great forces and had employed able counsel to assist
them getting ready for the work which they were
prepared to undertake. The names Of the proSpcc
tive bidders have not yet been made known. There
is much speculation TO who they but thus far
their identity has remained secret. The only mem
bcrs OF the Rapid Transit commission who know
their names are Mr.. Starn and Mr.. Stelnway. Mr..
Steinway, however, knows the names Of only four Of
them.
Many persons have advanced the theory that the
Astors and Goeets Interested In revival OF the
underground franchise. But IL Is not believed that
their interests represented by the who have
talked with Mr.. starin. II Is not the first time thai
the AstOrs have been mentioned In connection with
rapid transit schemes. J. Coleman DraytOn was as
sociated with Rowland X. Hazard and Ladenburg.
Thalmann d. Co. In the Ncw-York District Railway
several years ago. Edward LauteIbach was employed
10 harmonic their Interests with those OF the repre-
senatvcs OF IA scheme for depressed road In Elmst.
Mr.. Ladenburg went 70 Europe to promote their In
terests. and II IS said Interested Henry Willard who
was then I'm Europe. The Metropolitan Traction Com
pany brought an action agains, the New York District
Railway Company to settle certain rights of way.
The Court OF Appeals decided that the latter company
had rights OF way. The scheme Is II Nv considered
dead.
Edward Iauterbach when yesterday said
i have been able to bring capitalists together with a
view TO combining for rapid transit purposes other than
by elevated roads. The most careful figuring led
them 10 believe that the underground road proposed
by the Rapid Transit Commission would cost 5000
900 a mile The total cost OF construction alone
would ie between SjO.OOO!OO0 and SGO.GOOoO !
do not doubt that these capitalists could raise the
money but they would be Obliged TO antagonize very
powcrful interests They all believed, however, that
II would be a good Investment, but they were afraid
N take the element OF chance that was In the under
taking Neither Ladcnburg. Thalmsn a. Co.. nor any
OF nv other clients are connected with the present
scheme for reviving the underground franchise. hh
am not surprised that capitalists have come forward
to undertake tho work.
Speculation yesterday as to who the capitalists ana
bankers are who have approached Mr. starn brought
forth the suggestion that representatives, oil Inv
standard OIL Company. and possibly OF the Eqntaoie
Life Assurance Society. were the men rel'rreo !" ~
Mr. starin although little credit was gwen 10 we
rlmor that the Equitable was In any way lhre, ,
in the enterprise. 1t will be remembered ,ha'
J. H. Flagler of the standard OH Company, Wrote
To- Controller Myer, about week ago d"nouncihs
the Manhattan hallway Company. ana suggesting l.,
viaduct road along the water rom, M w." ,pnir
are who have talked with Mr.. starin mas resulted J.,
nothing definite. Mr. 'larln h.n,il r''msrs !" VII tts
nii,.i rIpa..-is what he said Oh saturday; r..,,
Richard v. iarnctt. chairman Of the n"pn hr ri
Committee Of the Real Estate Exchange, sald YES
,erday that the rinor that certain members oi ,he
Real Estate Exchangc we're among the pr'Spsgv ",
ladders for the underground franchise wa, Hith,u'
sounaation I'm fact Il believe said he. that MI
starn is perfectly sincere In his statement ana Una,
he 4, surr of the ground he l. rcadnS on cannon
/ conjecture who the wOuldbr bidders are. however
Eugene L. Bushe secretary OF the Rapid Tran
Commission said that IL would be necessary ior mn
IN leave tI. city today on business. This mean,
that the business Of the Commission mus, be u''",
again. and that no meeting can De nciu ~,
Eushe said that he might return Tomorrow ana 'ia'
he would surely return I'm time FOR meeting 10 Ne
held on Friday, when the prospective bidders Iof
the underground franchise are expected 10 appear
l..f.F.. fla niItI