New-York tribune., 1894-06-05
REVIEW OF 4 YEARS WORh.
ANNUAL REPORT OF THE CHAMBER OF
COMMERCE.
PRAISE FOR THE CLEARING HOUSE COMMITTEE
THE RAPID TRANSIT QUESTION.


THE RAPID TRANSIT QUESTION.
Tho ,b,rtv-slxth annual report of the Chamber
of Commerce Of the State Of New-York has been
issued.
Last year the support Of the Chamber proved an
efficient aid in the maintenance of the National
credit.
From May l. 1883 to May J. 1891. trying
period for business. The report approximately says
The business men OF the country are under 4
debt Of everlasting gratitude FOR the courage, sa-
gacity and untring industry OF the members OIL
IS Considered that not Clearing House bank was
permitted TO c.ose its doors ana no important
business house I'm the city of New-York was al
lowed TO fan that Y per Of the collateral de-
posted to secure the loan certificates: was com
notes were passed upon. that y per cent OF me
collateral was In stocks and bonds. which were
pcrplexing business was accomplished AT ihe trlning
cost Of S562 q. and without the loss OF sing
dollar TO the association. we may safely commend
the committee for It's abe and effective WORK ana
bankers everywhere may derive valuable SugEes,
tions from the safety with which the Associated
Banks Of New-York expanded 70 meet me fx,-
gences OF the panic. ana the faclLy win ""ch
the subsequent contraction was Effected
Ry the brave and liberal action Of the New-Nork
banks a host of merchants and manufacturers. not
Staies STAT were sS"Si from ruin wGo Otherwise though
perfectly solvent would hayr p~rn ,'rJei in.D
never before was there 50 great hgn'-so mag
n!ncent a victory.
The Chamber also turned its attention 10 the inn
many failures In the attempt to secure this boon
Henry Il. Becknan." says the report, was re-
auesied TO prepare a dill In accordance with the
suggestion of cx-Mayor Hewitt, under the general
direction of the Chamber. II was promptly INTRO
duccd into the Legislature where II met with con-
siderable opposition from various local interests
but at the close Of the session a bH was passed
cmbOdying the general features oi me thahpe' oi
Commerce bill. but with m Amendment which can,
not but be regretted As unfortunate. because IL VIII
delay the construction OF the work until after ne
election To be held in November next TINS amend
nent. which was not accepted or approved hy the
Chamber takes away from the commission IN"
power to sell the franchise until after the question
of municipal construction shall have been decided
bv the vote OF the people II the people decide that
the city shall construct the road. the commission
will have power 10 let the contract lor It's o"hI
ship to a private company. IT. however, inc De
cision shall bee against municipal construction men
the Commission viii c'authorized 10 contract win
a private company for its construction. hut such
cOnpHny can derive no pecuniAry assistance from
the iuncipaliv Under the original hl, az SUD
rni,tcd by the Chamber OF commerce. the toinmis-
sion was given discretion a. to when mode OF con
struction should bc adopted whether by the cry
itself or 10y private capital Tn" r'fercndum 10
the voters takes this discretion entirely h"aN no!
can the Commission take any definite acuon untl
after II has been decided by popular vote "ncth'i
the work shall be undertaken hy the cry OF not