New-York tribune., 1902-05-17
Mr.. BELM0NT'S OFFER.
NO LEGAL BLOCK TO ITS
ACCEPTANCE.
MIR. PARSONS ON POINTS TO BE CON
SIDERED IN WORKING OUT GEN
ERAL SUBWAY SCHEME.

ERALI SUBWAY SCHEME.
Great interest was excited yesterday by the
publication in The Tribune of the letter of Au-
gust Belmont to Alexander V. Orr. president of
the Board of Rapid Transit Commissioners. Of
fering to build with private capital and credit
whatever extensions to the present subway
might be deemed advisable by the commits
sion.
Mr.. Belmont, as president of the Rapid Tran
sit Subway Construction Company, in his letter
of February 13 last, it may be remembered. said
that account of the approximation of the
city debt to the constitutional limit the COM
mission would not be able for long time to 10
any more than authorize the Brooklyn exten-
sion, even if it could do that at an early day.
Mr.. Belmont suggested that the operating com
pany, representing the same interests as the
Subway Construction Company, would be pre-
pared to construct extensions and connections
with it's own capital and credit. provided the
means and methods could be arrived at for do
ing so. He suggested that such extensions and
connections could be built bonds of such
operating company, which necessarily would
have to bear a higher rate of interest than the
city bonds convertible into city bonds at the
option OF the commission, the construction being
in all details conducted precisely in the same
manner the present work is being done. and
becoming part of the system as a unit.
Also, in line with the vigorous fight The Trb-
une has been making for the building # new
tunnels as more advantageous in every possible
way than costly new bridges, the resolution Of
the Rapid Transit Commission authorizing
William Barclay Parsons it's chief engineer, to
prepare a comprehensive inteFborough subway
system for the whole city of New-York was
generally and enthusiastically commended.
August Belmont, at his office No 23 Nassau
IL.
letter published in yesterdays Tribune covered
all he had to say the subject at present, as
no action had yet been taken upon it by the
Rapid Transit Commission. Asked as to the
time which would probably elapse before the
extensions would be turned over to the city, Mr..
Belmont replied that all arrangements would
have to be made coincident with the terms of
the lease 1t would not be longer than those
terms; whether not 1t would be shorter he
could not say, 1t was impossible to go into
any details the subject now, as his offer had
not yet been accepted.
William Barclay Parsons yesterday said with
reference TO the comprehensive scheme Of rapid
transit which he had been asked by the Rapid
Transit Commissioners to prepare. that IL would
he impossible TO turn out great enterprise in
volving the expenditure of at least S5O.0O0.OO0
in a few days. Before making any statement
as TO the scheme he might prepare. he would
require time to think and study the situation,
and it might he weeks or months before he
could report to the commission in whole or in
part.
Lots OF people," Mr.. Parsons went on to say,
"can take map, draw pencil marks on II and
say a tunnel should go here or there, without
considering the nature of the ground, the soil
or the lines of travel. What might seem 20 be
a promising route might not be so when worked
out in connection with other routes.
The existing transportation lines must be
taken into account. We don't want to duplicate
existing facilities. IL is a stupendous under
taking and as The Tribune said this morning,
is uRquestionahly the most important step in
the development OF rapid transit since the let
ting OF the original contract for the present sub
way 1t will be of enormous benefit 20 the city
OF New-York
'The facilities Of Manhattan and The Bronx
have been extended to the utmost. There are
now four elevated lines, and. OF course. no more
elevated lines could be considered on Manhattan
Island. We have surface line on every north
and south avenue, except Fffth-ave. So the
only development Of facilities we can get in this
clty will be by the underground system. The
elevated and surface lines have been extended
right along. and have reached their limits yet
the population has been increasing. The de-
mand for traffic facilities is also increasing, and
the rapid transit board proposes to do"
Mr.. Parsons said the lease of the Manhattan
tunnel was for fifty years. with the right of re-
newal for twenty five years more. The lease for
the Brooklyn tunnel would probably be for
shorter period. and would be coterminous with
the Manhattan lease. The formal contract for
the Brooklyn tunnel had not yet been adopted.
1t was impossible to say now what the term
would be for the proposed extensions.
Mr.. Parsons added that Mr.. Belmonts letter
was written in February, and Mr.. Orr's letter
to him CMr. Parsons) was not to be taken
came to lay the lines the tax values of the
city might have increased that the city's
methods of financing might be accepted in
whole in part.
At the office of Boardman. PIatt & soley. of
counsel TO the Rapid Transit Commission, a
representative of the firm sad In answer to an
inquiry TO what. II any, legal Instructions
there were To carrying out the proposed extern
sons by the Rapid Transit Commission:
What Mr. Belmont refers to in his letter,
written in February, probably is the fact that.
under the Rapid Transit act, originally
drawn. there was no provision allowing the con-
tract to be assigned to any person. and he evil
IDENTIFY thought the act should be amended
that the contract could be assigned. AT the
last session Of the legislature. however. law
passed allowing the contractor TO assign
his contract to operating company. l do
not think there are now any legal obstacles in
the way of carrying out the proposed extensions
except the debt limit. And If that should not
have to be considered, on account of the
eeptance of Mr. Belmont's offer. all that would
be necessary would be TO get the consent of