New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-16
TO APPEAL TO ALBANY.
DECISION OF THE RAPID TRANSIT COM
MISSIONERS
BOARD TO PROVIDE FOR THE CONSTRUCTION
OF THE ROAD EITHER WITH PRIVATE
CAPITAL OR BY THE ISSUE cr

or THE ROAD. EITHER WITH PRIVATE
CAPITAL OR BY THE ISSUE cr
NEw-yORK COUNTY BONDS
The Rapid Transit Commissioners M tbir
meeting yesterday decided as was forecast in
The Tribune Of November 80 to seek special
legislation whereby they may be relieved OF the
,mpediment of the municipal debt limit by
acquiring the necessary powers 20 carry out
their plans. either with the aid OF private capi-
tai or by the issue OF bonds upon the county
OF New-York only. These alternative plans and
their merits have already been discussed az
some length in these columns Yesterday the
commissioners formally decided to endeavor 90
obtain the requisite legislative amendments to
their charter enabling them to secure the capl-
yal for the building of the underground railroad
tv other means than the issue Of bonds upon
the enlarged city.
On the motion OF Charles Stewart Smith II
was resolved that counsel be instructed 10 pre-
pare bill authorizing the Board 10 provide for
the construction OF the Rapid Transit Railroad,
either with capital TO be raised by the issue Of
bonds Of New-York County or from private
sources"
The only negative vote to this resolution
that Of Controller Coler After the passage OF the
resolution the meeting was adjourned for an
hour Controller Coler and the Commissioners
we're engaged in an informal discussion OF the
financial aspect OF the proposed legislative action.
The Controller explained why he opposed
70 the contemplated bill: but after the meeting
Lewis l. Delafeld. the secretary OF the Com
mission. refused TO make known the grounds
upon which the Controllers objections We're
based Mr. Coler also. when seen, refused TO
say what tcanspired in the discussion. and
fer-ed the reporters 10 Mr.. Delafed
Mr.. FOWLER IN CONSULTATION
Charles ~ Fowler a Congressman from New
Jersey was called into consultation by the Com
mission but for just what purpose Mr. Della
field refused 10 say.
The assertion was publicly made few days
ago that the Boston subway-an underground
railroad route that has proved eminent sue
cess both from transit and financial points or
yiew-was built by private capital. George l.
Rives one OF the members of the Rapid Transit
Board. refutes this staten ent in communica-
ton wherein he says: The Boston subway was
constructed under the supervision Of the Bos-
ton Transit Commission appointed by the
Governor OF Massachusetts under Chapter u
Of the acts Of 1894. amended hy Chapter 40
OF the acts OF 1880 The cost betrayed by
the sale Of bonds issued by the city OF Boston.
and the subway is an asset of the city. on De
oernher = 1886. the subway was leased to the
West End Street Railway Company for rental
equal 10 As per cent OF its cost. The city nav
ing borrowed the money at an average rate OF
g. per cent on forty-year bonds. II is estimated
that this rental will be sufficient, not only 10
meet the annual interest bat 10 provide sink
.ng fund 10 pay the bonds in full at maturity.
When II Is added that the subway mas sue
cessfully solved the problem Of rapid transit
through about two miles of the most crowded
streets of Boston, and that the work has cost
rnuch less than the estimate Il Will be seen thae
here is an example well worthy OF imitation
VIEWS OF THE CONTROLLER.
Later in the evening Controller COler was
again seen and in response TO inquiries as TO his
reasons for negativing the resolution proposed
by -he Commissioners lie said that Lis vote
against the proposed legislation had not
been so sweeping as had been implied. He had
spoken he added against only that part OF the
resolution suggesting raising the necessary capt.
tai for the tunnel Ivy an issuance OF bonds on
New York County. In view Of the present hnan-
clal condition of the city. e thought II was
manifesty unfair % sad lie the municipality
with debt Of S30OO0O00. unless the debt could
be spread over q term OF years. But. MI Coier
said he advocated the construction OF the tun-
mel by private capital and thought II the bes,
way out Of the difficulty that now faced the
Board Replying TO another inquiry, Controller
Coe- said that Mr. Fowler had appeared before
the Commission as the representative OF a
syndicate which willing 10 supply the capi-
la TO construct the new rapid transit system
providing certain conditions were conceded
What these conditions were Mr.. Coer refused
10 make known.