The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-18

all material, as to tho power of q CORPORATION TO
IN the future to pay a sum of money, to show
that IN the future. relying upon the growth Of
ments,' when that sum Of money becomes due,
then "I BE- able to i incur tho indobtednness."
present pRs@ ne do s%s0s 81 " his 'S city a SSd or those St 'e oi
the Greater New York after Jan. !. and do.
exist but which are. indefinite as to their
amounts. II has bcen shown that New York has
pSr cent? aGt 81 i nss assessed SsSs cd S SiSS = s of the r TSI
continues. is $sis7 ,7Ss,S7o; Dodusting the total
shows that tho present city has no power 10
incur an indebtedness in excess of So. o0O. 900.
and that is without considering any of the liza
billties above specified, the amount of which
cannot be accurately determined from tho owl
dsneo before up, but which evidently imposes
Turning TO the condition Of affairs upon the
consolidation which will take place upon the LIST
Indebtedness which tho new city can incur will
DO considerably less than the amount which the
for. Considering the funded debt Of the tori.
tory embraced within the new city of New
York, without counting the other liabilities OF
then ,and that. 10 per cent. Of the Total as.
ssssed valuation Of real property with:
in the agRreRate to $24I,si4.e7S The
funded debt Of the city Of New York i. ,si3o..
fyn f IS nod d .sS5 5I ,5ss, 1 Ths fun ade di't ao 81 S Of tse
county Of Kings and towns annexed to brooklyn
is Sis,70l sos. The debt OF. tho county. of Rich.
SO. 0S2, $3.50. and the debt of the county of Queens
and OF tho cities and towns therein annexed aG.
Of $500 9l, 41o,, This amount. deducted, from
that for which .lht the new city Of New York or ga Gan
1928 500; and this balance, rs above stated.
ties upon contracts executed before Jan. !, 1898,
H Io%in aSF nSp ttGRPfer'If for 1's sng t Of tho s0 Vsr HsS; s Claims M,
that have been made against the several cities
S Nsw Y9ontieipGiititii Is clear %1ln tha th sn s Edition o To the os
present Indebtedness of the existing counties
and municipal corporations Of the amount
for the building of this road would make the
obligation o: the Greater New York far in ex-
cess of the amount of indebtedness whiol The
Legislature could impose upon the new city
under the provisions of the Constitution before
cited.
tract made by the city OF New York to build
this road by which the city undertakes to pay
edness in excess Of that allowed by the pro-
visions I. OF Ithh.e,,G o H11ss nnit IN that the contract ION t d
could could n Ss ao resafs IN v9 9hs i bui itI in OF any r and
called for by the plan before the commissioners;
and that the making OF such, a contract. or. the
attempt to build the road under its provisions,
would result in nothing but disaster to the city
Of Now York, and to the property owners along
opinion, the report Of the Commissioners should
not be confirmed
NEARLY KILLS THE SCHEME, SAYS LAWYER
ZABRIsKIE.
Mr.. George Zabriskie, representing a largo
number Of the property owners who opposed the
tunnel scheme, said of the decision:
lit has nearly killed the underground scheme.
c Commits s%sT Would would hnish It. i Il IS toierabIy
clear from the two opinions that the court are
c consihSeH maj Initiation hnf sIts n apo no RECURRING RUMr E %sf iaae 5Sc
edness TO make a contract for the construction
of the p opposed railroad. Judge lngraham's
OpiniDn Ia n cnnrluaiyp demonstration Of this
position. The other Judges itudiously refrain
from intimating any dissent from HIS views.
him is in regard to the duty Of the court. He
thinks the court ought to decide the question,
the report Of the supreme Court Commission
ers. It is evident. from the opinion of Judge
Van Brunt. that 4 their discrimination refus;
ing to authorize the construction of tho road
t Gs!e would Seehi 70 not 5tv% refraiay from fHS lE deciding a' these
s fsFsn' sese Fl I !'T Do a nos 1 leave Two MUCH ao,n 9oe&
for doubt what tho result would be.
The ~, fSs wsI tn arrive in the s, ! PrSss ss,.jog q Spi ,he.s
to the contract" clearly Indicates that the court
the city has the power to construct the road. 1t
is not unnatural that upon q question Of such
the whole financial standing, Of this city after
the 1T Of January. tho Appellate Division
1nS p sf isstea sae Of ff feerine the de Sd aoe G IN SUCH 81
a shape that the Court Of Appeals could not re-
shows y5s% t It; T Il a c5 g1sySilin Could opinion BE- ma fHr' tSs
financial peril, becaur. the court require the
no contractor. II a contract is let. security to
he amount of, Sl5,O O0. 900. Whether such
esuEity could be FURNISHED, Or whether the
r%actor. remains to be seen. The opposing
property owners are fully justified by this de,
railroad scheme; and me intimation of the
court concerning the lines upon which a final
of Appeals is not likely to be disregarded."
THAT FIFTEEN MILLION BoNp IS A sTICKER.
At the office of the Rapid Transit Railroad
Commissioners everybody was jubilant when a
able" When the text of the opinions had been
read the jubilation disappeared. Edward NJ.
Shepard of counsel to the board dug into the
opinions, and in his company were Secretary
Lewis L. Delafeld and Chief Engineer Parsons.
When Mr.. Shepard had gone over the opinions
which he considered as Offering a serious barrier
to the work OF building tho underground road.
filing of a Sill, OOO. 600 bond by the Contractors.
If this bond is to cover the period and opera.
tions Of constructing tho road. he said, lit
the whole period of from thirty.five. to fifty
years, during which the contract for building
bond. and the court might, Just as well
Is Som 5siGsfs '& %h sGRtFm the TX Rapi FfpT Transit It
Commission, have any power to stipulate for
such such a m bend Is; perhaps 0Psni to doubt; or. 4
amounts to anything more than an expression
of intention on tho part of the gentlemen now
constituting that board. may also he open to
doubt. The anxiety Of the court seems to be
lest the road should not be constructed IL 1t be
begun; and l assume that the $l5, 200, 900 bond
required is u bond to secure construction. /
know of no case whore SO large a bond has
been required OF. indeed. a bond of anything
like that magnitude. The period of fifty years
exceeds the probable life ofany man ld,enough
to go upon a bond. Tho bond must be joint
and several; and nothing is more improbable
than that any person, however wealthy, would
give q bond for fifty years upon which
he or bis estate might. be held liable
company, or corporation which could give
such a bond; The amount of $16. OOO, 900.
j think. exceeds the combined capitals OF all the
surety, companies in the United States. The
court does not, OF course, mean to impose any
impossible condition. and the amount and terms
Of the bond will. we assume. be dealt with by
tho court In a practical way with q desire to
give effect to the decision and not to render 1t
nugatory."
THIS matter. Mr.. Shepard said, would have to