New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-29
CIRCUIT AND BELMONT TILT
THEY WAX WARM IN CORRESPONDENCE
OVER SUBWAY COMPANI'S
REALTY PURCHASES.

Correspondence at least not frigid between
Controller Grout and August Belmont. president
OF the Rapid Transit Subway Construction Com
pany, relating to the purchase of real estate
along the subway route by that company and its
members, was made public yesterday.
Part of letter from August Belmont to Con-
troer Grout
for aSsstiSp tb r mid Trnnsf Snmn1issen in dn
iT s 10 uS INC ~ nesib an I ,iI
promised probability of getting out of the proper
justihahle profit. These purchases. however. were
all made after the location OF stations had been
public Al Of the holding OF the subway Realty
Rapid Transit Company with the exception of the
hotel property at Park-ave. and Forty-second-st
pany nor the Rapid Transit Subway Construction
necessary for equipment such as sites for N main
power house. sub-Power stations and storage and
for the purpose of facilitating the work of CON
structiOn; l know of no purchases directly or in
board of directors or by any of the officers of our
company.
In his reply to this letter the Controller wrote
to Mr.. Belmont:
You say that | have from time to time had
reflected upon you and held you up to the public
2 To 4S 70 own expreon Possible
have had the occasion TO do this-not that have
do not seriously dispute that such transactions as
Parkave the price Of the vault priyiege at F Smd
-hrst-st and Park-aVe and the attenpt to cha rye
the city ST. 00) for the electrical conduits are
transactions in which clearly you We're endeaVoring
to get advantages from the city. AS your GONNA mics
nave a favorable contract and unprecedented
and. in my opinion, unjustifiable exenption
from taxation, 1t is certainly my duty tn see that
further advantages lost the CITY T an
prehend that II is much more because of nv stti
tude in these matters than because of what was
said not said at the last meeting of the board
that you are now assuming to take to task
A letter Mr. Grout was later publicly issued
from the office of August Belmont part of which
follows.
l do desire continue a correspondence
which. that II has assumed the form and
substance of your letter. cannot be of any benefit
10 either of the interests respectively represent
And while must confess that l have neither the
the expressions intimations Of your letter per
NIT say with no little emphasis. to YOU and
to all others interested in the subject
correspondence that:
ANY statement inttmation by you or any one
else made for commemorate motives or otherwise
that those responsible for the subway project
have. for the purpose of speculation, profit
ton with the development OF the subway work, or
that any purchases of real estate have been made
by the Subway Construction Company the Sub
way Realty Company for any purpose other than
desire facilitate the orderly and prompt prog
OF the work of developing the subway system
associates myself, by purchase of real estate
otherwise, have sought any undue advantages at
any time in any way from the city. since con-
tractual relations have existed between us is.
you know. and every familiar with these mat
tiers knows, utterly without foundation. The pur-