New-York tribune., 1909-04-07
ASSESSMENT SUBWAYS
NEW TRANSIT MEASURE.
City or Pri0ate Capital Could Build
Ultimate Municipal O7rnership.
rRv telegraph % The Tribune. ]

AIhanv AprfI misunderstanding the Travis-Tee
nstitutonal amendment designed 10 furnish FUNDS
for subways in New York City, bill was
introduced to-day by Senator Travis and Assem-
blyman Beverly R. Robinson, TO amend the rapid
transit along lines approved by the Public Ser
vice Commission in the Isl District. The Dill pro-
vides for the building Of new transit lines on the
assessment plan the of the lines 10 be as
sessed on the area benefited Special assessment
bonds would be issued the purchasers of the bonds
paying the road progressed toward completion
The fixing of the assessment area and the Ievylng
of assessments would be in the hands of the Board
of Estimate the Public Service Commission and
the Board Of Assessors.
The measure also provides that new transit INES
may be built by the city private capital, with
title in the city or company. In the latter case
the property would be subject to taxation. Fran
chises would be granted for fixed time. with the
provision that the city, time after ten years.
might purchase the road at cost; and In any case
at the end the franchise grant the road is to be
come absolutely the property of the city. While the
road is the hands of private capital new profits
to be divided equally between the city and the
The present operating term of twenty years with
twenty year renewal. is retained in this bill
Independent roads may be constructed with city
money. Roads built by private capital may be
purchased at any time after the first ten years az
cost, plus Is per cent, without payment for iran
chise rights.
The measure also allows the construction. owner
ship operation by private parties Of extensions
of existing subways. but such extensions must be
subject purchase by the city at any time a1ter
ten years and must become the property OF the city
after the lapse Of a suitable period for amortiza-
ton without payment by the city In the case OF
additional elevated railroad tracks, the same term
Of operation he granted that applies 10 inc
existing tracks, but the city can take the eAlid
tracks at any time on making payment
Other cha 1ges are made in harmony WIN the
main features II is provided that more than a
single operator can use trunk subway. or that the
city and another operator can use the same SUD
way Provision is made that construction con-
tracts may be made the unit system as wen
as the section system is considered that IN some
ca ses the present difficulties and loss. due TO extra
work can tA avoided by the use of the unit sys-
Of letting contracts
The constitutional amendment designed 10 go
with this bill is now the order Of final passage
in the Senate. Promise has been given to Assem-
blyman Lee that IT will be reported in the lower
house tomorrow.
Commissioner Bassett said. with regard to the
bill. which he brought to Albany;
The main thing to help New York City y.oY5, rapid
tion again so that a vote Of the people may be had
en- eXempting d sIG~sy of sbways
with short term operating contracts, VII brihg
about comprehensive plan Of rapid transit Tor the
CITY more quickly than any other method.
The concurrent resolution is most inpoT tan ne
ownership of rapid transit As the law nov stands
however subway ounLing, Win Win pic@o poscb ~ the
debt limit prevents building with city funds. Yet
congestion Is increasing and rapid transit only Will
afford relief The bill just introduced accompIisnes
the following things .
II makes city construction more economical; II
facilitates city construction by making operation by
private parties attractive. instead OF ProhhiVe II
preserves and renders workable all the good feat
res Of construction under the present law, Il
affords a method whereby the city can obtain and
own subway on capital furnished by private par
ties with assurance to the investor that ne VIII
get back his principal, interest and fair rate OF
nroft: il provides also that private capital can
construct, own and operate but with division OF
profits with the city share and share alike, ana
iJItfu1st ownership by the city without payment
after period suitable for amortization OF the cost.
and the cftv can at any time terminate any fran-
chise or operating contract by making fair pay
ment exclusive OF franchise value.