New-York tribune., 1896-10-21
HOPES FOR RAPID TRANSIT.
REAL ESTATE MEN BELIEVE THAT 1T is
REALLY IN SIGHT AT LAST.
PLANS OF THE COMMISSION IN REGARD TO
THE ELM-sT. ROUTE EXCITEs GREAT
INTEREST AMONG PROF

ERTY-OWNERS
The announcement of the plans o; the Rapid
Transit Commission in connection with the Elm
st. underground route. as made by William
Steinway and published exclusively In The
Tribune yesterday. aroused the greatest interest
in real estate circles and among property owners
along the route proposed. The conviction was
general that the time had finally arrived when 1t
was safe to say that genuine rapid transit was In
sight. The assurance given by Mr.. Steinway
that the Rapid Transit Commission and the
Elm-st Improvement Commission were working
zealousy and in accord with Wow TO begin
ming the great compound improvement early in
the spring interpreted as having solid
foundation and indicating the speediest exccu-
ton possible OF the whole enterprise.
The real estate men having interests In or
near Longacre Square. well as In and ad-
tacent to the downtown station proposed at
Elm, Chambers and Duane sts, were excited
over the outlook. II was generally asserted
that Mr.. Steinwav right in chacacterzin2
the great double improvement probably the
most important one In the history Of the city's
real estate development
Property-owners in Forty-sccond-st between
the Grand Centra! station and Broadway were
also stirred up over the question. Real estate
conditions had suddenly Jumped out Of their
prolonged dulness into intense activity.
A further statement made by Mr.. Steinway
yesterday has an important bearing on the
speedy completion of the underground road on
the route laid out. The previous work OF the
Rapid Transit Commissioners, after months OF
hard labor. was turned to naught by the de-
cision Of the Appellate Division OF the Supreme
Court declining to confirm the report OF the
special commission. OF which Frederic r. Cou
thn oil d.
way route. The appointment OF this special
commission was made necessary In consequence
OF tho inability OF the Rapid Transit Commits
sion 10 secure the consents OF majority OF the
property-owners I'm interest to the proposed
route on this point Mr. Steinway said: the
cause ~ the opposition Of the all-Broadway
route being now obviated. 80 far as property
| owners are concerned. In the new route II Is
probable that can secure the consents OF the
necessary majority OF property-owners along
this new route This Will obviate the necessity
Of a special commission and will greatly facili-
tate progress on the plan"
As 10 the talk revived yesterday by some
persors that the road al the best. would re-
quire years for construction Mr. Steinway said
| cmphaiically: The road can he built In year
We can prosecute the work az have already
said from the surface nearly all the way, ana
can put all the wish at work upon a
hundred sections al time.
4 fierce. contention Is already on between IN"
METROPOLITAN Traction Company and the Third
Avenue Railroad Company for the possession
Of the surface Of the Elm-st. for their re-
spactivn lines OF cars. The fght for the Kings
| bridge route left them bitter toward each other
The endeavor Of the Traction company 10 get
i,s lines into Forty-third and Forty fourth sts
and thug parallel It's rivals Forty -second-st
line has intensified this mutual animosity. IN
asmtch "a the Rapid Transit Commission can
condemn all the property u needs for us rou'e
the old Bleccker-st line franchise. now leased
TO the Metropolitan company. ana part oI
/ which is operative In Elm-si. is AZ the dsposi-
crty. 5000 A..
Since the Traction company has leased tne
Eourth-ayc line ~ cars. II could readily hulld
branch from Astor Place down Lafayette
place and the new Elm-st.. To Its Bleecker-st
limo I'm EIm-st The Third Avenue Raiiroad
COMPANY could likewise extend brancn from
ita crosgiown christopher ST. Ferry me AZ
Fourth ave and As,or Place. down Lafayette
Place and the new Elm-st.. to form n Juhc"""
/ with it's main line AZ IN" Brldge
/ 4 represeniatiye OF the Thrd-ave lin" said
Yesterday. I'VE propose that the Traction com
/ many shall not get into the new flm-st we
shaU fight II tooth and nail. and am CON
WINGED that shall win. Inc 1ra'ti"n coi"-
many officers would not talk.
Al the annual meeting of the directors OF tne
Nc,ropolitan Traction Company. held IN tne
/ Gable Ruilding nj Broadway and iouston-st,.
Yesterday afternoon. r. Somers Hay ana
I A u Paget were reelected as directors OF '','
nrst class for the coming year. and Henry a.
Robinson and X. L. Ander'eh, Jr" were 'e
elected as inspectors Of election