New-York tribune., 1902-07-02

RAPID TRANSIT BOARD GRANTS 1T. ON THE
SCB-COMMITTEE'S REPORT.

The committee of the Rapid Transit Commission.
consisting of President Orr. Controller Grout and
Charles Stewart Smith, appointed to consider the
application of the New-York and New-Jersey Rail
road for franchise for a tunnel under the North
River made its report the meeting of the COM
mission yesterday. The committee recommended
that the application of the company be granted,
and said that the railroad company was prepared
to accept the franchise in the form submitted by
the committee The report ratified and adopted
by the commission
1t says that the committee received satisfacto
assurance of the pecuniary responsibility the
company. The company proposes constructing and
operating a road for the transportation of both
passengers and property of two lacks between
the States Of New-Jersey and NewYork under the
Hudson River from Morton-st.. in this city,
Jersey City, and TO maintain terminal and
tion in the block bounded by Christopher West
Tenth Greenwich and Hudson SITS, in Manhattan
Borough
The company agrees to begin construction within
three months after obtaining the necessary con-
sents. and TO complete the railroad within three
Years after construction begins. Payments to be
made by the company for the first twenty-five years
as follows: A charge of 500 per annum for the
right to enter the city charge for the right within
the pier line and for underground portions of the
streets at the rate of so linear foot Of single
track per annum for the first years. and of 81
a linear foot per annum during the next fifteen
years. charge for the underground portions OF
Greenwich, Christopher and West Tenth SITS.
first ten years, and at s64i8 per annum for the
next fifteen years: a further annual for tun-
nei rights under the streets at per cent of gross
receipts of the New-York portion Of the railroad
of the company for ten years, and per cent for
the next fifteen years. The gross receipts estl
mated 100000 and for the first twenty five years
to be deemed fixed at the amount whether they
shall in fact be less or more
Under the schedule compiled by the committee
such annual payments by the railroad company
will amount in all per annum for the first ten
TO $l4 1856 SO, and for the fifteen years
S25,673. The amounts of the charges to be
adjusted at the end of twenty-five years and there
after at intervals of twenty-five years. and If the
city and company cannot agree upon the rates
the times of readjustment they to be deter
mined by the Supreme Court
The company Is TO care for sewers. water,
and other pipes and underground structures law
fully in the street. and keep West Tenth. Green
wiCh and Christopher stS., opposite its terminal
station, well paved with smooth pavement and in
good condition. The motive power the report says,
shall be electricity, such other power not in
Volvng combustion in the tunnel.
The city reserves the right TO have lien upon
the franchise and real property of the company
under the river and streets to secure the payment
of the charges.
Controller Grout volunteered the information that
the city would obtain better terms from the New
York and Jersey Railroad Company than had been
secured Of the Pennsylvania Railroad