New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-24
office before the courts have decided on the coh-
atit - a. ,oooe,,ra

Controller Fitch In speaking OF the iSdplu
Transit act, approved on Tuesday by the IoNcl-
nor. said yesterday: II have not given the ques-
ton Of the constitudonality Of the Dill any cuh-
slderation whatsoever. The suggestions Oh H.I
Mayor in this direction ought TO have carslu
consideration, and the questions VIII uoup'i.oo
be passed upon by the Court. 1t seems 10 NE VOC
early TO make predictions as to whether OF ioS
the popular vote Will be In favor or the aCtiOll
contemplated by the bill; but am heartily gau
TO see some action taken. even II 1t be only IN
the direction Of an experiment Inc one trsnsir
II IL far more important than any other Oity
question. The delays in regard to 1t nave pSeT
most exasperating to the general pubic ana l
found this morning among the men Wnoh me- q
general expression OF satisfaction that some pan
Is to be tried and some effort made 10 reacn
result" -
K. T. Wilson, of X. T. Wilson & Co, OF No. 80
Wall-st, who presented the plan to Duld an
underground system OF rapid transit IN when
the city was asked to furnish two-thirds OF tne
required capital, much pleased yesleruay
the action Of Governor Flower lie saIu'
1T now begins to look as II New-York would
have rapid transit, and am very glad, lot aslue
from any connection | might have with the con-
struction Of an underground system, nave peeh
interested a citizen. | do not expect 10 p9
identified with any syndicate that may take no!u
Of the project. / don't think that any syhulca.c
will supply the capital. | think that the city
will build It. The now commission Is strong
bne. 1t is composed OF men possessed OF sterling
business ability.
THE FEELING IN WALL STREET
The sentiment of Wall Street favors rapid tram
SIT but the strife for the almighty dollar seems
at times to raise a cloud through which the true
proportion Of things cannot be seen clearly. An
excellent Illustration Of this situation was al,
forded by the conduct of Manhattan h'ieVa1eu
Railway stock yesterday. Within only shIIt
time the stool. was selling at 120. on Tuesday the
closing price ll6A. Yesterday, on the news
that Governor Flower had signed the Rapld
Transit bill the market fell to 10. Then caine
free buying orders, which took the price 10 liza
N no theory advanced
the buyers that Tammany han Wou.u nc
able 10 defeat the referendum provision regard
ing the loan OF the citys credit, ana mat private
capital would no more be available ior an "a
pcnslve outlay in competition with the elevated
railway system than It was when j. il'rpohI
Morgan and other capitalists held alOol from the
proiect Of the Steinway Commission. The specu-
latOrs who bought Manhattan seemed TO be sat
isned not only that the elevated road would con-
tinue TO earn big dividends on its watered cap-
tai hut that bull movement might no" De
started from the recent decline on the theory
that the Chamber Of Commerce would be Worsted
by Tammany Hall and the Manhattan COM
many Mt the polls next November. The remarks
OF Mayor GllrOy on the question show now Closely
the Manhattan people and Tammany Han are
allied. and there Will DO additional inducements
I'm view Of this combine " for every nerve 20 De
strained by rcformers 10 elect Rcpupncah
Mayor who viii have tho true interests OF 'he
city at heart
VussalI Sage's remarks reveal the line that the
Manhattan monopolist+ will adopt in their des-
pcrate effort to XIII all competition us posi-
zion f. taken 10y many downtown capitalists WHO
do not dare to commit thems Ives L. pubhc eH-
preston OF opinion. Mr.. Sage said yesterday:
IL am surprised that the Governor should nave
signed the bill, involving, az 1t does such
enormous sums Of the peoples money ana con-
tanning such questionable provisions a. make u an
unprecedented measure In the legislation OF TINS
state The law establishes "A principle whose
operation involves the credi. II the clt|chs Oh
the state to an untold amount. As
taxpayer simply | am strongly opposed 10
running the city into debt for any IN
.f.av 81. ffn n he
ioforc kept their hands Of the city's credit for
railroad enterprises. and they should keep aoof
from ANYTHING Of the Kind now. Let private
cntcrprscs build these things as fast as they are
required b. the rIbli". private capital is aware "t
tn. fact and Is Willing % provide tho means
When private capital Is unwilling - acI u Is
sufficient proof that the demand for the improve
mcnt Is not imperative" and f. not strong enough
- warrant the Investment 10y the municipality.
Tho history az this city and II the whole country
proves the wisdC m ~ the proposition Towns,
cities and even States have ruined their credit
by lending II TO private enterprises or enterprises
that should be entirely private. our city will
be no exception 10 this rule u Injury II II goes
on with this undertaking.
AR SAGE LAYS down SOME BEAR DocTRINEs
Mr. Sage added: "An underground road is not
required for the accommodation Of the citizens
~ New-York or others doing business with them
There Is no need Of such an cXtrdVagant work
below the Harlem River The truth IS that the
completion OF present lines ana improvements
row under way viii give full facilities for all
travel on Manhattan Island ut present and for
years 10 come The certainty Of this condition
Is evidenced daily to tho managers - existing
traffic lines by the sparscncss Of tn" travel oVe-
ihen There ia not road that Is making money
IN thcso days. II they can hold their own ana
make a very modest interest on the cost they are
doing very well. Those who know the actual est
~ maintenance OF these roads and their receipts
know that what | say is Substantially correct !
believe that the law u unconstitutional DO not
think the road will ever be buil; II cannot b"
built in five years AZ any rate, am satshol.
Wall Streets thoughtful men as a ru" arr
riea god with the outlook. Their Views were well
voiced by J. Edward simmons president OF the
Fourth National Bank. who said: Il am grail
fed AT the action Of the Governor. ana believe
that the measure il most admirable one. II
opens up the prospect Of real rapid transit. ana
the undertaking VIII rebound 10 tne benefit %
every citizen. As TO the Referendum clause,
do not sec why the cltys credit VIII not be
voted The cheapncss ~ the poor mans home ~
assured BIZ It's ac feasibility. This enterprise VIII
develop the suburban districts and make avail
ablo regions that now beyond the reach OF
mon ol modest means. The result VIII be bene-
nclal 10 poor mon I'm the highest degree ana II
viii stimulate the prosperity ~ ms cty IN Il
vov I'm which every one can share
RELLE MEAD TOrYGSTERS ON VIEW.
Iyb,, ,nrf memories the name OF Belle Meade