New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-18
STECkr ; II II
The OLD RELIABLE"
.4 ISL PIANOS
T4NNANY AND RAPID TRANSIT.
OPPOSED TO THE CONSTRUCTION OF Ifih
UNDERGROUND ROAD BY THE
ISSUE OF BONDS.

Although Richard Croker Is apparently hliod s"u-
denly with a consuming desire 20 ala IN inc 'u''"e
ance of the underground rapid transit system IL IL
obvious from the statement which he gnvo TO tho
press on Friday night that he VIII not support inc
b,ll which is now being prepared by the Commir-
sion's counsel to obtain the necessary amendments
to the charter whereby It may proceed To Duiiu
the road either by Issuing bones on Ncw-iork
County Or with private capital IL ~ IN th's re-
serving TO !sef Of two alternatives that the Board
will clash with Mr.. Croker The Tamnany leader
makes It clear that the only proposition which the
Democratic minority in the Legislature ana the
Tammany administration Will support Ia the EN-
ployment Of private capital to carry out the enter
prise on the other hand. however. II Is UNDER
stood OF the two alternatives which the Boaru pro-
poses to ask the Legislature to pass. the one most
favored by the Commissioners is the plan TO con-
struct the road by the issuance of county bonds
The Commissioners advance many sound reasons
for their attitude In this direction So hr1n Is
their belief In the financial success OF the contm-
pla ted underground railroad that they are a'erse 10
allowing what they consider VIII undoubtedly ne
come A rich and valuable asset to be handed over
TO private interests The Board contends that an
other ADVANTAGE n favor of municipal construction
is that city bonds can be sold at TO 3i4 per cent
interest While the cost 10 private capital VIII De
10 i per interest. Again, as Charles stewart
Smith has publicly pointed out no compensation
for the of the streets or taxes paiu ny d"
private corporation would equal the profit accrring
10 the city by the ownership OF the road free OF
cos, in th.rty-eight to forty years c..u..
Following out Mr.. Croker's arguments, Con,roHer
Coler yesterday characterized the bonding plan as
impracticable, and said he would Oppose LIE NE
scheme 10 the utmost Of his power. He refuied the
contention that under the bond plan the county
would not have TO pay either principal OF mierest
as the road would have 10 pay for Itself. and a
sinking fund be created out Of its earnings TO meet
the issue. Mr. Coler explained that any issue OF
bonds would lave to be charged up TO me GEM gent
limit. Nj Coler thought also that II New, orh
County were allowed 10 have $50 10000 Of bonds
the representatives, Of Kings, Richmond and Queens
counties would claim similar privileges. ana wVuin
probably block the proposed measure until their
own local demands conceded.
Mr. Croker denies that he has any other reason
than desire TO the tunnel route constructed
without further delav. in advocating that II shoui
be built by private capital He denies also mat
he knows Of any man or COMPUTATION OF men
ready to build the road provided the private
capital proposition is carried through; but ~ Is
generally understood that the Metropolitan street
Railway Company is willing 10 undertake Inc con-
struciion Of the new road