New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-16

FOR ALOAN FROM THE CITY.
THE CHAMBER OF COMMERCE. COM
NuTTEE FAvORs 1T.
IT DECLARES THAT WITHOUT 1T THE FUTURE
or RAPID TRANSIT Is EXTREMELY Dub
ADVANTAGES or such PLAN
SIT FORTH FINAL ACTION OK
THE REPORT TO BE TAKEN
~ TWO WEEKS.
The Chamber Of Commerce held special meet
ing yesterday afternoon 20 consider the report OF
the committee rapid transit The report which
was foreshaGowed In yesterdays Tribune recon-
mends that the Chamber shall take such action as
may be- necessary 70 enable the city to lend ii'
credit corporate enterprise for the construction
OF 4 rapll-transn system in this city. The report
was discussed for nearly IN hour. and then upon
motion of Morris *. Jesuu. further consideration
was postponed until the next regular meeting -
the Chamber.
The report was az follows:
In view Of the present n,eis and ne Pr'1aD
Of his city as the commercial metropolis OF ne
nv we the c & s W. oaH Of rJ transit that the
legislative end municipal authorities or the 9td'e
chanlcai .l,.ll ana money within reasonable bounds
can provide.
RESULT OF PAST THorGHTLEsSNEss
II is evident TO an who study the question In the
light Of to-day that f in the past there had been
intelligent appreciation of the possibilities OF New
York. and that growth could only be made IN one
direction suitable provision would have been made
for rapid transit when streets ana avenues were
being located and land comparatively cheap Ia
hat h.. r,rt,l1 4rpf uftv
innrsci,,or AMI ten ar tvyrnfv wears hence the
same criticism viii apply 20 Us if. suffering as We
shall continue r. aun.r with increasing intensity
as We grow in years and population. We fail, even
at this late date. q provide for present ana pros
For reasons that need not be stated in this r.
port your cHmm.t't" cannot advocate ne pIErF
Of any system % rnuil transit hy the city Of New
York. hut under certain safeguards 3D. ~ proyiIst
by legislation. thor is urged upon the 'hamber me
propre} OF recommending ina i SlnSlS 'N''ito '
he mlde To- n aimiTGDr ~" %n,vn ',5 riystS
enterprises For tho rcasons stated above e'tecuNe
rapid-transit construction must now prove very
t1l"Thich IS always more or Joss timd-sufilcient
Inducements to attract the larg. sums ne'ess, ;y
velopmcnt This Is why The Rapid Transit Com
mission has been unsuccessful IN inducing private
rcconimcndci in the last Two years nor win they
be successful for many years % come In IN" opinion
private enterprise IS stimulated
A SAVING WHICH MIGHT BE MADE.
A corporation organized for the purpose Of rapid
transit construction could not expect 70 obtain
the necessary capital upon better basis than
per cent interest per annum. while money Dor
rowGd upon the cr%llt OF the G,ty "Iuc1c~ # IL
evident that the revenue necessary 10 protect the
fixed charges on capital borrowed In the ordinary
manner must be double the amount 81 NAT nee,ir,
provide for the fixed charges On cap!ia borroWri
agree To- lend its credit 10 such eorl",riuon 10 .tI
extent Of tWo-thirls ~ the cost oi me coinprt'l
n IKE! charges the needed stimulus referred 10
above would be presented and a large margin ~
safety secured.
There Is preSdent for such action On the PaTt
Of eS ,e cry prIy n 4n @ nu # vas Geec
so essential TO national development that they
should be promptly completed that the credit of the
Nation was lent.
AZ INCREMENT OF WEALTH CERTAIN.
Aside from the advantages Of comfort and con-
venl.nc. 70 the people. New-York would gain
Immensely IN revenue through rapll-'rarsit con
tact with the ye, untevciop~l portions Of The
city lying % IN" north. T. is a w"h,kno"n K,
been permanently established one ward alone
Ohe Nnete~nthl incrris- IN t'Nab.e ya.lr ~
trraer man slr =, ih, ih,f similar "xncrlenc,-,
II IS not proposed. however that ,he cf. should
,en1 a." rrrlr FOR m. wSoic amount needed or
take undue risk The trr sactlon should Dee basel
~ w., ,',re nm tvo-,hirls ~ the est ~ con.
by first Hen ul' %" completed structure"
IT. franchise and equipment
Your commitc" realizes the gravity - The action I
Il proposes the chamber shall take. ~ urging an /
exception 10 u wisely enacted Law. hlt 20" whole
question IL 81 such paramount Importance arl ]
further delay f. $50 dangerous. that exceptional /
nca sures are necessary - insure success.
Many applications have been made 10 tho COM +
nittec 10 examine plans for .arl'us 80 items - /
rand transit, bur time has not permitted. ana IN ]
this respect progress is only reported y III" fol- b
lowing resolution which f. presented for IA" consul /
Grafton Of the Chamber. j. adopted. your commit /
tee asks - De- continued
Resolved. That the Chamber o: Commerce OF the J
State OF Ncw-Iork requests ~" proper authorities
)f the city the Legislature u "a" state. the Con
stituiional Convention and the Rapid Transit Com
10 enable the city Of New-York - lend IFS credit |
10 corporate enterprise for the construction OF /
rapid transit system in the said city. upon such |
terms and conditions the Legislature may i'm
'r.lit shall BE- restricted 20 such purpose. and
provided further. mat such loan shall not exceed
n amount twD-thirls the cost ~ construction. and
be a first lien upon the property and provided /
10 be so loaned shall not exceed the sum OF thirty
millions az dollars.
Al Of which is respectfully submitted
John HARSEN RHOADES.
ALEXANDER +. ORR.
j. EDWARD SIMMONS.
JOHN a. STEWART.
CORNELIUS y. BLISS
Special Committee.
New-York Feb r. 1894.
DISCUSSION on THE REPORT
Mr. Simmons moved TO adopt the report. and
outs Windmuller seconded It.
Morris X Jcsup said that he had not fully de-
ermined upon the question involved In the recon-
nendation Of the committee. although he agreed
. oil that had .,l.tft