New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-16
THE SYNDICATE ADMITS 1T
DIVER AND LAND TUNNELS TO BE BUILT
SIMULTANEOUSLY If POSSIBLE.

r,, CONFIRMATION OF THE TRIBUNE's STATE
,,v>-r THAT THE FRANCHISE FOR AN EAST
RIVER TUNNEL IS CONTROLLED BY a
STRONG SYNDICATE WHICH WILL BID
FOR THE CONSTRUCTION OF THE
RAPID TRANSIT RoAD-LocAL AND
FOREIGN CAPITAL BOTH TO BE
EMPLOYED - MANHATTAN
STOCK GOES DOWN.
rbs report, exclusively published in yester-
davis Tribune. that the rapid transit system
MANNED for this city Is likely to extend 10
Rrooklyn by the direct connection or the uhoer-
around railroad with the tunnel proposed to oo
constructed under the East River from ur-
man st. Brooklyn. to Ann-st. Ne"-horN' ""'
fully confirmed yesterday.
As was explained yesterday. the inhuentiai
svndicate which comprises among It's melnpct'
representatives Of the Astor and Nahderoh.
interests ]. Pierpont Morgan ana huinoei Va
foreign capitalists, represented by the Deut'e'e
Bank Of Berlin, and which has been iornneu LUZ
the express purpose OF bidding Tor the pu'iui"e
and operation Of the proposed underground Foaa'
ho. obtained control OF the East River tunnel
The franchise for this subway was seculSu IA
the FIRST place Ivy a corporation known as the
New York and Brooklyn Railway Company ou'
ARRANGEMENTS have been made By the syndicate
whereby II has practically absorbed the interest
of the former company 1t was admitted yes
ta-dav that should the contract for constructing
thu new rapid transit railroad be awarded TO the
syndicate it will also at the same time proceed
to bore the Furman-st. and Ann-st. tunnel
which will then be Joined to the unoefsIounu
line somewhere near the Postotilce.
The ADVANTAGES which the residents Of this
city and Brooklyn would derive from such a
continuity of transport facilities are incalcuia-
BILE One benefit alone which they would posi-
bly obtain would be the privilege OF riding from
any part OF New-York to Brooklyn Tot s'"s'e
MR. sOOYsMITH ADMITS 1T.
Charles sooysmith the engineer who prepared
the estimates on which the syndicate VIII oase
it's bid for the building Of the underground road
Is also preparing estimates OF the cost OF 'he
projected tunnel. When seen at his Office NO
* Broad st. Yesterday he acknowledged that
common interest existed between the New-iorK
and BROOKLYN Railway Company and the syndi-
cats for which he was acting. Just what the
understanding between the two bodies Is. now
ever he expressed himself unwilling to make
nublIc. but he gave II as his opinion that shou!o
the syndicate's bid for the underground ROAD ne
accented, work would undoubtedly be s'ar'eo
upon the excavation OF the East River tunhe' III
time for the practically simultaneous cofnpet'on
OF the two projects Mr.. Sooysmith addeu tha'
he was unable to say whether the syndicate
would 20 ahead with the tunne! scheme IN case
IN. underground railroad plans should be de-
feated.
Although II IA known that several large foreign
CAPITALISTS are interested in the syndicate re-
ferred to- the greater part or the money re-
ouired to deposit as a guarantee and 10 be eH-
pended In constructing the line. until the CITY
begins TO make payments to the cohtractors
will be supplied by well-known New-fork BANK
ers and hnanciers. The names OF these men WI"
be rlgidly concealed until the bids have been
submitted
TWO MEMBERS KNOWN.
Emerson McMlln OF Emerson McAillin co"
No 40 Wal-st admitted yesterday that ne
was one OF those who had agreed TO unaeF"'I''
the capital Of the syndicate Whe' asSeu INV
names Of others who we're associated win h'''''
Mr. McM!llin replied that he was unable 10 say
hut added that he had heard In genera WY
that the Astors the Vanderbllts ana j. f'''Po"'
Morgan belonged TO the syndicate lie rele''eu
the reporter however. 10 FREDERICK D. Es'c'' ="
lawyer, with offices at No 40 Wah-st' "ho' ne
said could supply complete iist OF inc "a''''' %
| the syndicate underwriters.
Mr. Esler, however. was no more commune
|
no.,,,on Of the syndicate than many others VINO
| -, - o,nroached 10 the same end. When
| 800, ba aiso refused 20 say what tne Cdp''a %
| ,ha syndicate would be. but said that me NY
years operating Lease which the sue u, 49,
| dcrs would have to undertake anu VIC hu"
go. deposlts. would require large CAPITA.
"rSo drawing OF the lease Is IN the hanas
-, Tho RAPID Transit Commissioners sao
| Mr. Tsler land MS no one KNOWS VIA nv &c
Wording or stipulatons in the lease are 70
W. mo'I'' beleve that nobody has decided posi-
. De ,hat thew will bid. There are sew
oraI bodies Of capitalists In this city VINO nay.
| ,boueht that II tho lease is OF the Isn'
sort il would be gooa ming 10 n~r The I'D
ina ,uIav NJ bidding but II Is obvious that nc
sncision can be reached until 1t IS Known "hn,
,ho lease Is 10 be- 1t is folly to suppose that any
m, or can,talsts would commit themselves to
| q project without hiio"o ~
theS NJ Esler and Mr.. McMillIn are interested
&, ne New-York and Brooklyn Railway Com
pany' R1,MoRs OF A RIVAL SCHEME.
| =, s,,t,on 70 the franchise held by this com
,horo "a another franchise for the building
=, tunnel under the East River. In existence
| - ~, tho New-York and Brooklyn Tune
| Coron.ry q, No 80 Broadway. The impression
a,,aus tba, one OF the other syndicates thai
,,u Md FOR the underground road might avail
usa,, n, this franchise to reach Brooklyn Ar
| oF5cer OF the New-York and l'rooKI!h Iuhhe
| COMPANY. however. said yesterday mat MS com con,
| many had not entered into any negotiations VIII
Manhattan Elevated Stock dropped severa
points below the previous days Closing quo,h
tons yesterday, principally II was 'Ilousnei y.
cause Of the growing belief that the ApPeiia a.,
Division of the Supreme Court will approve TIT
rapid transit plans
THE CLOSING OF DYEA AS SUPPORT