New-York tribune., 1902-05-16
SUBWAYS FOR THE WHOLE CITY
SURTETS ORDERED FOR A GREAT LNTERBOROUGH SCHEME
Mr. BELMONTS OFFER TO BUILD.
BELMONT MAKES AN OFFER
WILLING TO GO AHEAD WITH THE
WORK WITH HIS OWN CAPITAL.

WORK WITH HIS OWN CAPITAL
The confidence of capitalists in the success of
tunnels has been increased to such a great ex-
tent by the expeditions work on the present sub
way that 5 soon the Rapid Transit Commits
sion adopts complete scheme Of subway transit
for the city money from private sources will
be Immediately forthcoming TO build it. at
expense whatsoever to the city and without en-
larging the citv's debt limit by so much a
cent In other words private corporations will
be willing to bid for the construction of the
tensions Of the main line at their own expense,
and will agree to turn it over to the city for
the privilege of operating 1t for certain length
Of time. BY this means the people of the great
or city Of New-York will be assured a complete
iuterborOugh system OF tunnels, which be
built within the next three four years.
The capitalist who has made this offer is no
other than August Belmont. president of the
Rapid Transit Construction Company which is
building the present tunnel In letter to the
Rapid Transit Commission. dated February Is.
1902 Mr. Belmont refers especially 70 the hin
dTauCes to the extension or the rapid transit
system which have been caused by the city's
debt limit. and makes mention furthermore OF
the delay in the extension of the subway to
Brooklyn, a result Of the citys inability to
proceed Immediately with the work. The letter
written previous TO the organization of the
company which will operate the subway. and
which is practically Identical with the construc-
tlon company.
Mr.. Belmont then made the offer TO build
whatever extensions u the present system may
be deemed advisable by the commission with
private capital and credit. The road he said
could thus he built on the bonds of an operating
company which necessarily would bear higher
rate of interest than city bonds. but which might
be convertible into city boads at the option Of
The Controller. The construction of the system
Mr. Belmont added would thus be the same
terms that Of the present line, and by the
union Of these extensions with the present line
The whole system could be harmonIousy oper-
a.ed as Il unit. Mr. Belmont's letter is as fol
lows:
Rapid Transit Subway Construction Company.
No. - Nassau-st. New York
February IL 1902
Hon. Alexander F. Orr. President. Board of
Rapid Transit Railroad Commissioners.
Dear Sir: 1t is apparent from the most recent
reports Of the Controller which have come To
the notice of the Rapid Transit subway Con
struction Company that on account of the ap-
Proclamation Of the city debt limit To the con
stitutionaI limit the Rapid Transit Railroad
Commission will not be able for a long time to
do any more than authorize the BROOKLYN ex-
tension. even if it can do that at an early day
1t appears to the Rapid Transit Subway Con
structiou Company that the development of
rapid transit In New-York City must necessarily
suffer seriously and meet at the outset a check
to Its growth which public sentiment would
view with much dsfavOr
The operating company, which viii shortly be
organized. representing the same interests as
the Subway Construction Company, will be pre-
pared To construct extensions and connections
with its capital and credit provided the
means and methods can be arrived at for doing
l suggest plan approved by our ex-
ecutive committee that such extensions and con-
nections can be built on bonds of such operating
company. which necessarily will have 10 bear a
higher rate of interest than the city bonds con-
vertibe into city bonds at the option of your
commissions the construction being in all details
conducted precisely in the same manner as the
present work is being done, and becoming a
part of the system S a unit.
If this suggestion meets with your approval
shall be glad to appear at any time which
may be agreeable to you before your board to
discuss il more in detail. AS the Rapid Transit
act will probably have 10 be amended In some
particulars in order to enable such plan to be
carried out. and the present session of the
legislature will probably be a short one / would
counsel in connection with ours. 10 determine in
what respects such amendments should he made
and to frame and introduce bill for the legis-
lature. always assuming that the general sug-
gestion meets with the approval of your board.
AUGUST BELMONT. President.
The letter was read to the commission by its
secretary at its regular meeting of February
Is. and was laid aside for further consideration.
1t was learned yesterday. however that the let
ter produced such favorable impression that
the commission at it's meeting yesterday de-
cided TO begin preliminary work in line with Mr.
Relmont's suggestion.
BY the adoption of the resolution of yester-
day a comprehensive scheme will be drawn up
and then after numerous hearings held TO as
certain :he full desires Of the people in the vari-
Gus parts of the city who will be affected by
these extensions routes for these branches will
be adopted ON the adoption of these routes
10 hx-v,
amendments to the present Rapid Transit law
10 let the contract to an individual or corpora
tion on the agreement that the tunnel or tun-
nels be built al private expense.
EXCELLENT CUISINE-SUPERIOR SERVICE
The dining cars OF the Pennsylvania Railroad
never deteriorate in point of service Menus are
seasonahIe. Every attention given to details |