The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-05-28

oynicism or contempt upon the APP
proaches which were made to them.
Whatever else may be said of August
Belmont, he was the one man of capt.
tai in New York City who had the cour-
age to accept the offer and the fore
sight to see what it meant. He dem
onstrated these qualities by the deposit
OF vast amount of money with the
city authorities as a guarantee of go ID
faith.
The Work of the Actuaries.
The expert actuaries who have been
employed to make estimates as to the
probable transportation which will be
carried over the contemplated subway
system had. as a basis for their work,
the first factor in the equation they
are to work out the record made ty
the present subway system. They were
a lso aided in these estimates by the ex-
perience of the McAdoo tubes for the
first two and half years of their cp-
Grafton. Working from these factors
with something like the accuracy of
an algebraic problem, and figuring Ilso
upon the estimated growth, year 10y
year, of New York City, they were a3le
to make reports to financiers which
showed that within five years after the
completion of these subways they
would be transporting passengers III
sufficient numbers each year to meet
ali the fixed charges, to pay dividend
of them figured five per cent, and m
addition to create a handsome surplus.
The City's Increment.
So, also, the experts who formed
the public service commission: directly
o: indirectly, and the city authorities
made use of the demonstrated incre1 Sc
in the taxable values of real properly
along the line of the present subway
as the basis for an estimate upon tie
increase in the grand list of New York
which the tax assessors will make out
will be as a result of the building of
these subways.
The city will gain enormous incrc-
ment if past experience justified pres
ent expectation.
The impressions of the experts is
that the construction of these sub
ways, including the tunnels under the
East river, will, within five years,
certainly ten, after completion, have
caused development of that part of
Long Island which is within New
ork City to an extent that
now staggers the imagination. What
the late A. J. Cassatt. president of the
Pennsylvania railroad, foreca sted with
his marvellous, statesmanlike vision
namely, what the future relation of
Long Island was to be to the CONNER
cial metropolis-the city now realizes,
as do also the mana gers of the COM
pany which owns the present rapid
1t is only within the past year that
our business men have begun to real
ze that President Cassatt, when he
the construction of the
Hudson river tunnels, and the ter
minal in Manhattan. we'll as the
East river tunnels, and the main tun-
mel on Long Island, was not consider
ing the passenger traffic which orig
mates or terminates al Manhattan, but
The freight. as we'll as passenger, |
~ til,
island or is distributed there. The
building of the new subways will in |
crease the assessa BILE wealth of the |
western half of Long Island by hun
1reds of millions and will also great
" increase the population. 1t will |
also have like effect in that part of
he old city of New York which lies
between the Harlem river and the
Bronx, the East river and the Hudson. |
In the Money Market.
There should be some effect felt in |
he money market of the financing by |
-hese two money groups of the sub |
way proposition. 1t will be gradually |
lone, and the effect can not be other |
wise than beneficial. A great deal of |
American capital is now seeking in |
restment in other parts of the world |
han the United States. 1t is some
lines thought that this tendency re- !
'lects the timidity of capital to in |
rest heavily in railway or other |
in the United States on !
account of political tendencies. 1t is !
observed that capital comes out eager |
Y when New York city or New York T.
itate offers millions of bonds for sale /
md it is believed that there will be no |
in marketing the bonds !
which Mr.. Morgan and his associates !
Ind Mr.. Schiff and his are to under
write, because, aside from the merits
IF the subway proposition from a |
business point of view, the subways
ire, and must always be, unless our
rational constitution be changed, I'M
Ter the exclusive control of the state /
md city of New York.
HOLLAND.