New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-18
CONCLUSIONS.
The conclusions OF the committee are summar-
lied follows:


The public announcement OF an intention on the
part OF the Elevated Railroad Company to apply
for addition al facilities for extensions of its
isng routes. operates to deter responsible bidders
from undert akng the construction and operation
OF the rapid transit road laid out by this Board
the Board is advised OF the manner in which and
the extent to which the Elevated Railway Com
pany proposes to solve the rapid transit problem.
In view OF these facts. and OF the fact that there
are no means OF compelling any corporation to ac-
cept use new franchise against It's will the
Elevated Railway Company should be requested to
submit promptly its application for such new
powers as 1t may desire to use. Until action Is
had upon such application the Supreme Court
should be requested either TO approve uncondition-
action until all the facts are better apprehended
as to security now. the Following considerations
may be urged: In the first place 1t may well be
cOntended that this Board, ~ public body, have
exercise Of their power Even IL The Board can
with propri4y give stimulation as 70 tnelr iuturs
business judgment az to the amount of security 70
be exac;oJ are as yet fully known particularly
dsrs 20 is me not eet Cd In any cssS ion and
eral bond for il5oooO0o running for the whole term
in ssOcOoooo. Is practically prohbitye. because
ound Even Il found the expense and difficulty
OF obtaining such security would operate to limit
competition and tend to make the SS' Of SS@, @
compensating advantages. The city ought 10 be
ssSs With 70 as Of is Of
the people in voting for municipal construc-
II
unavoidable The attempt to exact large a bond.
continuing long after the road is finished would
ipaf construction and ownership 1t Is believed that
such result would be contrary to the intention Of
considering the amount OF the bond 10 be given had
chiefly in mind the construction ,; ana equipmeni OF
10 Rnar5 70 fix the amount of the Continuing bond
and will permit the giving OF several bonds, such
additional security for very large amount could
be bono M 3 e But @n f of fEr ro on b
work would be unnecessary-especially in view of
the proposed retention OF large percentage OF The
cost OF the work until the road is fully constructed
ppri,eSvaiiinag' in ali city or Government work
be exacted, your committee at this time can only
speak with the greatest reserve.
than 10 per cent from the cost Of the work until
completion; several bonds 10 secure construction
and equipment amounting IN al to not more than
ana a continuing bond for such amount as wti
seven years rental; such to be the very high
est terms now obtanable.
TO INVITE APPLICATION
The adoption OF the report was resolved upon
by the Commissioners after II had been read
and considered. and the following resolutions
were also adopted
Resolved Tina, the president be requested to IN
early presentation Of any Application for additional
facilities extensions which that company may
this Board is ready 10 go as far. upon assurances
of prompt action on the part OF the COMPANY and
Of its Willingness to make due compensation 10
the city. as the interests Of the city will permit
toward enabling the company to take such steps
as Will relieve the needs Of the city.
Resolved That the counsel Of the Board be in
structed present petition to the Appellate
Division of the Supreme Court asking for
modification of the recent decision relative to the
bond be required under Section 81 of the Rapid
Transit act such petition TO be in harmony with
the views expressed in the said report of the COM
mttee. and TO be verified by the president and
authenticated by the seal OF this Board.
The Executive Committee Of the Manhattan
Railroad Company met yesterday. Although no
Information was given out concerning the bust
ness transacted. 1t is unders God that the ques-
ton was considered at length Of equipping the
lines OF the company with electric motive power
and OF entering into contracts with the Walker
Manufacturing Company, OF Cleveland, for the
installation OF the plant and machinery. Just
what action was taken could not be ascertained
but 1t Is possible the decision. arrived al by the
committee will be made known at the meeting
OF the full Board to-day.