New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-07


n,s ci,y should be made promptly as posi-
BILE ard that the Rapid Transit Board wouiu
sna the officers of the new Interborough-Metro-
hoIi,an Company not only willing 20 cooperate
rupv with the Rapid Transit Board TO this eno'
h,,, able to furnish much more efficient co-opera-
Hon than could have been provided by any Oh
The local transit interests as they existed Prior
10 the formation OF the PETERBOROUGH Metropoh-
tan Company.
Mr. Parsons told Of the difficulties and OK
penses Of building the present subway. Future
subwavs he said. would cost at least % per
rent more than this one did. The ElsbeTs DILL
providing that the contractor should De opera
tor and constructor both. would be almost pro
hibitve of bids, in view of this greauy increased
cost I'm construction. Said he:
II the city was TO build subway from one emo
NJ the city 10 the other the cost would be AT
least so per cent in excess OF the cost OF the
present subway. or the totaI s En- ona ooa nh
struction would be close on 10 so0VoV'VVo' Inc
eotIipfnent OF the present subway has actualiy
cost in cash at the closest purchases possible
s250O0O0O. The city. uerefore would nave 10
face an expenditure OF SSs.0UUOOO 10 u0t L
subway as good as the present one
The CITY OF New-York few years ago was
able 10 issue bonds bearing interest al II per per
rent The bonds now issued are per cent. The
city is about 10 face an expenditure OF oEeI
500 OOO 600 for water. II needs money LOT
schools and other municipal properties ana >
per cent will not suffice for the rate OF interest,
There is no other city even in Europe. that has
such power as the proposed BIZ proposes 70 site
20 The CITY of New-York. This bin, If allowed TO
PASS viii greatly retard the future building OF
subways in New-hork
r. T. COMMISSION REPRESENTED
Mr. Boardman. representing the Rapid Transit
Commission said while the principles OF the
sslsberg bin were now accepted. some modihca-
zion Of its provisions would be necessary 1t
svould probably result in the elimination OF at
iractiye bids for the subways because OF the
short term il specified. a term Of twenty years
he held was entirely too short. That is pracu-
Saily prohibitive" he declared. IF the real pur-
pose Of the bill is to impose municipal construc-
sion, Il should say SO frankly.
The Rapid Transit Commission, he thought
Should have more power than limited authority
it shouts be allowed 10 use its discretion. IL
was safeguarded against evil from errors IN
judgment by the limitations of the Board of
Estimate.
Ex-senator Ford led the cohorts of those Who
Favored the bill some similar legislation he
spoke in fiery terms denouncing the merger and
conditions in New-York, and was not averse to
tondemning the Rapid Transit Commission He
declared that an amendment should be made TO
conlpel separate contracts for the operation and
construction Of subways. He introduced Mr..
Twins
MI Wins said he had heard with interest the
relusive arguments Of the opposition, the Jesuit
ism If capital" and the 'casuistry Of self-satis-
faction"
This law" he said was not born perfect
from the head Of Jove. even if it was product
Df the legislature" Speaking Of the compli-
Gated character Of the rapid transit law. he de-
t'iared that for many years his old partner. Mr.
a3oardmau, apparently had had a monopoly Of
fhe knowledge OF what the law meant.
MY own judgment is that the best thing
sould lie for the legislature at the proper time
90 appoint a commission TO investigate the
Ayhole question and bring In an entirely new
law said he This sacred thing was drawn
with SO little sanctity in the feeling that great
care was taken TO provide for TO pipe gal
leries lest such a provision might interfere
with the monopoly Of the gas companies.
This Rapid Transit Commission is a personih-
cation and embodiment of self-denying ordi-
nance IT has spent years Ia protesting against
being vested with more power. l believe the
proper course is for the city TO build and equip
Sis subway. ana when II is in possession of its
property TO find out if il get q proper bid
Tor its operation, If it finds it can get bid only
on the condition that it so into perpetual servi-
ludc 20 capital. then il should have the power
Of self-operation Without competition we put
ourselves in the position where the public has
got 10 pay as large a tax as may be necessary
10 FURNISH dividends on as large a c2pllallZa-
zion as the merged interests see tit TO make,
whether it he S10s 100000 Of water or 1900 .
100000 81 water
Referring to Nj Boardman's statement that
fhe passage OF the bin would offend the princi-
ile of home rule, Mr.. IVins told the committee
10 pay no attention to that
The rudest shock that EslC-goyernment ever
received in this state when YOU originally
passed the rapid transit law" he said. Rail
road corporations, more than individuals
love the club Ryan and Belmont want 10 be
'n position where they capitalize and re-
capitalize the future earning power OF sub
ways The merger recently achieved means
endless recapitazati0n OF Identical values"
Then he offered his amendment drawn TO pre-
went such conditions.
Joseph > AuerbaCh, for the InterDorough
spoke I'm rebuttal lie said the passage of the
blll and The proposed amendments would either
arrest all further subway development or com
amt the city TO municipal ownership. Mr. Bel
mont ana all his associates were willing and
anxious TO hasten real rapid transit but his
speech limited that II legislation which they
considered unfavorable 10 their interests were
enacted they would not be so willing
Let Wei enough alone was the tenor of a
large part OF his speech. which was along the
Anes OF other speeches opposed to the bill