New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-31
NEW RAPID TRANSIT OFFER.
JOHN H. DAVIS & co. WILL MAKE BID
FOR AN UNDERGROUND SCHEME.

JOHN II. DAVIS & co. WILL MAKE BID
FOR AN UNDERGROUND SCHEME.
THE Banning HOUSE SAID TO BE BACKED
HEAVILY By PRIVATE CAPITAL-ITs PLAN
LITTLE DIFFERENT FROM THAT PROPOSED
BY MIR wIisoN-A POSSIBLE UNION OF
THESE TWO INTERESTS INTO
LARGE SYNDICATE.
Another large banking house has signihed its
intention of making BID for the rapid transit
franchise. 1t is the house Of John II. Davis *
CO.. Of No. 10 Wa,l-st At the meeting OF the
Rapid Transit Commission held yesterday a
representative Of this banking house appeared
before the commission, and announced 'ha' III
the course OF a few days he would have propo-
siton to make 10 the commission In regard 10
underground rapid transit. with this announce
ment Joseph G. lillian. who has appeared before
the commission so often with his underground
scheme now comes into prominence az peHs
backed by this banking house. Mr.. lillian saih
yesterday that his plan for an underground route
had been approved by John II. Davis Coz ana
Mr. Davis Of the firm. confirmed the statement
Mr. Hillam's plan is modification OF the plan OF
Jesse w Reno. which is substantially the same
as the Wilson pan MIR. Davis Informed Trb-
une reporter after the meeting that his house
had not yet formulated all its plans. He said
that they were much Interested In underground
rapid transit. and that they proposed to raise
enough capital 10 build the road without the help
Of the city. Negotiations have been going on in
an Informal way between the commission ana the
house Of John H. Davis & CO. for a long time
but Yesterday was the first public announcement
OF their intentions.
THE PLAN FOR TWO TUNNELS
Mr. lillian has been negotiating with Il. 7.
Wilson d Co. for "A year or more. but his plans
never met the approval Of the firm AS late az
Monday night Mr.. lillian Informed Mr. Wilson
that he had thirteen banks Interested in his
plan and that large banking house was VIII
ing to take UP the scheme at once. Mr. Hiliams
plan is TO build two tunnels. one above the other
with two tracks in each one.
John II. Davis & Co represent in this country
a number Of English capitalists and 1t was sara
Yesterday that $50 900. 900 Of bonds u an undcr-
ground road could be nOatcd I'm England MT
lillian is an Englishman. and he mas ircqucnily
declared that he had English interests behihd
him.
The Wilson plan was again discussed ycster-
day in executive session Of the commission ana
It was decided to send In the report I" MAYOR
Glroy to-day In reference 10 Mr.. wilson's pro
nosal The Wilson plan was submitted 10 the
Mayor last week for an unofficial opinion lie
objected to the citys lending rs credit To iuTher
the enterprise. and h, thought That II the c'y had
anything to DO with the road At all II should
handle IT exclusively. He preferred however.
that private capital should back IL
MIR WILSON'S CONCESSIONS
The Mayor suggested certain notifications II
the plan before IT should be presented to the
people and in accordance with his wish Mr
Wilson deci led to agree to build two miles 81
the road before the city should advance any
money NJ Wilson said Yesterday that he WAS
glad To hear that another banking house had
Interested Itself In rapid transit. for there was
room for all the capital that could be- found
Every man of good business STANDING. inter
esled In rapid transit. who has talked with
Mr. Wilson. has assured him that his plan for
an underground road was the only iriAlD''
one and that there ought 10 b" no lack ~
private capital ready To TAX" hold - IN" scheme
The Rapid Transit Commissioners approve the
scheme in the main. but they are DESTROYS To-
secure private capital. II now seems probable
that private capital will be secured - build the
road for great intercs. has been shown In
the latest developments In connection with
rapid transit. The Commissioners think thai II
would he a good idea to present all the different
plans to the people Of this city. and let them
embodied In their report to the Mayor
\ BIG SYNDICATE POSSIBLE.
Mr. Davis. Of the firm Of John H. Davis &
CO.. in speaking Of the plan for the city II
build the road said that he thought II would
be too much Of a political Job. and. he added.
that he thought private capital the only
thing to be considered. There is a possibility
that II. T. Wilson & Co. and John II.
Davis & Co. may unite the rapid transit
problem. They may form large syndicate 10
build the road Wall Street men think that II
such "A thing could be accomplished It would
be better than borrowing from the city. SIR.
Wilson has had several conferences with the
firm Of John H. Davis * Co. and. the
Mayor objects 10 Mr. Wilson's idea Of the city
lending It's credit. the two banking houses may
supply the necessary capital. Mr.. Wilson is
backed by powerful monetary interests. and
John H. Davis & Co. say that they, also. have
good capital behind them.
Edward Lauterbach before the Commits
sion for few moments yesterday. He still
maintains that the hop growers syndicate
means business and that they will do every
thing to induce the commission to present the
Bushe scheme for an Independent elevated rail
road to the Mayor There seems little
chance. however. that the elevated road will
receive any further consideration, for public
sen timent is in favor OF an underground road.
The names OF the people who interested
in Mr. Wilson's plan have not yet been made
public Mr.. Wilson said yesterday that he
had given no Information concerning the men
interested in the scheme. and that all reports
OF the makeup Of his syndicate were incorrect