New York Subway Construction Began In 1900

Construction of the first section of the New York Subway begun in 1900. This first section extended from City Hall to the Bronx.

The subway project was financed by the City of New York through issuing of rapid transit bonds. Apparently, such a task was too big for the tastes of any company, therefore, the City built it itself.

This construction project was subcontracted with the IRT. IRT was already running the City's elevated railways. The firm would guarantee a fixed five-cent fare, while sharing profits with the City derived from equipping and operating the subways.