The sun., 1897-11-09
RAPID TRANSIT TUNNEL.
COURT COMMISSION REP0RTS IN
FAVOR OF THE ROAD.

Ciphers OHt Tint the city Can Raise Money
RneuEh to nnid q. ard That II Won't Cost
Mere Than sa5. 600. OOo-Motion TO Con-
nr" the Report TO io Argued en- tho ood
Arthur d. Williams, John Sabine Smith, and
George w. Young. the Commissioners appointed
by the Appellate Division OF tho Supreme Court
on July 2s 10 determine whether the rapid tran
sit railway should be constructed and operated
lacking the consents OF property owners. hlcd
report with the Appellate Division OF the STU
preme Court at 3 o'clock yesterday In favor OF
building the road. The motion to confirm will
be made probably on Nov. %.
The report says that there Is no doubt that the
building of the road as proposed is, from an en-
gineering standpoint, entirely practicable. The
Commissioners think that the proposed road Is
not open to the objections that were found by
tho Coudert commission to the old Broadway
plans. in that the present flfty.foot width along
Elm street does not involve as did the seventy.
foot width on Broadway, the encroachment on
vault spaces and the necessity of snoring and
underpinning ad jacent buildings. 1t is found
that the cost OF construction will not exceed
S35, 900, 600. and in the opinion OF the board
$50, ,000,0OO will pay for the road. That court
which had disapproved tho former plan might
reasonably approve the present one is the con-
clusion reached.
tions urged by Burrill. Zabriskie & Burrll,
Cephas Brainnrd, Jr.. Louis c. Dessar, and
Franklin Bartlett, representing property as
sessed at q valuation of 2,17l 900 in tho ag-
gregatc. These objections are three: That the
cost OF construction Is an indefinite sum, and
will probably exceed $4,000 600: that, II built,
the road would not pay expenses. the interest
on its bonds. and the sinking fund levy, and
that the financial condition OF tho city rem
ders tho undertaking impossible, point
only S3,ooo.ooo short of the consttu-
% ready been R reached The matter of GO cost is
with the Fesp, ho IS s!SSd SSa i M
avenue elevated railroads now carry $4,000
passengers day, the proposed road would have
traffic now amounts to 20, 600. 600 n year. which
in the five years it would take to build the pro-
posed road would give 300, 900 passengers day
more than now carried on existing lines.
The annual balance sheet IL prepared as follows:
Income from passenger traric.. $4,000
Income from advertising, &c............. 100000
Operating expenses. placed at 60 per cent
Interest on Ss5 900 900 al 81 per cent. .i97.5oo
Interest and depreciation of equipment,
Sinking fund payment. Observation-Disclosures. 100000
Total 900
Net annual earnings ngs.................... $4,000
As to the city's ability to incur tho debt Mr.
Zabrskie su omitted as sworn testimony the fol-
lowing figures on the financial condition of tho
city:
outst standing bonded Indebtedness. $3.50. .76437s
Deduct:
sion ........................... sl.s74,s97
Revenue bonds pay able from taxes 1897 24,478.5S8
Total $3.50. il2S95
Add:
Liability for lands for which the title Is
vested In the city. but which aro not
Liability contracts. lT.DS7TSl
Liability on assessment contracts. llSS+ +6B
Total debt 10. 1874 525
assessed valuation Of real estate ..... l7s7lse79