The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-01-30
MORE TUNNELS IN THIS CITY.
BILL GIVING ALDERMEN POWER
OVER FRANCHISES.
The Board May Grant In Perpctuity .
Tunnel Franchise Of the Kind Desired
by the Pennsylvania Railroad More'
gage Tax Bm Reported Favorably'

sst MN Rtpv'tNe
ALBANY, Jan. Ex-senator Stranahan
to-day introduced a bill which, primarily
IL In the interests Of the Pennsylvania
Railroad Company in its plan TO tunnel
under the Hudson and East Rivers In order
to secure terminals on Manhattan
Long Island, and also TO TUNE from Brook
lyn to Mott Haven, where connection 70
New England points will be through the
New Haven road. While the bill only
applies to steam railroads operating within
and without the State. II would enable the
New York Central, through Its control OF
the New Haven road, TO carry out its pro-
posed plan Of securing a terminal In Brook
lyn through a tunnel. The bill amends
section 70 Of the New York city Charter
which limits to twenty-five years the grant,
ing Of franchises, by providing that the
Board Of Aldermen may grant in perpetuity
q tunnel franchise Of the kind desired by
the Pennsylvania Railroad Company, upon
such conditions and compensation to be
fixed by the board. The franchise Is TO be
revalued every twenty-five years. Sec
ton 70 Is amended by adding thereto the
following words.
Notwithstanding anything hereinbefore In
this section contained. the Board oil Aluer-
men Is hereby authorized In Its discretion
to grant to any railroad corporation now
or hereafter Incorporated for the purpose
so declared in it's articles OF association OF
constructing and operating a tunnel rail-
road or railroads in the city or New YORK.
to be connected with the railroad or rail-
roads OF any corporation or corporations
now existing or hereafter organized, whether
under the laws Of the State OF New YORK
or Of an adjoining State. and thereby form
1s-- - Al AuEEtn UA nj GlAn
gers and property between a point or points
within and n point or points without the
city OF New York, a franchise right or con-
sent either with or without Limitation as
to period Of enjoyment. for the construction
and operation. under any lands streets
avenues, waters. rivers. parkways nigh
ways or public places. in the city OF New
York. OF such tunnel. railroad or railroads.
with all necessary sidings, platforms, stations
facilities for access TO the surface and other
appurtenances, and with the right TO emerge
to the surface upon private lands at the ter
mini.
Every such grant shall contain and be
subject TO conditions requiring payment
to the city OF New York by the railroad cor
p~oration OF reasonable compensation therein
prescribed, which shall be readjustable at
intervals OF not less than twenty-five years;
and prescribing a reasonable period WITHIN
which said railroad shall be completed.
This bill has been drafted As a result OF
conferences between Mayor Low and the
attorneys of the Pennsylvania Railroad
Company, and II is understood that IT IL
favored 10y the Mayor. The Pennsylvania
Railroad contends that a corporation operat-
ing entirely within the city OF New York
might he able to secure capital AMOUNT
ing TO millions 90 operate a local franchise,
but that il would be impossible for a cor
p%oration like the PENNSYLVANIA whose
| lines extend across the continent, 10 accept
a tunnel franchise for a period Oi twenty
five wears only and secure the s~35.Ooc!upO
needed 10 make it's entrance INTO New
York citv unless the capitalists Interested
I'm the project were assured that they could
retain the franchise should It prove val
liable.
! ported favOrably to the senate to-day, ~ IN
the form in which its friends expect 10 have
IL pass. Much opposition 10 the measure,
! however. II manifested among the futhi
members. senator Humphrey. a Repub-
hcan member Of the Senate Taxation Com
mittee. diSSeuted from a favorable report
on the till to-day. An amendment TO the
hin not heretofore Noticed provides that
bonds occurred by "A corporate mortgage
may he presented by their holders and
stamped. and thus avoid the local personal
tax II this mortgage stamp tax wa ia
eject when the New York Central "a lev
year- ago issued tlOOOJoOuO m bonds ha-ed
] EIIu lfa property lutdltl ~ WIS ana tiilfi
States. 10 would rAvc IA to Iay d taA 81
son - Under Ills amendment the
. holder. 81 90" bonds secured nN the mort
gage may come ia under toe stamp laA
when the bonds vii d. 'Artul' from all
/ other taxation lu the State II BE- thought
THE pr8NlrIuu will greatly add iH 90" fDNr-
/ nus ~ h. ra,urrd under tll- Law and power
fI financial Interests. who's YHrl'luu upon
fU.- taxation question was h"i huHWh,
will not Tow uppurs tie Ia-rhEr ~ ihr hill
A. .NF.. Toll NNN AHnfNUH.N HL.| HIEHFH'a
IAN abol4hlug the buafdH ui maLaE"r.
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