New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-18
Established 1850.
Established 1850.
ErriCO Brothers.
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had combined with the Metropolitan stree,
RaiIwav Company and the Manhattan Elevated
Railway Company to defeat the plans oI III,
Rapid Transit Commission. Mr.. Boardman sau
that he believed there no truth in the re-
port He credited Mr.. Whitney's statement 10
the effect that he had heard of no such pan.
"Tha approval of the report VIII not adu 10
the debt Of the city single dollar. said MI
Boardman. Even II the Mayor and ControHer
signed contracts that exceeded the power VI nv
civ in the matter OF contracting DEBT when IL
far from probable. those contracts as poihteu
ont by the Court would be invalid. The talN
Of exceeding the debt limit Is. IN my opinion.
without foundation When the asse ssh ,hs
have been readiusted after CONSOLIDATION tne
assessed values of the city Will. think De great
enough to raise the debt limit of the city 10
500 900 600. Rapid Transit Is no longer eNpe-
dIert II has become necessary. The number
OF passengers on the roads now IN operation IL
Increasing so fast that by the time the tunnei
is completed the increase Is likely TO DE enTu nous u
TO tax the capacity OF the tunnel without taxing
a passenger from the other roads
Mr. Boardnlan said Of one Of the syndicates
that is preparing to bid for the Son mn re
were interested. he knew that they were per
fectly responsible financially and able TO carry
through the work in case they should get tnc
contract. He knew they were RESPONSIVE bon don
enough to have offered to deposit S"'"u''VV,
not cent Of which should he touched until the
work was completed
ABOUT WHAT HE EXPECTED.
George L. Rives. one OF the Rapid Transit
Commissioners. was seen yesterday afternoon
at his office. No 81 Nassau-st lie said that
the decision was about what had been expected
The Court in deciding 10 confirm the report
OF the Supreme Court Commissioners. had setteu
affirmatively the question Of the feasibility Oh
the Rapid Transit Commissions plans ana IN
dorsed the recommendation or the supreme
Court Commission that the proposed rapid tran
sit road should be constructed. The fact tha1
the court had elected to leave TO the decision
OF the court OF last resort certain points al
fectng the question OF the cltys lndepteuh's
Mr.. Rives continued. would not preJudlce wy
enterprise. The present proceeding was not
strictly a judicial one. Even II the Appellate
Division had passed upon the question Affecting
municipal Indebtedness. and the Rapid transit
Commission had thereupon let It's contracts ana
the actual construction OF the read had begun.
there would be nothing TO prevent a taNpay Fl
at that time from bringing SUIT on me gtoun l1
that the citys debt limit had been exceeded ana
obtaining an Injunction stopping Work on ue
road and that case could be carried by MN UP
to the Court Of Appeals Mr.. Rivcs added thnt
the Commission would probably not lei the con-
tract for some Tina 10 come.
MAYOR Strong yesterday expressed his salts
faction over the decision OF the court. hut sald
| he was not lawyer ard could not tell what
further legal difficulties IN the way OF rapid tran
| SIT might be lnterposad before n contract L
| build the road could be granted
| Fmmerson McMillin, 81 No. 80 Wall-st. said
| IT am only interested in a combination which
| is prepared 10 und, rwrte the scheme We have
| not proposed To build the underground road
| We thought that no bond exceeding S2WlVl,
would he required. hut bond for $l1Opb"V
can be provided That requirement need not
| stand IN the way Of the undertaking pre-
| sumo there Will he further proceedings I'm the
| courts The decision seems 70 imply as much
| Therefore II IL Impossible 20 predict when work
| on the underground road may begin"
Il was learned on good authority yesterday
| that the view Of tho Rapid Transit Commission
! regarding the decision practically as To-
| lows: The Rapid Transi, act vests In inc
| Commission all discretion to TX the details
| o. the bond provided IN Section ~. The
! composition Of tire BOARD would show that
| that Board Is amply qualified 70 i"al with such
| n quesjon--whlch would y" a matter OK secur-
| itv II Is plainly impossible. the Commissioners
| hold 20 secure bond q S1anD~n for hfty
| years as the suretics have 10 Justify tn twice
| tho amount The language - the opinion. trey
say seems TO indicate that possibly the bond
| should cover only the period - construction
| from three 10 i've years II that Is the right
| vi,w II may be possible 10 secure "A bond
| No such bond that suggested ~ tho Ape
| late Division. II Is urged. has over been de-
| manded The usual bond is about ~ per cent
| The bond O. the United States SCb-Treasurcr IN
| this city. who handles untold Millions. "a only
| 81 .0OO0pO and the bond ~ the CITY Chamber
| lain " NeW-York IL only Stb.WD