New-York tribune., 1922-08-28

81 sit systena of the city for the benefi'
of the people, and to provide for theii
future transportation needs.
Financing the City Plan
q aThe present net revenues Of the
recaptured portions Of the subway
4 lines will carry and release about
s5o0.ooo,0oo Of new city bonds from
the debt margin which will be used
to finance the city's subway plan. The
balance of tho funds needed for this
purpose will be easily carried and
amortized out of additional revenues
obtained from the operation of newly
constructed lines and extensions.
1.-THE city is we'll able at this time to
finance ali the initial stages Of new
subway construction without increas-
ing its borrowing capacity q single
!. dollar, The borrowing margin to-day
I lis about $3.50, 900, in spite Of the
fact that the city has exempted from
taxation for period Of ten years all
| buildings erected for residential pur-
poses from April /, 1921, to April l,
1923.
IF the city spends its available bor-
, rowing margin and additional bond
credit to construct new rapid transit
lines it will add hundreds of millions
/, of dollars each year to the assessed
4 value of taxable real estate and ex-
pand the city's borrowing margin ac-
ccldingiy.
Recaptured Lines and Dates
4 .fThe earliest date for the 'recapture'
4 of any substantial part of the city's
suhways operated by the Interborough
Rapid Transit Company is 1895 when
ten years will have expired since the
/ operation of the Steinway Tunnel from
i Forty-second Street to Long Island
City. Under the 'recapture' provision
in the contract the city will then be
able to take over a complete leg Of
the system operated by the Inter
i borough
As result of the operation of the
! citys subway by two Independent op-
/ Grating companies the people are com
pei!ed TO pay two fares for transpor-
tatlon from one part of the city to any
part served by the other operatinp
company. and this situation will con.
tlnue as long as the contracts with the
private operating companies last. State
transit commissions have permitted the
operating companies to use different
types OF cars, thus making uniied phys
ica! operation of both systems diff
cult and more costly.
City's Construction Program
THE city has divided it's construc-
tion program into three periods of five
years each, during which time it is in
tended that all new construction work
VIII De finished. Construction work
Wlll DE undertaken and carried on so
that those sections which will take the
longest to build will be finished at
ABOUT the same time as other sections
whose construction will be less diff
cult or whose routes are shorter. One
construction group logically follows
the other and each forms link in a
complete chain of new subways. The
completion of each construction grouu
VIII aod at least 40 per cent to the
carrying capacity of existing suh-
ways, which will increase more thar
10 per cent with the completion of the
new rapid transit lines Continuous
progressive transportation relief ia af.
iord py each stage of subway construc-
ton presented herewith.
ohe OF the important effects of the
construction of new rapid transit lines
wiu pc that existing privately owned
elevated railroad structures in, the
oulit-np sections of Manhattan, Bronx
aho brooklyn will ultimately be re-
moved because their continued opera
ton will be Improbable. These ele.
waited structures will begin to disappea,
alter the first period of new city con
structlon. Each successive constrnc
tlon period will result in further eIimi-
nation Of elevated lines and eventually
all these unsightly structures will he
gone. De
Notifications of City Plan
Whlie the plan herewith presented
VIII stand in all it's essential and hasic
features, it is, of course, subject to
such modification as will improve and
1acllltate % construction and operation.
Wnen the city's new subway lines,
eunnels and tri-borough bridge are fin
asned, saoe ~ the city will have invested about
9eoo,Voo,ooo in rapid transit system
i;m ei;nmptaelng every borough and which
VIII afford modern Transportation facil-
lsies I,l IN all parts of the greater city.
When the city's new subway system
is completed and in operation there
Will remain in the hands of the private
operators only a few rapid transit
lines. One of these will be the present
hast SIDE subway, which will remain
with the Interborough Rapid Transit
Company until the expiration Of its
Lease with the city in 1865, or until
such time prior as it will have been
obllged to dispose of its rights to the
city. The only other rapid transit lines
Whlch the private companies will oper-
ate are those pa1ts of the elevated
structures which they own and which
form no part of the city's plan.
State Transit Commissions purnosa
The State Transit Commission aim
to forestall and prevent the citv fron,
investing the peoples money IN no,,
suo~ays. Under the law which created
~ sponsored and signed by Governo,
Miller, the commission is trying to ax.
haust the city's credit by buying exist.
Ing surface and elevated lines In
accordance with such program, the
, commission has had a so-called an.
pralsai made of all surface and ela.
!, waited lines. This appraisal totals
about S330000,000. The State Transit
commission wants the city to spend
TINS much money to acquire these oh.
!, soiete and inadequate lines instead n
spending the city's money for a new
and properly laid out and designed
rapid transit system. The State Com
mission and the Governor know that
once they spend the city's funds FOR
, their purpose, the city will have little
! or no money left with which to build
new subways
The commission will not succeed ir