The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-28

ton OF capital has taken whaok at the
oitys rapid transit problem In that time.
As early az 1858 forty-two well known
business men Incorporated an underground
railway IA. company 2, to build line from the
powerful and serious. but nothing came
OF their attempt.
In 1872 Cornelius Vanderbilt and others
Incorporated still another company with
the same object. Their line was to connect,
ninth street with a branch Of the New York
Central tracks. That project failed, too.
Still more companies were incorporated in
the next few years with the same object,
and these failed. Then Abram S. Hewitt
In 1884 struck the keynote Of success by
constructed with the aid OF the city's credit.
Ten years later the city by large vote
declared in favor OF a certain measure OF
municipal ownership for the road. and the
act under which the subway now exists
and under which future roads Of the same
character will be built came into existence
The act created the present board Of
Rapid Transit commissioners and made
their power in dealing with transit prob
lens practically absolute. The board was
permitted to lay out route, to let a con-
tract for construction to contractor who
would equip 1t at his own expense and
operate it under a fifty year lease. with
provision for renewals, at a rent Of per
cent above the interest on the bonds which
the city was to issue to pay for construc-
ton. In the end, it was provided the city
should have the option Of purchasing the
road
These are the provisions under which
the road has been built and is now held.
When the first route was laid out the prop
erty owners refused their consent to build
ing the road. The court which had power
to override their refusal declined to use
it.
New plans were made and a new route
laid out The property owners again re-
granted it and John B. Mcdonald bid for
the contract to construct the subway and
got 1t on an offer Of $4,000 600. Still he
needed many millions for equipment, and
capital was shy of backing him.
August Belmont heard him, believed in
his plan and formed a company. which sup
piled the support needed. A million a year
Is the least profit that is now figured as
coming to Mr.. Belmont and his associates
as their reward for the step And John tt B;
possibility Of doing the work, accepted
the undertaking and built the road, has been
gradually shouldered out Of the way, till,
except to those who remember what he did
he is mere incident in the completed or
ganiZation.
One other man, from the beginning,
has seen in a subway the only way out OF
New York's transit difficulties and has
bent all his energies toward carrying out
the project. He is William Barclay Par
Commission. Years ago, before the city
obtained the power to undertake the job
Of building the road, Mr.. Parsons wanted .
to do it himself. He drummed the possi-'
biities Of the plan into the ear OF capital
ist after capitalist, and they would have
none of it..
He has lived to supervise the building
OF the road, to see 1t finished and Is
planning the other subways which are to
supplement the first. And the men who
jeered at the scheme now see the enor-
nous revenues it will bring going into
other hands.