The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-27
LEASED FOR 900 YEARS.
Manhattan Elevated Taken by the In
terbOrough Company.

NEW YORK, Nov. 26-The official an
nouncement was made to-day that the
Manhattan Elevated Railway Company
will be leased to the Interboroush Com
pany. which is TO operate the subway now
being built, to take effect April 1. 1908. The
rental from April /, 1903. to Jan. 1, 1906
will be the net earnings of the Manhattan
Company, not exceeding per cent. After
Jan. /. 1906, the rental will be per cent
fiat on Manhattan stock. guaranteed by the
lnteroorough Company. The Manhattan
Railway Company will increase its stock
to $0S.2OO.0oo for the purpose of completing
improvements. This is an increase of about
savo.0o. The Manhattan stockholders will
be given the new stock at par Provision is
10 De made in the lease for the ultimate
increase Of Manhattan to the total amount
OF so.OoO,ooo. the lease to be for a period of
800 years.
August Belmont, of the Interborough
company, made the following statement
this evening: THE directors OF the Inter-
borough Rapid Transit Company have this
day, after previous long deliberation and
investigation, determined for reasons which
appear TO them important and controlling
as anecting the interests not only of the
stockholders Of the company, but of the
city and of the travelling public to lease
the Manhattan system of elevated roads
for period OF sS9 years on the terms given
1T is believed that this plan when per-
fected Will work out a prompt and satisfac-
tory sytem or interborough transit. both
lessor and lessee being thereby engaged i'm
a common effort TO stimulate. increase and
develop facilities for transportation rather
than-as would have been the case If the
properties had remained separate-being
engaged largely in the effort 10 divert traf-
fic the one from the other. II is not in
tended by this arrangement that any of the
plans for the development OF the INTERIOR
ougb system shall be interrupted or depart
ed from. In the meanwhile. however be-
fore these extensions can be completed the
two systems Will work in harmony Nor is
IL intended TO dispense with any additions
which are desirable for the Manhattan
property. The proposed authorized but un-
company beyond the SIS Ooo up to $50 OO1,-
900. an important part of the plan, has been
provided for TO that end.
'It Is impossible. In any brief statement
TO give I'm detail the advantage which-as
the negotiations for lease have pro-
gressed-have appealed TO those who will
oe practically identified with the manage
vantages affect both economy OF operation
and convenience of public traffic. AS have
said. however. in coming to the conclusion
arrived at IL has been considered by the di-
rectors OF the Interborough company that
they were not alone charged with the duty
of caring for the best interests of the stock.
holders, but also that they carried the re.
sponsibility OF the management and devel.
opment of a quasi-municipal interest. and
they have come to this decision with tn.
conviction that they We're acting for ths
best interests OF the city and the traveline
public. both for the present and the fu.
ture"
Mr.. George j. Gould. president OF the
Manhattan company. followed Mr.. Bel
monts statement with the following: 81
have seen the interview with Mr.. Belmont
and, so far as the Manhattan system 4:
" a
of the two properties would bring about
Aonspicuously satisfactory solution OF ths