New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-13
CITY REVENUES AFFECIED
CONTROLLER FITCH ON THE RAPID
TRANSIT PLAN.
,,,, SAWS THE CITY WOULD LOSE $4,000 YEARLY.
WHICH Is NOW PAID BY THE METRoPoLA-
TAN TRACTION COMPANY.

TAN TRACTION COMPANY
Controller Fitch made a statement to the Board
Of Estimate yesterday in connection with an
application from the Rapid Transit Commission
ers for current expenses, amounting to *l9sl4' IN
which he said that If the underground RAPID
transit plans were executed the city would lose
the $50. 900 year which the Metropolitan Trac-
lion Syndicate agreed TO pay to the sinking fund
for the Broadway cable franchise.
When the agreement was reached in 1889 be-
tween the city and the Metropolitan corporation,
a stipulation was inserted in the contract which
bound the latter to pay the city per cent OF the
gross receipts or not less than $4,000 year. 80
long as no other railroad was operated "on, over
or under Broadway. Or any part thereof"
The Contr )lle- said that this side Of the ques-
ton had never been presented to the recent Su-
prcme Court Commission that was appointed to
inquire into the matter. He believed that the
question was che of great import to the city. and
therefore wrote letter to the Corporation Coun-
SCI asking his opinion on the matter.
Mr. Fitch added 1.-The question Of how far this
underground scheme will affect the city's reve-
nues has never yet been considered. find that
under the contract OF the Broadway Railroad
with the city the road pays us $4,000 yearly;
with the distinct understanding that there snail
be no other road operated on, above or below
broadway or any part thereof. This rapid tran
sit measure. it seems to me. VIII, II 1t is oegun'
mulct US out Of our largest source OF income
from any one individual or corporation. and. as
our contract with the railroad Is In perpetuty.
YOU cannot get any Idea Of now much IL VIII cost
rs IL may take twenty or thirty years to COM
plete the road, during which time or course we
will not get a cent Of Income.
'\ow Mr. Mayor. this $4,000 pays per cent
interest on nearly One-tWentieth or our entlre
cItv debt That fact should not be lost sight or.
II is important, and II this rapid transit scheme
ever goes through there seems TO be no DOUBT that
we will lose this enormous revenue
II have addressed a communication to the
CORPORATION Counsel on the matter to see II there
Il not some way whereby this revenue may not
remain with the city. | don't think We can re-
tain it."
present in the absence Of Corporation Counsel
Scott said that he could see no way in which the
civ could reimburse Itself for the loss of the
$50 000
The Commissioner OF Public Works asked for
81 040 900 for the purpose OF asphalting certain
streets so that bicyclists shall have two direct
routes Of asphalt roadways to the city limits. He
proposes TO asphalt First-ave. from Twentieth
ST TO one hundred a nd -ninth-st, giving an East
Side route and from Chambers-st. along Hudson
st TO Eighth-ave. and Thirteenth-st. making, IN
connection with Eighth-ave. and the boulevard.
which are already asphalted continuous route
from Chambers ST to Yonkers on the West Side
Of the city.
The matter was referred 10 the Controller ana
Will be reported on later The Commissioner
also proposes under the same appropriation 10
asphalt several other streets. the most important
OF which IL Madison-ave 1t Is now sought to
asphalt Madson-ave. from One-hundred,anu
Twenty-nfth-st 10 the Harlem River making a
third route for bicycles from Twenty-third-st' 10
Harlem River Also the Eastern Boulevard from
Ninety second 10 one hundred nd-siXth-st.