The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-01-21
CLEARING AWAY r. SNAGS
sUFPLEM FNTARY LEGIsLA re TO
mr. SOIGHT .tr AIN my.

Agreed rs to Certain Measures That
Arc Necessary to simplify tn" Providing
OF Funds for the Great Undertaking
The Rapid Transit Railroad Commission met
Yesterday afternoon In special session 10 take
action in relation 10 Legislation regarding the
issue OF bonds for the building OF the rapid
transit railroad lines In accordance with the
suggestions which had been made on Friday b.
COMPTROLLER Coler. After the bid OF Contractor
John b. Mcdonald had been accepted on Tues
day. and the building of the $4,000, 900 road
seemed assured. the Comptroller began to
look W tn. manner in which the bonds for the
undertaking would be issued. and he dis
covered an apparent conflict between the Rapid
Transit statutes and the act which forms the
charter OF the greater city.
Under the Rapid Transit statutes. known as
Chapter 4 OF the Laws OF 1891 as amended. II Is
provided that tho issue OF oil bonds for raising
money to pay for the building OF the UNDER
ground road shall be directly under the con-
troll Of the RAPID Transit Roilroad Com mission
and that the action OF the Comptroller and
other city officials In relation to them shall
be simply ministerial. Under the charter
the issue OF the bonds is put under the
control OF the Municipal Assembly. and this
body has shown that II can make itself a nuis-
ance by holding up bond issues even II its mem
bers do get into trouble with the courts after
ward for their lack OF action. The counsel for
the Rapil Transit Railroad Commission as.
sured the Com ptroller that the charter had not
in any way impaired the power OF the COM
mission. but at his request there was drawn
up the form for an explanatory amendment
TO the Chartcr-in other words. Chapter 31S OF
the laws OF 1897 -making 1t clear that the
powers previously put into the hands OF the
Commission had not been impaired. This
amendment will also make 1t certain that the
Comptroller will not be obliged to issue or sell
the whole So. 100000 worth OF bonds at once
and so saddle the contractor with IN interest
charge OF great size from the beginning. The
form Of the amendment Ia in the main tech
meal. but the latter part. which relates TO the
issue Of the bonds. is quite plain, II reads as
follows:
mo approval by the Municipal Assembly to or
for corporate stock. as provided by section 1919
OF this act. shall be necessary to authorize the
Comptroller to issue said stock Tor purposes
described in said chapter 4 OF the avs Of 1871.
IA amended. nor shall the certificate Of the
Comptroller mentioned in section No. l4o OF
this act. or any other certificate. consent, act
or other proceeding NOT mentioned In sad
chapter I OF the Laws of 1851. "a amended. be
required to render valid and OF full force and
tllfFl Any 'lllIlf tllfIfu llN' lif NV
authority of said chapter 4 Of the Laws OF
1891. IA amended.
But the board OF Estimate and Apportion.
ment, AS hereby constituted, shall DE subject
to all the duties AMI obligations prescribed in
chapter I; OF the laws OF lS'l. "a amended. for
the BOARD OF Est,mat? and Appor,i?nment and
the Comptroller therein menti ned
The bill was approved by the commission
and will he sent at once to the chairnen OF the
Committees on Cities IN both the Assembly
and Commissioner George /" Rlves aud Lawyer
Albert Il. Boardman would 20 on Tuesday 10
Albany to urge It's passage.
mission said, after the meeting, that there
ought OF TO ba any opposition 20 the passage
Of the Till as II did not make any change In tho
law. but was simply explanatory H., said II
was desired tv the Comptroller largely because
it would simplify. the bookkscping in, his
office with relation 10 the bonds The bonds ho
said, would be issued in answer TO rnquisitions
to b. made bv the l;apid Transit Railroad Com
misionsandi IN such luantiticsirom timetotIme
rs the commission deemed necessary To ray
Tor ~" work, as II progressed oHmptroI!er
lclrr has said that the bonds would run for
Afty y%ears-the time OF the lease, of the, ROAD
aud that such long time bonds would IN
douh'elly sell ut such n premium "a To reduce
10 about ~S3O,OOO.0JO the issue required to
meet the So, 10000 contract.
Nothing official Wa heard from Mr.. Mcdonald
yesterday regarding the execution. OF his
lon1s. but mpmhers OF tn" commission said
they had reason to believe that Mr. Mcdonald
would he rca IS 10 execute II some timo this
week. The awarding OF the contract for all
four sections Of the ROAD AZ once and Mr.
McDonalds declaration that he expects 10 so
time the work IA To have the whole line. reqdy
for equipment at the same time. and that
within three years. seems 70 have SAT l-ile ! all
the property owners Associations on both the
West and North Sides. who were a little whilY
ago clnmoring for assurances that work would
be- begun AZ their ends OF. the routes
first. Cyrus { lark, President OF the West Fra
Association. made n suggestion Yesterday re-
gardinR the disposition 81 waste material from
the tunnels. which mas prove of yi,ue. he
said: The city could use all that Is dug In the
upuer western section ior the widening of Riv-
erside Park. Last wear the city acquired the
sixth street by right Of eminent domain.
and is now condemning property above that.
The plan IL to make the present park lOO
iee' wider bv adding 10 the water front.
end at the anne time extending IT 20 q
length Of three miles. IL Won y be a short haul
from the tunnel excavations to the river, and |
do not see how the contractors could make any
more satisfactory arrangement than TO dump
their material there, where II would be a pub
lie benefit
He also spoke in favor Of making the extern
sion OF the road hown broadway 10 the Battery
and beyond. saying that he should like 10 SEQ
thr road reach from Bronx Park to Staten
Island.
BALTIMORE. Md. Jan, 2o. John b Mcdonald
will he bonded by two Baltimore companies
States Fidelity and Guaranty COMPANY and the
Fidelity and DEPOSIT Company are III" local
companies. and tn" American Surety Company,
the New York concern. The first bond TO ho
fled will amount to s8iOoo,OOO. Of which So;
OOO.OOD il to run until the work Il accented
and Sl,uOUOOO for 10y years a. a guarantee
against defects. The three surety. companies
will receive as their com pen sation S3OO.UO or
more. which will be equally divided among
them.