New-York tribune., 1909-03-19
FOR PRIVATE SUBWAY
IN OFFER TO BUILD LEX
INGTON AVENUE LINE.
OzgnersMp Title to Rest in City;
Which May Buy Road After I
Tzoenty-fUe Years.

the Public Service Commission yesterday by the
Bradley-G -Gaffney- Steers Company. contractors.
of No. 1 Madison avenue. The company offers
to build and equip the new tunnel with private
capital. and says that it Will be ready TO begin
work within thirty days If the desired franchise
is granted.
The men back of this newest subway scheme
are closely affiliated with Tammany Hall
Henry Steers, the president of the company Is
a large dock contractor, and so is William Brad
ley. the president. who a sub-con-
tractor and builder of several sections Of the
present subway. He also has the contract for
three sections of the bridge loop subway.
Joseph D. Carroll the company's treasurer. IS
a director and treasurer of the New York Con-
tracing Company, the Murphy firm, which has
landed many choice contracts in the last hVe
years. Mr.. Carroll is also director and treas
urer of the Ffss Doerr & Carroll Horse Com
pany
James E. Caffney, the general manager Of the
company submitting the new subway proposal,
is ex-Alderman. and is director of the New
York Contracting Company. Frederick r Kill
leen. the secretary of the company. is director
and secretary of the New York Contracting
Company. John j Murphy. brother of Charlie
Murphy, is president of the New York Contract
ing Company.
WILL COST $50.0OO,O0O.
In view Of the fact that the New York Con-
tracing Company has done the excavating for
the new Pennsylvania Railroad terminal. while
Henry Steers's scows have had the contract TO
carry away all the debris, it believed that
the Pennsylvania Railroad Company might be
backing the new subway project. Tunnel ex-
perts placed the approximate cost Of such an
undertaking at well over $50.oOo,0oO It was
hot ~ York &
Hartford Railroad Company which has long
wanted through connection downtown for its
suburban passengers was interested in the new
scheme.
The proposition Of the Bradley Ganney- Steers
Company IS a radical one In subway development
in this city The company will build. equip
maintain and operate the proposed subway
Ownership is TO rest IN the city OF New York.
but the possession and the right TO operate re-
main with the contracting company. under the
terms Of the offer. until the cost plus - per cent
as an engineering profit and per cent interest
year on the money invested, has been repaid
70 the company
In brief. the company proposes TO go into
partnership with the city. lodging the operation
Of the road in a board OF seven members. four
10 be named by the company. and the remaining
three 10 be the Mayor the Controller and the
chairman OF the Public Service Commission
Half OF the operating proceeds are TO be paid on
the cost OF construction and half to go 20 the
company. Transfers and connections are to be
agreed upon by the company and the commits
sion. After twenty-five years the city may take
the subway by paying to the company the
paid balance the cost
THE COMPANY's PROPOSAL
The oompany's proposal. which was signed by
Henry Steers as president, is as follows:
We have considerable degree Of familiarity
with the rapid transit situation in New York
and a wide experience in the construction Oh
tunnels. We have made a careful study OF the
increasing traffice needs OF the city with the aid
OF the best engineering and financial advice oo-
taina bic We are prepared 70 make, and ac-
cordngly submit to you, the following PROPOSE
ton for the construction and operation OF
subway system Of rapid transit:
We will construct for the city OF New York
the Lexington avenue subway from point IN
The Bronx to a junction with the bridge loop,
the exact location to be determined by you, and
will equip, maintain and operate the same upon
the following basis.
First-The said railway and equipment shall
belong to the city Of New York. but the pos
session Of and the right 10 operate the same
shall remain with us until the cost, which shall
be deemed to be the actual expenses incurred,
plus II per cent as an engineering profit to us
shall have been fully paid, with . per cent IN
terest per annum.
Second-The operation of said railway shall be
lodged in board of seven members, four of
whom shall be named by us ana the remaining
three to be the Mayor Of the city, the Controller
Of the city and the chairman of your commits
sion, subject to the rules and regulations of
your body.
Third-The proceeds of such operation. after
paying the expenses Of operation and mainte-
nance and interest upon cost; shall be devoted
one-halT 20 the payment of cost and the remain
ing half paid to
Fourth--We will make such connections with
such other existing lines of railways and eX-
change transfers Herewith at such points and
upon such terms may be agreed upon, subject
TO your approval and direction.
Fifth-Should the cost not have been paid
prior thereto, at any time after twenty five
years the city may have the option Of taking
over the operation OF said railway upon paying
TO us the unpaid portion of said cost.
We have the necessary equipment and organ
ization and upon the execution of the contract
substantially embodying the foregoing and the
completion Of necessary legal steps and engt-
neerng plans we are prepared to proceed with
the said work upon thirty days notice without
calling for aid credit of the city.
CAPITAL is ALL READY.
Accommodating the offer was a letter from
Arthur J. Baldwin Of Griggs Baldwin & Pierce
counsel for the company. Mr. Baldwin's letter
said in part:
I desire TO call your attention the fact that
this company has on hand the necessary ma
Chinery and equipment to enable II to push the
construction of this work TO the maximum degree
of efficiency. The present market price of steel
and other materials is peculiarly favorable to the
letting Of large contracts. and, while there NAV
be some necessary delays occasioned by obtain
ing notifications of the existing laws the com
pany would request that, If the proposition ap-
peals TO you favorably early opportunity be
afforded Mr.. Lincoln Bush. its chief engineer to
take up with your engineers the details of con-
struction and location of the proposed line.
Mr.. Baldwin, when at his home In East
Orange. last night. said that the necessary funds