New-York tribune., 1912-02-04
I0LL IN SUBWAY TALK
where to Get Money if Cost Ex-
ceeds Estimate the Problem.
FIRST UNDERGROUND ROAD
WAS Built in 1859 and 1870,
and Ran from Chambers
Street to the Postoffice.

-.-. were no subway conferences yes
=, and none we're arranged for this
s.ook although it .s understood that one
- ho called as soon as II Is possible 10
-. all the conferrees together
,.os said Yesterday Ia Wall Street that
49, enancial problem which had caused the
-scent deadlock Of the cOnierrees was as u
:, nsre the money should come from IN
,ose II was found hat the projected SUD
n,av system costs more than the S"'V""V
.hot the Interborougn has promised 10 put
,,n and the $56,0o0,OO0 that would be the
share Of the city under the plan that has
,,er under consideration. Such question
,,yolves the whole subject Of interest
charges and preferential payments.
A ]. County, Of me Pennsylvania Rail-
road. before starting for Philadelphia yes
,erdav afternoon would not say what the
financial problem involved was. but SAID
that il was one that might amount to
great deal or nothing at all. He said he
b.d not worked at ali on the subway ques-
,ion during the day and DID not know when
orotber conference voulo be held
students of subway history said yes
,o,dsv that when the Degnon Contracting
Conpany got to work on the construction
of section . of the broadway subway
which runs from Pack Place 10 Walker
street. It would encounter what is left
NJ the first subway ever built In the city
It is believed that ,he remains of the first
car will even be found reposing in the tube
which extends from Chambers street to tne
Postofflce.
This pioneer underground railway was
built between 1869 and 1870 by the Beach
Pneumatic Transit Company The plans
we're to construct the lirs under Broadway
from Bowling Green tn Central Park, with
a branch running ont at Madison Square
and going up Madison avenue to the Har-
lem River.
The company was at first incorporated to
carry parcels. but later the charter was
amended so as to permit the company 10
carry passengers. This right was later
taken away from II. However, the COM
psny never carried any passengers, or par
cells, for that matter. The tube was built
from Chambers street to the Postoffice and
ar experimental car. driven by compressed
air applied directly 20 the back OF the car,
was run from end to end. Engineers. how
ever. did not indorse the idea and capital
fought shy of II.
In 1891 the Legislature amended the
charter of the company, changing the name
TO the New York Parcel Dispatch Com
pany in 1905 Charles n. Fowler appeared
before the Public Service Commission with
an application for the construction OF
freight subways under this charter. No
action was ever taken by the commission.
Colonel Timothy S. Williams, president of
the Brooklyn Rapid Transit Company. is
little concerned over the taxpayers suit
which was started on Friday by John r,
Ryan.
"If the constitutional bugaboo has got TO
be tested said Colonel Williams. II sup
pose this is as good an opportunity as any
for testing il. We have not any doubt of
the result. so far as our arrangement with
the city is concerned. All we ask is that
the matter be thrashed out as quickly as
possible, and then there will be no further
excuse for delay on legal grounds-or any
other grounds"