New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-18

VIEWS OF THE DECISION.
s,,,pRrsE AT THE LARGE AMOUNT or
THE BOND REQUIRED-WHAT The
EFFECT MAY BE.
49,. Alexander r Orr OF the Rapid
-, commission is pleased with some feat-
1870. =, the Appellate Divisions decision ana
s,,.s.Iv disappointed over other features
w., eco, by a Tribune reporter AT MS brooh-
- .,,e last evening Mr. Orr said that' wnle
-, soo,s,on was a victory for the rapid transit
-. n nv no means gave assurance 'hdt
49,. work. would have rapid transit. he saio'
.or,. causa OF rapid transit gains much from
.,t. docsio, because the Court has now gwen
90 oninion that rapid transit Is necessary
while II had not always admlt'eu 'ha' i""'' o'
rad opposed the scheme. The Court mas oy '"''
dec,sion approved the route we suggest anu ou
Investigation as 10 the probable COST anu at '"o
sa,,a time put Itself on record as au'oc"'he
49, ao,srs, scheme but II has left unsettled the
question of the debt limit. which must oe '""e''
before the higher court In the lace Oh VIC P''
siblty Of an adverse decision from 'he Oou''
~ Anneals I doubt whether any cohser'a'''
bidder would want to go ahead very rar' Inc
doc,sion has also imposed an obligation III inc
volume OF the bond demanded. when rear wiz
amount to a sum which Will be puroen 'N"'
few bidders would care to assume.
"I do not think that this action of the APPELLATE
0,,,s,on has furthered the cause OF rapid iran
cit nv giving assurance that we will have rapid
7. hoe only cleared the way for a ref
erencs Of the whole case to the Court OF Ap-
uoo,. 7, has not settled the right OF the city
a. .or into the contract beyond peradventure
suggesting that that question i''"'' 'e '''
Court Of Appeals
.rAod tboueht that the Rapid Transit act had
n,ocad the responsibility Of security on the city
:, Tho discretion Of the Commission. but TINS
ACCESSION does not appear to Justify that thought
7. so.os a rather unheard-of requirement that
,.our,tv 70 the extent Of one-half Of the whole
cast ~ the undertaking should be required as
o condition precedent 10 the making or the con-
+rsct In ordinary business transactions con-
,ractors would with some reason. object to such
y heavy demand. &c. while II would seem al
erst that we already have rapid transit assured
- will readily be seen by examining the condi-
tions irnnIed that the case IS now so lert that
M nerson Of conservative business principles
would agree to make a contract without walt
inc FOR further opinions from the courts.
Edward NJ. Shepard. Of counsel for the Rapid
rrersit Commission said yesterday afternoon:
"The decision reached by the Appellate d.
,.,s,on s not subject 10 appeal. The four judges.
constituting a majority Of the court ma 'ha'
the plan should be approved and that the oouo's
raised as TO the financial ability OF the CITY
| should be dealt with later. The Court might
have added that the changes to be MADE IN 'he
| assessed value Of real estate In New-forK next
summer will not improbably remove all possible
| uncertainty on this score. Judge lngrahan' IN
| his dissenting opinion. points out the very Sc
rious results which might follow II the theory
of the opposition to the existing Indebtedness
| were sustained The entire charter or Greater
| New-York might be nvaldated ana several
hond issues already made discredited or avoided.
! THE Court requires the Rapid Transit COM
mission 10 stipulate that they will require a
| bond of $4,000 900. Whether the Rapid Transit
| Commission has any power TO make such a
STIMULATION Is. perhaps. open to doubt or ir
! they make such a stipulation. whether IL
! amounts to anything more than an expression
| OF intention on the part Of the gentlemen now
constituting that Board may also be open to
doubt. The anxiety Of the Court seems 10 be
lest the road should not be constructed II IL be
begun: and ! assume that the Slo,0OO.oOO bond
required is bond 10 secure construction. /
know Of no case where so large bond has
been required. or indeed, a bond OF anything
like that magnitude. But perhaps such bond
| for construction can be secured IL the Court
means a bond Of S150000O0 TO run for the fifty
| years Of the lease Of the road then the condi-
ton imposed IS clearly impossible. The period
Of fifty years exceeds the probable life Of any
man old enough 10 go upon bond. The
bond must be joint and several, and nothing is
more improbable than that any person. however
wealthy, would give bond for fifty years upon
which he or his estate might he held liable for
S15OO0OOO Nor is there any surety company
The amount OF Sl5OOOOO0. l 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 condi-
ton; and the amount and terms Of the bond
will, We assume be dealt with by the Court In
a practical way. with a desire TO give effect
TO the decision and not 10 render Il nugatory.
But the Courts decision will not go into ef-
feet until after the entry Of the usual order
which will be made probably next Tuesday or
Wednesday. The Rapid Transit Commission
will upon that occasion. ask the Court to settle
the terms Of the order in accordance with q
form which counsel for the Commission will
present for consideration defining the nature 81
the bond required
$50 the whole matter lie now in fairly goot
shape. Mr.. Shepard" said The Tribune reporter
, for the Rapid Transit Commission to e
ahead"
Yes in good shape for the lawyers" replied
Mr. Shepard with a smile
1t is understood that Of the syndicate
prepared to bid for the contract is ready to Civ.
bonds Of S15000000 for the period covering tn
, construction Of the road.
y Lewis l.. DelaAeld secretary Of the Rapit
D Transit Commission. when seen by a Tribun
o reporter yesterday afternoon, said Il haven
read the opinion and hence I cannot common
. upon 1t. The Rapid Transit Commission vii
: hold a meeting tomorrow, when the bushes
done will be the approval OF the plans and speci