The Topeka state journal., 1897-12-11
BIC TUNNEL.
Arrangements Have All Been
Made For Building
New York City's Great Under
ground Tunnel.
PUBLIC is SURPRISED.
Syndicate of Foreign and Amer
lean Bankers
Has Made All Contracts For
Carrying on the Work.
J.P. MORGAN ISIN 1T.
Deutsche Bank of Berlin and the
VanderbiltS,
PUBLIC is SURPRISED.
Syndicate of Foreign and Amer
lean Bankers
Has Made All Contracts For
Carrying on the Work.
J. P. MORGAN is IN 1T.
Deutsehe Bank of Berlin and the
Vanderbilts.

Now York. Dec lit was learned
last night that a big syndicate OF Ne"
York and foreign bankers had DeeH
organized for the purpose of building
the underground tunnel and that 1t
had not only let all of the contracts
but it had arranged with the Carnegie
company for the iron and steel, BESIDES
completing all the other arrangements
such as the deposit OF $5,O0000O in cash
to be made with the commissioners >
saws the Herald today.
The syndicate was counting on a de-
cision being handed down by the appel
late division of the supreme court ap-
proving the plans adopted by the rapid
transit commissioners which is neces-
sary in lieu of obtaining the consent Of
a majority of the property owners
;tIOng the line. The appellate DIVISION,
however did not hand down a decision,
so that the rapid transit commissioners
viii not have an opportunity to award
the contract before the close OF the
d esent administration.
Careful inquiry among the bankers
elected the fact that the big syndicate
is headed by the Deutsche bank OF Ber-
lin and John A. Stewart, president Of
the United States Trust company. the
latter of whom, for the present prefers
not to make known the interests that
he represents. 1t is understood, how
ever. that among them are j r Nor
gan & Co. and several leading bankers
in Wall street The names of the Van
derbiIts We're also mentioned in con-
nection. their purpose, it is said, being
TO strengthen the New York Central $
connections in this city and to make
the proposed system a feeder to the
big trunk line railroad
Mr. Stewart was approached in re
gard to the matter and he assured the
reporter that the interests back Of him
made better bid. To show that they
meant what they said. Mr.. Stewart said
that they had made nearly all Of their
contracts for the steel, iron and other
materials to be used in the cOnstruc-
tiOn of the tunnel. They had arranged
with the Carnegie company for the
steel at S53 a ton. They had also picked
perintend the job and he had let the
Sub-cOntraCts to several well known
men, chiefly of this city. One of them
viii build the tunnel under the Harlem
river, another the portion of the road
above Nineueth street on the west
side and in like manner the other sec
tions Of the work have been allotted
and it is known just what each portion
IS to cost. So far as the Deutsche
bank of Berlin is concerned, it is be-
heved in Wall street that that institu-
ton stands in the capacity of trustee
for prominent American interests who
do not care to have their identity dis
closed at the present time. Who they
are is a matter of conjecture
Mr. Morgan has been on intimate
terms with the German bank in COnuec-
ton with Northern Pacific and other
railroad enterprises. So also have
James j. Hill and Edward Adams
Messrs- Brice and Thomas. who are
friendly to Mr. Hill are known to have
an eye on rapid transit and it is reDOrt-
ed in Wall street that Mr.. Mcleod is
waiting for another opportunity to en-
bark in some big enterprise