New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-04


THE METROPOLIS CONTRACT COMPANY
WOULD CONSTRUCT IT FOR THE CITY
Another proposition has been received hy the
RAND Transit Commissioners for tho construc-
tlon ~ the underground railroad. The oner 10
made hv Frederic y. Esler on behalf ~ the
Metropolis Contract Company. syndicate ~
canitalsts. with probably as much financial
strength behind them as the whitney group
The commences ~ the offer ~ the men forming
this combination is shown I'm the fact that tney
,,ere rcadv more than a year ago ~ hulh me
road and TO comply with all the conditions
,vhich were laid down for tho letting of me con-
tract under the law which provided for munl~
cipal ownership.
The proposition ~ the Metropolis 'ontra',
roupanv. which was received yesterday ny
Alexander F. orr. president OF ne Rapld Transit
poard in substance offers TO construct the ehuIs
length of road set down IN the spe'i'a''ns
within two years and six months of th' o''' "l
tho signing of the contract, Tor the sum vt
s32 600 900 or. n desired hy the 'ommlSHoh'
a., oorororv will build I'm sections building
such sections az may he deter" lned oy wv
commission According to the proposition tho
company will agree 10 pay 10 'he CITY Wv
,oros, on the bonds issued by the city for 'hs
Of m,
,.,rd which will pay on the principal Of All ms
bonds before their maturity, 50 tha' 'n' t'''
"a tunnel will become the property of Ne"-
York CITY without the expenditure oi any ''o"''
n.,a,over absolutely clear Of any ircrmbrance'
A,,,,o, 70 which II will pay the CITY
r..as,,..er : ner cent ~ the annual gross re-
-. -, ,n. co,panv from all sources. II VIII
-, 90 transfer without additional fare to any
~, ..oss,,o its route. owned and ccntrohei
~ ,ho vstropolitan street Railway Company
-, Third Avenue Railroad Company or any
- s,ree, railway company now existing or
,,,.oa,,er existing during the term Of i's lease,
-, ,,,u olive TO tho railway companies TWO ana
- hot, cents ont Of the i've cents received py u
-. ,a,e end will accept from any surface rah-
-. ..,,,,,ar,, its transfer tickets for the en-
,,ro line Of the proposed railroad on the sa'"'
terms.
WILL BUILD BROOKLYN TINNE"
"In addition TO this II VIII construct ~
same time the tunnel for the Ne"'iotN a"u
Rrooklyn Railroad Company the rah'n'se 'V'
,,h,oh a. owned hy an allied interest. and trans
for to and from Brooklyn upon the same '''"'
,bo, ,s 70 say. FIVE cents for single rare
a,,.,. ia,,er corporation-the New-York ara
Rauroad-controls the Henning gray
a., rauroad patents which cover the mooe OF
,ons,ruction. which requires the depression ne
.oap stations and a gradual elevation To then'
ON order 10 guarantee that there shall always
na csn,tal sufficient for the operation OF ths
.oad after construction. the Metropolis CohtraS'
Company will cause 20 be deposited IN 'he
United states Trust Company Of New-iorh
und OF S5O00OOo available only for the pur-
.hase Of rolling stock and equipment and for
he purposes OF operation. this fund TO be de-
,osited in the Trust company az regular inter-
ais during the construction 80 that the entire
um will be there before the road is ready for
peration under the contract
AS a guarantee Of the completion of the con-
rsct It will deposit upon the awarding OF the
ontract sl.0o0.0o0 in easL with the contrcller