New-York tribune., 1902-01-16
PLAN OF THE DIRECTORS.
BELIEF THAT 1T WILL GREATLY RE-
DUCE DANGER OF FCOLLISION-LOCAL
TRAINS IN SIDE TUNNELS.

|
away with the dangerous features of the Park
ave. tunnel. and reducing to a minimum the
possibility Of a recurrence of an accident SINH
lar to the recent tunnel collision. At the same
time the directors announced a proposition for
an increase Of capitalization ,~cu S115OO0OOO
to S1Jaeao09O. the $3I013OOO additional to be
used in paying for this change in the tunnel.
the purchase of new rolling stock and other
improvements.
The plan OF relief for the tunnel is Just as it
was exclusively outlined in The Tribune yester-
day. A combination Of steam and electricity
will be used. The central tunnel will be used for
through trains and steam engines burning hard
coal will be used there. This will reduce greatly
the amount of smoke, gas and vapor The with
drawal of local trains from the central tunnel
will reduce the traffic in this division by large
amount. and it is believed viii leave the tunnel
practically clean and safe. with signals plainly
visible and a sufficient distance between trains
TO assure safety
The side chambers of the tunnel at present
unused. will he gwen over to suburban traffic.
Electrical motors will he used in these and in
coming trains will be run into sub-station
under the present terminal. and taken around
on loop and returned This will make
necessary the enlargement of the yards the
acquisition of much more terminal ground. the
building Of sUb-tUnnel. station and loop. AS
/
he minim-ed and the handling OF traffic greatly
, facilitated This IS hastily devised plan
forced by the tunnel accident. It is n plan that
has been under way for more than q year. The
announcement OF il 20 have been made in
about a month. This premature publicity was
forced by the wTack in the tunnel II is be-
heved the announcement viii hurt the rail-
road 10 the extent that certain property it
! wished to acquire for terminal facilities may
have 10 he bought at much higher price
than it would had not the plans Of the road
/ been ma Il public now. Despite this the di-
rectory thought best make the plans public
and this was done yesterday morning after the
meeting of the directors OF the New-York Cen
trail There fun attendance at this meet
, lrg' which lasted about an hour Among those
present were William X. VandeTbEt. Chauncey
NJ Depew w. H. Newman. ]. Pierpont Morgan.
J o. o. Mills. William Rockefeller. H IIcKay
Twombly and George 5 BOwdoin- After this
meeting William H Newman president OF the
railroad gave out the following statement:
STATEMENT BY THE PRESIDENT.
The directors deplore he acciden, which occurred
the sufferers and their families The tunnel was
by statute Of whom only one was t9n1ecteS WfS
me ole cSSmPany and The others represented the city
anu state. The plans Cor its construction and
power 10 be used were fixed by law. In the use OF
tae SGnnel under these limitations and conditions.
me me airectorS acting upon the recommendatons OF
wi he.
bilty have adopted from time time the latest
Siid most approved appliances for safety. and these
transit. whether on the surface elevated OF UNDER
ground whether by steam or electricity. the sys-
T moXemen! Of trains Is substantially The same AMI
to the rules established for their use
from time to ttne in the nubiir press that II has
faSes rePriFS 6 the r58 ?a T J6f Of the
IN the methods Of using the Park-ave. tunnel so
traffic and provide the convenience Of the trav5
and ONE Wbicb the the 9g{ HstEod ] Of lmPESvseP
6nen ION OF Iae Iunne and making IN its place
Countered has beer ir1l,oss.II ~ t ~ aS @ en- ~,
the present time and, therefore. after a thorough
investigation Of the subject II determined that
passenger trac In the e Grand
the snbrbsn Gfr II , thS present terminal SO that
through the existing side tunnels 70 be equipped
traction. and to the Accomplishment of this plan
the efforts of the company have for some time past
Of the present san @ w%2 W2 }ne IN PaSTengSr 6 ase
with the suburban business thus provides for the
through the centre tunnel promptness and res
uiaTity which Is very important 10 the travelling
Before determiuing thar electrical some other
entering the Grand Central sSatidn on II an must abs bs
1TInonstrated That the business can be safely and
templatsd 70 make the experiments IN the side
company to obtain from the legislature and the cty
il is now expressly limited by statue). and 70 OBJ
street south of the tunnel order lengthen the
tunnel underneath portions Of Forty-third FSrty
fourth and Forthwith SITS, Park. Vanderbilt and
These changes neCessitate the purchase Of a large
tion for Park-ave Considerable Of this properly
has already been acquired contracted for. but
more remains 10 be purchased and this somewhat
tions may make the accomplishment more dificult
work subsantaIy on the plan outlined aboTs Wn ub me
the necessary legislation can be obtained eA
The resolutions providing for the increase Of
capitalization follow:
INCREASE IN CAPITALIZATION
Resolved That in order to provide additional
capital for corporate purposes OF the company as
visable that the capital stock OF this COMPANY bs
IT increased fFom the present amount of one hum
hundred and fifty million dollars $3.50 900 Os0l: $50
which is called to be held On WednesT th 1s
day OF April. 1902. authority be asked for such in
million dollars (5SoH divided intn 6n and T,dy nr5y
five hundred thousand Q.5oOO0OI shares OF the par
Resolved That il the stockholders authorize such
the Board 81 Of Raosd s5pSS be be made to
or NeW-York for It's approval of the same;
subscribe for s725OOOO Of such Increased STOCK az
sS per share 10 the extent Of fifteen O5) per cent
stock books al close of bs;sipsss snow nT Upon the
sst day Of March. 1902; the right to said subscrip
1902, and payments for the amounts subscribed shall
De made on Monday. the 18th day Of May. 1902. and
then be issued which stock shall be entitled 10 rs
April 1902 that scrip certncates transferrtbs or
delivery shall be issued for amounts less than ona
and paid. such scrip certificates TO be exchangeable
for stock certiisates of a corresponding amount
aool or multipes thereof provided such exchange
Is made prior 70 June 80 1907 after that date no
redeemed at their proportionate value the rate