This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 Excerpt: ... contract provides that, "Such annual sum of $9,000 is three per cent., and such annual sum of $15,000 is five per cent. on the gross earnings of the New York portion of said railroad, said gross earnings being estimated and fixed for the purpose of this grant at three hundred thousand dollars ($300,000) per annum, for ...
Read More
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 Excerpt: ... contract provides that, "Such annual sum of $9,000 is three per cent., and such annual sum of $15,000 is five per cent. on the gross earnings of the New York portion of said railroad, said gross earnings being estimated and fixed for the purpose of this grant at three hundred thousand dollars ($300,000) per annum, for the period of 25 years from the date on which the Tunnel Company shall first commence the actual operation of the railroad." This sum of $300,000 is a mere guess, and, of course, bears no relation to any true estimate as to what the gross earnings of the company will be for the next 25 years. The contract also provides that the annual amounts to be paid by the company shall be readjusted at the end of the first period of 25 years, and shall thereafter be readjusted at intervals of 25 years. The Committee of the Commission reporting upon the application for this franchise commented upon the fact that this franchise follows closely the franchise already granted to the New York and Jersey Railroad Company. The New York and Jersey franchise is used as a precedent to be followed, and the Committee in their report to the Commission says: "Substantially the same justification for a perpetual grant exists in this case as existed in the New York and Jersey case." P1pe Galler1es. Closely related to the transit subways is the question of pipe galleries for New York. There can be no question but that the interest of the city requires that with the construction of railway tunnels, galleries should be built over or at the side of such tunnels for the purpose of accommodating the various gas and sewer pipes, electric conduits, telegraph and telephone wires and pipes for compressed and hot air. The construction of such galleries for this...
Read Less
