New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-03
FAVORABLE TO AN UNDERGROUND ROAD
REPORT OF THE ENGINEER OF TIE RAPID
TRANSIT COMMISSIONERS.

REPORT OF THE ENGINEER OF THE RAPID
TRANSIT COMMISSIONERS.
meeting OF the Rapid Transit Commissioners
was held yesterday TO hear the report OF H. Il. Par
sons. their engineer. who spent the summer In
vestgnting methods Of rapid transit In use abroad.
Mr. Parsons visited London. Paris Edinburgh. Liv-
erpool. Berlin Glasgow and other cities. lie In
sr,ected all the principal engineering works In Eng
land and Scotland
The Mersey River tunnel. the Blackwell tunnel
now being constructed IN LONDON. and the under
ground railroads OF London. Paris and Glasgow are
fully described In the report
Mr. parsons's repor, covered thirty -four tyr.wrt-
ten pages and contained twenty Illustrations.
He made recommendations. but all his conclu-
sions are plainly in favor OF underground system
Of rapid trans!, FOR New-York city An elevated
system OF railways would De wholly out OF the qucs
ton according 10 Mr. Parsons
communication was received from Henry r.
Beckman. counsel OF the board. 1t Is directed
mainly TO explanation Of the intent and force
OF the Rapid Transit act and what will b. the re
suit and the steps to be taken II the popular vote
at the ensuing election pronounces In favor Of mu-
nicipal construction The Rapid Transit act. he
says. contcmplates primarily the construction OF a
road the expense OF the city and to b. owned by
the city for long term OF years at least. and 10
be operated by lessees paying an annual rental To
the city who to furnish the rolling stock and
road rests however with the people. the statute de-
handing that before this public work shall De I'M
dertakcn 1t shall first receive the sanction Of "A
popular vote All the Commission DO before
this is 10 adopt the routes. plans ana specifications.
secure the consent OF the local authorities and Of
half OF the property o''n"rs on the line OF the
proposed route II the popular vote Is against the
scheme. then the board H. restricted to the sale Of
the franchise To the highest bidder All the board
DO now is to await the result OF the vote on mu-
nicipal construction
II the franchise is sold to private parties. the
Commissioners must offer inducements 10 capital
lists In the assurance OF ample return on the In
vestment. The successful bidder must deposit with
the Controller X,OoVvJ guarantee OF the exccu-
BE- at all times the absolute property Of the city.
II IL to be constructed under contract and the cost
Is to be paid by the city. and It's bonds carrying
interest not exceeding 81. per cent 10 be issued
and sold to raise the needed funds for construction
Discussing the question AZ 10 what effect the issue
Of the large amount OF bonds necessary To provide
for the construction OF the road will have upon the
credit OF the city, the communication says: 1T Is
to be borne in mind that the necessary re-
be to add enormously 10 the values Of real estate
In this city. Under the Constitutional provision
which prohibits a city from mourning Indebtedness
In excess OF ~ per cent OF the assessed valuation Of
It's real estate. there is now margin FOR further
Indebtedness Of some N70oo.cO Notwithstanding
the lavish issue OF bonds for years past for large
has been expanding instead Of decreasing. a result
naturally following the increased valuation Of real
estate flowing from these improvements. as well
the enormous annual revenues which go into
the sinking fund ana which applied In diminu-
wears 1857 and 1892 both inclusive nearly So 900 900
OF city bonds were issued find that the net debt
OF the city for the period has increased only some
$lOGpOOO and that the margin for further Indebted
ness under the Constitutional limitation. instead Of
diminishing some Sl5,OU,c0 greater In 1882 than
It was In 1887. II would seem. therefore. that there
need be no apprehension that the issue OF bonds
for rapid transit Will interfere with the issue OF
city bonds for Other needed improvements.